AI and chip stocks plunge, wiping $150B from nine tech billionaires

On 2026-11-06, Bloomberg Technology reported that chip stocks sold off sharply as investors began questioning whether the AI boom can continue. The selling was concentrated among semiconductor companies and reflected disagreement over how durable AI demand would prove to be. About a minute later, Business Insider reported that AI and chip stocks plunged on Thursday, with the Nasdaq 100 dropping more than 6% into a correction, its worst day since the COVID-19 pandemic. According to the report, investors sold tech shares in anticipation that Democrats, having won control of the House and Senate in the US midterm elections that week, would rein in AI and data-center spending. Elon Musk took the largest hit, losing about $80 billion, or roughly 9%, in net worth in a single day, as Tesla shares fell 11% and SpaceX shares tumbled 9%. His tech peers also suffered significant losses: Jensen Huang, Michael Dell, and Larry Ellison each saw their fortunes shrink sharply. In total, just over $150 billion was wiped from the combined fortunes of the world's nine wealthiest tech titans in one day, driven by the rout in AI and chip stocks. Both reports reflect the market action as of 2026-11-06 and contain no information on any subsequent rebound.