The Kobeissi Letter Says US Tech Stocks Erased $1.3 Trillion in Market Cap in 30 Minutes at the Open
BREAKING: US technology stocks collapse at the open, erasing -$1.3 trillion in market cap in 30 minutes, with dozens of names down 10% or more. Tech Stocks Today: 1. SanDisk, $SNDK: -15% 2. Western Digital, $WDC: -13% 3. Nebius, $NBIS: -13% 4. AMD, $AMD: -12% 5. Seagate, $STX: -12% 6. Qualcomm, $QCOM: -10% 7. Micron, $MU: -10% 8. Tesla, $TSLA: -10% 9. Dell, $DELL: -10% 10. Arm, $ARM: -10% 11. Marvell Technology, $MRVL: -10% 12. CrowdStrike, $CRWD: -10% 13. Intel, $INTC: -9% 14. CoreWeave, $CRWV: -8% 15. Palantir, $PLTR: -8% 16. SpaceX, $SPCX: -7% 17. TSMC, $TSM: -7% 18. Nvidia, $NVDA: -5% 19. Broadcom, $AVGO: -5% 20. Oracle, $ORCL: -5% The Nasdaq 100 is now down -4% on the day. We expect a highly eventful day ahead. Turn on our post notifications @KobeissiLetter for real time analysis as this develops.
Context
A sharp selloff in AI linked names hits the funding and hiring climate for labs, chip makers and data center builders.
The Kobeissi Letter (@KobeissiLetter) is a markets newsletter account. The Nov 5 open followed the midterms and a multi day slide in AI related stocks.
Deep dive
The Kobeissi Letter (@KobeissiLetter) posted on Nov 5 that US technology stocks collapsed at the open, erasing $1.3 trillion in market cap in 30 minutes, with dozens of names down 10% or more.
The post lists moves it says include SanDisk down 15%, Western Digital and Nebius down 13%, AMD down 12%, Seagate, Qualcomm, Micron, Tesla, Dell, Arm, Marvell and CrowdStrike around 10%, Intel down 9%, CoreWeave and Palantir down 8%, SpaceX and TSMC down 7%, and Nvidia, Broadcom and Oracle down 5%. It says the Nasdaq 100 was down 4% on the day and that a highly eventful day lay ahead.
These figures are from Kobeissi at the time of the post and can change as the session continues. They are not official exchange settlement numbers.
Many of the hardest hit names are tied to AI infrastructure, chips, storage and data centers, so the tape is a market verdict on the AI trade after the elections.
The post passed about 840,000 views.
What to expect next
Watch the close and whether AI chip and data center names keep falling in the following sessions. Lab funding rounds and IPO talk may cool if the tape stays weak. Earnings guidance from Nvidia, AMD and Oracle will be read against this move. Political news on data centers can keep adding volatility. Options pricing on Nvidia and other AI names will show how long traders expect the shock to last.