Key Notes
- Bull Theory estimates $13.2 trillion in peak-to-intraday-low drawdowns across 68 AI and Big Tech stocks, rather than a single-day market loss.
- Independent price checks put Nvidia about 25% and Broadcom about 41% below their 2026 highs at the November 5 close.
- Memory, power and data-center shares show the deepest average declines in the publisher’s thematic groupings.
A market snapshot of 68 artificial-intelligence and Big Tech stocks puts their combined declines from individual 2026 highs at an estimated $13.2 trillion, showing how far the selloff has spread beyond the companies building AI models to the chips, memory, power and computing infrastructure behind them.
The estimate comes from market commentator Bull Theory, whose snapshot compares each stock’s 2026 high with an intraday low recorded on November 5. It is not a one-day loss or a decline from a shared starting date. MarketSpeaker independently checked selected share-price drawdowns; the aggregate valuation loss and sector averages remain the publisher’s estimates.
Thursday’s selling gave those longer-term declines a fresh push. The Nasdaq 100 fell 6.36% and the S&P 500 dropped 4.36% in a broad retreat as investors reassessed AI investment and the potential for tighter rules on data-center construction.
Alphabet, Nvidia and Broadcom Lead the Reported Dollar Losses
The chart assigns the three largest dollar declines to companies spanning search, AI processors and semiconductor infrastructure:
- Alphabet (Nasdaq: GOOGL): an estimated $1.62 trillion decline, with the share price down about 32% from its 2026 high to the intraday observation.
- Nvidia (Nasdaq: NVDA): an estimated $1.49 trillion decline, alongside a roughly 25% share-price drawdown.
- Broadcom (Nasdaq: AVGO): an estimated $965 billion decline, with the stock about 41% below its high.
Daily market data supports the broad scale of the price declines, while showing why the observation time matters. Alphabet’s price history records a 2026 intraday high of $408.61 on May 18. Its November 5 close of $282.57 was about 30.8% below that level, less severe than the chart’s intraday comparison.
Nvidia’s $181.60 close was about 25.4% below its October 6 high of $243.37. Broadcom’s $291.53 close was about 41.1% below its June 3 high of $495. These calculations compare unadjusted share prices with their highest intraday readings of the calendar year.
The different peak dates are consequential. Adding company-by-company drawdowns describes how much value has been lost relative to each business’s best point; it does not establish that the entire group was worth that much more at any single moment.
Memory and Power Shares Suffer the Deepest Average Declines
Bull Theory’s chart groups the stocks by their role in the AI economy. Its reported average declines from 2026 highs were:
- Memory and storage: 60.0%.
- AI power: 53.2%.
- Data centers: 49.9%.
- AI chips: 42.9%.
- AI software: 36.4%.
These are the publisher’s thematic groupings, rather than returns for standard sector indexes. The distinction matters because companies can sell into several markets, while a simple average of stock drawdowns can differ substantially from the return on an investable, market-value-weighted portfolio.
The largest percentage losses need not produce the largest dollar losses. A smaller memory or power company can lose more than half its value and still erase fewer dollars than a much larger technology group falling by a quarter.
The Selloff Connects Hardware, Power and Financing
AI infrastructure depends on a chain of spending decisions. A data-center project needs processors, memory, networking, electricity and financing. Delays in one part of that chain can change expected orders and returns elsewhere, even when the businesses sell very different products.
Investors are also reconsidering what future AI businesses may be worth. Prospective Anthropic investors have questioned its proposed IPO valuation, with one suggesting a figure nearer $1 trillion after the market selloff. The company has not announced a final offering price or a postponement.
Thursday’s decline also cut $185 billion from the estimated fortunes of the world’s 500 richest people, as our individual breakdown shows. Founder holdings transmit stock-market losses directly into personal wealth estimates; they do not represent a separate cash loss to add to company valuations.
A GDP Comparison Shows Scale, Not Lost Economic Output
For perspective, $13.2 trillion exceeds the projected annual nominal GDP of any individual country except the United States and China in the IMF’s 2026 data. That compares a financial valuation change with a year’s economic production, rather than measuring an equivalent loss of goods, services or national income.
For shareholders, the distance back to the highs is more immediate. Broadcom would need to gain about 70% from Thursday’s $291.53 close to regain $495. A 41% decline takes a substantially larger percentage recovery to reverse—a measure of how much of the earlier rally has already been unwound.
