--- title: "VIX Spikes 39% as AI Tech Rout Wipes Out $2.2 Trillion: Stock Market Today" type: "News" locale: "en" url: "https://longbridge.com/en/news/304511797.md" description: "AI tech rout wiped $2.2 trillion from market value as the S&P 500 fell 3.1%, its worst day since April 2025. The VIX spiked 39% amid Democratic midterm sweep fears slowing data center expansion and China delaying Nvidia H200 chip approvals. Nvidia, AMD, and Micron led declines, while Tesla dropped 10.2%. Investors sought safety in Treasuries and gold, with bonds rallying and equities broadly selling off." datetime: "2026-11-05T18:13:10.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/304511797.md) - [en](https://longbridge.com/en/news/304511797.md) - [zh-HK](https://longbridge.com/zh-HK/news/304511797.md) generator: "portal-rs" --- # VIX Spikes 39% as AI Tech Rout Wipes Out $2.2 Trillion: Stock Market Today Wall Street’s post-midterm rally unraveled Thursday as a renewed rout in artificial-intelligence stocks sent the S&P 500 toward its worst day since April 2025 and erased about $2.2 trillion from its market value. Wall Street’s fear gauge jumped nearly 39%, while Treasuries and gold drew haven demand. The catalyst came from Washington, and from the chip supply chain. Investors kept unwinding AI trades on bets that the Democratic sweep of Congress will slow data center expansion, while China’s delay in approving imports of Nvidia’s H200 chips and a soft profit outlook from Qualcomm added pressure. “Nvidia tough. Obviously, the neo-cloud’s tough,” **Jessica Lessin**, founder and CEO of The Information, said in an interview with CNBC. **• NVIDIA shares are sliding. Why is NVDA stock falling?** The **CBOE Volatility Index** surged 38.6% to 23.02, its highest level since April and its sharpest one-day jump since June. The **S&P 500** fell 3.1% to 7,449, down 239 points. The **Dow Jones Industrial Average** lost 1,241 points, or 2.3%, to 52,115. **NVIDIA Corp. (NASDAQ:NVDA)** led the blue-chip index lower with a 7% drop, erasing its gains for the year. The decline erased about $337 billion from Nvidia’s market value. The **Nasdaq 100** slid 4.5% to 27,169. Within the Magnificent Seven, **Tesla Inc. (NASDAQ:TSLA)** tumbled 10.2%, extending its post-election slide as investors unwound the so-called Trump trade. The **Russell 2000** dropped 3.4% to 2,759. **Read Also: QUICK SPARK: 10 US Tech Stocks Wipe Out $1.7 Trillion on Thursday** Bonds rallied as investors sought safety. The **10-year Treasury yield** fell 5 basis points to 4.84%. The 2-year yield dropped 8 basis points to 4.50%, and the 30-year yield slipped 3 basis points to 5.25%. **Gold** rose 1.3% to $4,126 an ounce and **silver** edged up 0.6% to $52.61. **Bitcoin** (CRYPTO: BTC) fell 4.8% to $76,509. **West Texas Intermediate crude** climbed 2.2% to $90.03 a barrel, and **Brent** gained 2.3% to $96.76. On the data front, initia**l jobless claims** fell to 189,000 last week from 195,000, below the 196,000 forecast. **Nonfarm productivity** grew at a 3.6% pace in the third quarter, above the 2.8% estimate, while unit labor costs fell 0.7% against expectations for a 0.6% rise. ## **Thursday’s Performance In Major US Indices** | Index | Last | % Change | MTD | YTD | | ------------ | --------- | -------- | ------ | ------- | | S&P 500 | 7,449.41 | -3.11% | -1.72% | +8.82% | | Dow Jones | 52,115.16 | -2.33% | +0.67% | +8.43% | | Nasdaq 100 | 27,168.79 | -4.46% | -4.28% | +7.60% | | Russell 2000 | 2,758.61 | -3.44% | -1.89% | +11.15% | *Updated by 11:55 a.m. ET* According to the Benzinga Pro platform: - The **Vanguard S&P 500 ETF (NYSE:VOO)** fell 3.1%. - The **SPDR Dow Jones Industrial Average ETF Trust (NYSE:DIA)** declined 2.5%. - The **Invesco QQQ Trust (NASDAQ:QQQ)** sank 4.9%. - The **iShares Russell 2000 ETF (NYSE:IWM)** lost 3.4%. ## **Chipmakers Lead The Tech Rout As Staples Hold Up** Technology took the hardest hit as investors dumped AI hardware. The **Technology Select Sector SPDR Fund** (NYSE:XLK) fell 6.1%, while the **VanEck Semiconductor ETF** (NASDAQ:SMH) sank 8.6%. **Advanced Micro Devices Inc. (NASDAQ:AMD)** dropped 13.8% and **Micron Technology Inc. (NASDAQ:MU)** lost 12.3%. **Qualcomm Inc. (NASDAQ:QCOM)** slid 11.2% after guiding fiscal first-quarter adjusted EPS to $2.15-$2.35, a midpoint below the $2.29 consensus, as fourth-quarter handset revenue fell 26%. Consumer staples held up best. The **Consumer Staples Select Sector SPDR Fund** (NYSE:XLP) slipped just 0.2% as investors rotated into defensive shares, while the **Energy Select Sector SPDR Fund** (NYSE:XLE) dipped only 0.4% with crude higher. All 11 sectors traded lower, with Consumer Discretionary down 3.8%, Industrials 2.8%, Materials 2.5%, fFnancials 2.1%, Real Estate 1.6%, Health Care 1.1%, and Communication Services and Utilities each 0.6%. About 417 of the S&P 500’s 503 members were in the red. Among Russell 1000 gainers, **AppLovin Corp. (NASDAQ:APP)** soared 29.6% after a third-quarter beat on revenue and earnings and a strong outlook, and Piper Sandler lifted its price target to $355. **EPAM Systems Inc. (NYSE:EPAM)** jumped 18.1% on better-than-expected results, a raised 2026 outlook and a $1.5 billion boost to its buyback authorization. **Unity Software Inc. (NYSE:U)** rallied 13.8% after guiding fourth-quarter sales to $688 million-$696 million, well above the $603.6 million estimate. **Liberty Media Corp. (NASDAQ:FWONA)** gained 10.5% after announcing a share swap with entities related to **John Malone** that reduces his voting concentration, alongside third-quarter results. **Corpay Inc. (NYSE:CPAY)** rose 8.2% after beating estimates and raising its 2026 guidance, with Keefe, Bruyette & Woods lifting its target to $525 from $470. On the downside, **Dutch Bros Inc. (NYSE:BROS)** plunged 20.9% after narrowing its 2026 sales guidance below estimates, prompting price-target cuts from Wells Fargo and KeyBanc. **Caris Life Sciences Inc. (NASDAQ:CAI)** fell 20.1% after its third-quarter report, even as it raised its 2026 sales outlook to $1.04 billion-$1.05 billion. AI hardware names extended their slide. **Applied Optoelectronics Inc. (NASDAQ:AAOI)** sank 17.7% and **Astera Labs Inc. (NASDAQ:ALAB)** lost 16.7%, deepening a post-earnings decline that led UBS and TD Cowen to cut their targets. **SanDisk Corp. (NASDAQ:SNDK)** slumped 16.5% alongside Micron, pushing its relative strength index to its most oversold level since April 2025. **Read Also: QUICK SPARK: SanDisk Stock RSI Hits Most Oversold Level Since April 2025** ## **Looking Ahead** After the close, Microchip Technology is expected to report EPS of 84 cents; Cloudflare, 34 cents and Affirm, 38 cents, while EOG Resources is seen at $4.47 and Live Nation at $1.51. ## **Thursday’s Russell 1000 Top Gainers** | Name | % change | | ----------------------- | -------- | | **AppLovin Corp.** | +29.61% | | **EPAM Systems Inc.** | +18.11% | | **Unity Software Inc.** | +13.75% | | **Liberty Media Corp.** | +10.47% | | **Corpay Inc.** | +8.25% | ## **Thursday’s Russell 1000 Top Losers** | Name | % change | | -------------------------------- | -------- | | **Dutch Bros Inc.** | -20.89% | | **Caris Life Sciences Inc.** | -20.09% | | **Applied Optoelectronics Inc.** | -17.72% | | **Astera Labs Inc.** | -16.71% | | **SanDisk Corp.** | -16.55% | *Photos: Shutterstock* **See More: Top Momentum Stocks** ### Related Stocks - 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