The 12 AI stocks that closed a combined $1,447.4 billion lower on Thursday ended Friday, 6 November, about $469.0 billion above Thursday’s close, by our arithmetic from Nasdaq’s official closing prices. That is about 32.4% of Thursday’s loss, down from about 53.5% about 15 minutes into the session and 45.7% premarket, in our open count and our premarket count.
About $305.0 billion of the morning’s gain was gone by the 4 p.m. ET close, by our arithmetic. Nvidia closed at $186.64, up 2.78% from $181.60, after trading at $193.77 shortly after the open. AMD closed at $449.04, up 11.04%, the largest gain in the basket.
Business Pill · Financial Conditions
A short explainer on financial conditions: how the price of credit moves with markets. It teaches the general idea only and does not discuss Friday’s trading.
The key insight: By our arithmetic from Nasdaq’s official closes, the 12 AI stocks that lost about $1,447.4 billion on Thursday ended Friday about $469.0 billion above Thursday’s close: 32.4% of the loss, against 53.5% about 15 minutes into the session.
Nvidia ended with about 27.2% of its $446.6 billion Thursday loss back, down from about 65.7% after the open, by our arithmetic. Broadcom closed at $293.69, up 0.74%, with about 6.4% back, against 39.5% after the open. Oracle closed up 0.82% at $116.10, about 11.0% back, and SanDisk up 3.55%, about 12.4% back.
Two stocks closed with more of their loss back than shortly after the open: Tesla, up 4.23% at $358.22, with 35.0% against 25.9%, and Qualcomm, up 5.52% at $165.41, with 52.7% against 47.6%, by our arithmetic. Intel, up 7.71% at $56.28, had the largest share back at the close, about 67.0%.
AMD had about 52.9% of its loss back and TSMC’s ADR, which closed at $375.44, up 6.33%, about 52.4%. Micron closed at $690.00, up 5.12%, with about 24.2% back.
Share of each stock’s 5 November market-value loss regained: about 9:45 a.m. ET versus the official close on 6 November 2026. Source: Nasdaq quotes and official closes; share counts from each company’s latest SEC filing, TSMC as ADRs. Our arithmetic.
Where the S&P 500 and the Chip Index Closed
The S&P 500 ended at 7,376.86, up 0.31% from Thursday’s 7,353.73, on Yahoo Finance chart data, after standing at 7,422.34 shortly after the open. That close is 1.05% above 7,300 and 3.90% above 7,100, the two ends of the “downside tactical target of 7100-7300” in the Morgan Stanley note covered in our piece on it. Reaching the bank’s 8,000 year-end base case would take an 8.45% rise, by our arithmetic.
The Philadelphia Semiconductor Index closed at 9,390.25 on Friday, up 4.21%, on Nasdaq’s index data. An X news summary on Friday said the index “tumbled 21.8% over five trading days through November 5”. The official closes support that figure: from 11,518.20 on 29 October to 9,011.14 on 5 November is a fall of 21.77%, by our arithmetic. Including Friday, the latest five sessions show a fall of 12.15%, from 10,688.80 on 30 October.
As we read the basket, the fade was concentrated: Nvidia’s share of its loss regained fell to about 27.2% at the close from about 65.7% after the open, and Broadcom’s to about 6.4% from 39.5%, by our arithmetic.
As we read the chip index, Friday’s 4.21% rise in the Philadelphia Semiconductor Index left it 12.15% below its 30 October close, on Nasdaq’s index data and our arithmetic.
As we read the S&P 500, its 7,376.86 close sat 1.05% above the top of the Morgan Stanley downside range, after 1.68% above it shortly after the open.
X news summary, 6 November 2026
“The Philadelphia Semiconductor Index tumbled 21.8% over five trading days through November 5”
Three Implications
FOR THE 12-STOCK BASKET About $469.0 billion of Thursday’s $1,447.4 billion loss was back at the close, down from $774.0 billion after the open, by our arithmetic.
FOR AMD It closed at $449.04, up 11.04% from its $404.40 Thursday close, the largest gain in the basket.
FOR TESLA AND QUALCOMM They were the only two of the 12 with more of their Thursday loss back at the close than shortly after the open, by our arithmetic.
The framework argues: “It is a sovereign-scale financing problem dressed in tech-company clothing”.
As we read it, the stocks in our basket are the listed end of that financing, and their prices moved by hundreds of billions of dollars in two sessions. The framework does not discuss this week’s trading.
What Is Not Established
The value changes use the same share counts as our Thursday piece, from each company’s latest SEC filing, with TSMC converted to ADRs; they are our arithmetic, not reported market values. The S&P 500 close is from Yahoo Finance chart data; the Federal Reserve Bank of St. Louis series had not yet posted Friday’s value when we checked. The X summary’s claim that the five-day drop was the worst since 2001 is not something we have checked. These figures do not show why prices moved.
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This week’s issue: for two years the AI build-out was priced as a growthstory. This week it started being priced as a credit story.
The 12 AI stocks in our basket closed Friday about $469.0 billion above Thursday’s close, or 32.4% of the $1,447.4 billion they lost, by our arithmetic, against 53.5% shortly after the open. Nvidia and Broadcom gave back most of their morning gains; Intel, AMD, TSMC and Qualcomm had more than half of their losses back.
A note on sourcing. Closing prices are Nasdaq’s official closes for 5 and 6 November 2026; the earlier premarket and after-the-open figures are from our 6 November pieces. The Philadelphia Semiconductor Index closes are from Nasdaq’s index data, cross-checked against Yahoo Finance; the S&P 500 close is from Yahoo Finance chart data. Market-value changes are our arithmetic, using the share counts in each company’s latest SEC filing (TSMC converted to ADRs), the same basis as our 5 November close piece.
Gennaro Cuofano is a CRO and tech executive who has worked in AI since late 2015, starting with bringing NLP, natural-language generation, voice and chatbot products to the marketing industry. His background is in law and finance: he holds a Master's degree in Law and an International MBA with an emphasis on corporate finance (LUISS Business School and the University of San Diego, 2012), and worked as a financial analyst at a real-estate investment firm in San Diego and as an assistant controller. His work focuses on business model strategy, business engineering and, more broadly, structural analysis: how companies make money, read from their own filings. He created FourWeekMBA and leads research there and at The Business Engineer, his newsletter on AI and business strategy, with over 95,000 subscribers and more than 1,000 published analyses. His writing has also appeared on Entrepreneur (for example, How to Digitize a Family Business in Europe) and HackerNoon. Find him on LinkedIn and Substack. See how we source.
