5 November 2026 · Tickr Lab · 2 min read

The AI selloff, Thursday November 5

By mid-morning the chip fund was down 8.9% and 79 of 81 AI companies were lower, $1.8 trillion of market value between them: a second day down after the midterms, in six charts.

By 11:17 a.m. Eastern on Thursday, November 5, the Nasdaq 100 fund was down 4.9% and the chip fund 8.9%. These are mid-session prices; the close will differ.

Thursday's AI selloff by 11:17 a.m. Eastern: the Nasdaq 100 fund (QQQ) −4.9%, the chip fund (SMH) −8.9%, $1.8 trillion of market value lost by 81 AI companies, and 79 of the 81 lower
Thursday's AI selloff by 11:17 a.m. Eastern: the Nasdaq 100 fund (QQQ) −4.9%, the chip fund (SMH) −8.9%, $1.8 trillion of market value lost by 81 AI companies, and 79 of the 81 lower

What the articles pointed to

  • The midterms. Democrats won both chambers of Congress on Tuesday. A Democratic congresswoman called for a pause on advanced AI development, and Texas's governor-elect had promised a moratorium on new data centres.
  • Local votes. Voters approved 37 ballot measures limiting data centres, CBS News reported, citing Redbud Consulting.
  • Chip results. Qualcomm's and Arm's reports on Wednesday evening disappointed, and South Korea's main index fell far enough overnight to trigger a trading curb.
Change today for the index and sector funds: chips (SMH) −8.9%, technology −6.3%, the Nasdaq 100 (QQQ) −4.9%, consumer discretionary −4.0%, small caps and the S&P 500 −3.0%, down to utilities −0.1%; staples +0.6% and energy +1.3% were the only ones higher
Change today for the index and sector funds: chips (SMH) −8.9%, technology −6.3%, the Nasdaq 100 (QQQ) −4.9%, consumer discretionary −4.0%, small caps and the S&P 500 −3.0%, down to utilities −0.1%; staples +0.6% and energy +1.3% were the only ones higher

Every AI group lower, most for a second day

Median move in each AI watchlist group on Wednesday and Thursday: neoclouds −10.6% then −15.8%, networking −6.0% then −14.2%, memory −6.9% then −13.4%, semicap −5.8% then −11.7%, servers and data centres −5.7% then −10.7%, compute −3.2% then −9.3%, power −7.3% then −6.1%, hyperscalers +4.0% then −3.1%
Median move in each AI watchlist group on Wednesday and Thursday: neoclouds −10.6% then −15.8%, networking −6.0% then −14.2%, memory −6.9% then −13.4%, semicap −5.8% then −11.7%, servers and data centres −5.7% then −10.7%, compute −3.2% then −9.3%, power −7.3% then −6.1%, hyperscalers +4.0% then −3.1%

The groups are those of the AI watchlist on the Ideas page.

Market value lost today: Nvidia $344B (−7.1%), TSMC $207B (−9.0%), Microsoft $125B (−3.0%), Micron $120B (−13.4%), Broadcom $116B (−7.5%), AMD $115B (−14.4%), Amazon $92B, Alphabet $76B, Meta $75B, ASML $43B, Lam Research $33B, Applied Materials $31B
Market value lost today: Nvidia $344B (−7.1%), TSMC $207B (−9.0%), Microsoft $125B (−3.0%), Micron $120B (−13.4%), Broadcom $116B (−7.5%), AMD $115B (−14.4%), Amazon $92B, Alphabet $76B, Meta $75B, ASML $43B, Lam Research $33B, Applied Materials $31B

In this chart: Nvidia · TSMC · Microsoft · Micron · Broadcom · AMD · Amazon · Alphabet · Meta · ASML · Lam Research · Applied Materials

The twelve biggest falls today among AI companies worth $10 billion or more: Bloom Energy −17.5%, Astera Labs −17.4%, Everpure −17.3%, SanDisk −17.1%, MACOM −17.1%, Nebius −16.0%, Western Digital −15.4%, UMC −15.3%, Credo −15.0%, Ciena −14.4%, AMD −14.4%, Coherent −14.3%
The twelve biggest falls today among AI companies worth $10 billion or more: Bloom Energy −17.5%, Astera Labs −17.4%, Everpure −17.3%, SanDisk −17.1%, MACOM −17.1%, Nebius −16.0%, Western Digital −15.4%, UMC −15.3%, Credo −15.0%, Ciena −14.4%, AMD −14.4%, Coherent −14.3%

In this chart: Bloom Energy · Astera Labs · Everpure · SanDisk · MACOM · Nebius · Western Digital · UMC · Credo · Ciena · AMD · Coherent

Where it leaves them

For the median company in each group, the change this year and the distance below its 52-week high: memory +75% and −52%, servers and data centres +31% and −41%, compute +19% and −53%, networking +18% and −60%, semicap +15% and −56%, hyperscalers −9% and −27%, power −17% and −46%, neoclouds −43% and −71%
For the median company in each group, the change this year and the distance below its 52-week high: memory +75% and −52%, servers and data centres +31% and −41%, compute +19% and −53%, networking +18% and −60%, semicap +15% and −56%, hyperscalers −9% and −27%, power −17% and −46%, neoclouds −43% and −71%

What happened, not what happens next.

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