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Nearly $1 Trillion Wiped from US Stocks as Tech Sell-Off Deepens
Image: Collected
Nearly one trillion dollars in market value was erased from US equities on Monday, 2 November 2026, according to a market update from Kalshi Finance, as investors continued to punish technology and semiconductor shares amid lingering concerns over the returns on massive artificial-intelligence spending.
A graphic circulated by the prediction-market platform showed a sea of red across major names. Apple (AAPL) fell 1.73 per cent, Microsoft (MSFT) dropped 2.50 per cent, Nvidia (NVDA) slipped 0.90 per cent and Meta (META) declined 0.85 per cent. The pressure was sharper lower down the chain: Advanced Micro Devices (AMD) plunged 6.78 per cent, Micron Technology (MU) lost 5.70 per cent and Intel suffered a 9.02 per cent decline.
The broader market closed mixed. The S&P 500 finished 0.5 per cent lower after giving back early gains, while the Nasdaq Composite dropped 1.1 per cent. The Dow Jones Industrial Average managed a modest 0.4 per cent rise, helped by strength outside the technology sector and a sharp fall in oil prices.
Monday’s losses extended a bruising period for the AI trade. In the previous week, the largest technology companies had already shed roughly $1.4 trillion in combined market value after quarterly results revealed soaring capital expenditures that outpaced near-term revenue growth for several hyperscalers. Investors remain focused on whether the heavy spending on data centres and chips will deliver the expected profits.
Kalshi Finance, which offers contracts on financial and economic outcomes, highlighted the scale of the single-day wipe-out in a widely shared post that quickly attracted strong engagement. Traders and commentators noted that while many stocks outside the tech sector advanced, the concentrated losses in high-valuation AI-linked names continued to dominate the narrative.
Markets will now look to further corporate earnings, including Apple’s report, and to any clarity on the pace of AI investment for signs of stabilisation.