AI-linked stocks have shed approximately $13.2 trillion in market value since their 2026 highs, with the tally running through November 7. On November 5, the Nasdaq 100 fell 6.4% in its steepest one-day decline since March 2020, erasing roughly $2.3 trillion to $2.5 trillion in value, while the VIX jumped 70%. Losses are concentrated in chipmakers, memory suppliers, power providers and hyperscalers investing heavily in data centers. Investors fear that Democratic gains in the November midterms could bring tighter regulation, while doubts over returns on massive AI spending were already weighing on sentiment. Overall, US equities have lost about $5.7 trillion in market value since their October 6 peak.
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