Published November 6, 2025
U.S. stocks with heavy artificial‑intelligence exposure traded broadly lower on Thursday, Nov. 6, 2025, as a renewed tech sell‑off, lingering tariff and macro uncertainty, and fresh hand‑wringing over lofty AI valuations weighed on risk appetite. Major indexes slipped with Big Tech dragging, while a handful of software names bucked the trend.
What’s driving today’s AI slump
- Tech-led risk‑off: Markets faded as investors rotated out of richly valued AI beneficiaries. Microsoft, Nvidia and other megacaps traded lower alongside the broader tech cohort.
- Macro fog & policy noise: Ongoing tariff questions, constrained economic data amid a prolonged government shutdown, and mixed labor indicators kept the “soft‑landing” narrative wobbly, pressuring high-duration growth equities. Reuters
- “Is AI overvalued?” debate heats up: Strategists and investors flagged stretched multiples after a year of outsized gains; the week’s wobble underscored how dependent U.S. indices are on AI‑linked tech leadership. Reuters
- Single‑stock headlines add friction:
- Salesforce (CRM) slumped and, with Amazon (AMZN), was cited among the biggest drags on the Dow on Thursday.
- Super Micro Computer (SMCI) remained under pressure following this week’s earnings and delivery‑timing commentary tied to large AI racks.
Scoreboard: U.S. AI‑linked stocks trading lower today (intraday)
Intraday snapshot around 10:58 a.m. ET (15:58 UTC). Moves are versus prior close; data will update through the session.
- AMD −8.0%
- Salesforce (CRM) −6.6%
- Palantir (PLTR) −4.8%
- C3.ai (AI) −4.2%
- Oracle (ORCL) −4.0%
- Intel (INTC) −3.1%
- Nvidia (NVDA) −2.6%
- Amazon (AMZN) −2.4%
- CrowdStrike (CRWD) −2.3%
- Meta (META) −2.1%
- Microsoft (MSFT) −2.1%
- Arm (ARM) −2.7%
- Broadcom (AVGO) −1.6%
- Super Micro Computer (SMCI) −1.3%
- Alphabet (GOOGL) −1.0%
- Micron (MU) −0.9%
- Snowflake (SNOW) −0.5%
- SoundHound AI (SOUN) −4.8%
Outlier:Datadog (DDOG) +22% after upbeat reaction to recent results/guidance—one of the few AI‑exposed software names in the green.
Intraday pricing sourced from live market data at ~15:58 UTC for representative names (NVDA, AMD, MSFT, GOOGL, AMZN, META).
The bigger picture: Why today’s pullback matters
- Market leadership concentration: This week’s wobble is a reminder that the S&P 500 and Nasdaq are unusually reliant on AI‑centric tech for gains. When AI leaders stumble together, benchmarks feel it.
- Valuation sensitivity to macro: With policy uncertainty and patchy data, any hint of higher‑for‑longer rates compresses multiples most acutely in long‑duration growth—precisely where AI champions trade.
- Earnings dispersion underneath the surface: Hardware names face supply‑chain and delivery‑timing swings (e.g., SMCI), while select software/infrastructure names can still pop on beats and strong outlooks (e.g., DDOG), reinforcing a bar‑belled tape.
What to watch next
- Policy headlines & yields: Any update on tariffs or clarity on the shutdown’s duration could reset macro risk premia—and with it, AI multiples.
- Upcoming earnings/guidance: Post‑earnings drift has been unforgiving for AI leaders priced for perfection. Watch for guidance revisions and commentary on AI capex payback periods.
- Breadth & leadership: If defensive and non‑AI cyclicals take the baton while AI stalls, index‑level volatility could persist.
Methodology: Which “AI stocks” did we track?
This roundup focuses on prominent U.S.-listed companies with material AI exposure across chips & systems (NVDA, AMD, AVGO, INTC, ARM, MU, SMCI), cloud/data & enterprise software (MSFT, GOOGL, AMZN, META, ORCL, CRM, SNOW, DDOG), and AI‑application pure plays (PLTR, AI, SOUN, CRWD). Prices reflect intraday market data around 10:58 a.m. ET; performance can change into the close.
