NVIDIA Founder and CEO Jensen Hwang answers questions during a press conference during the APEC CEO Summit in Gyeongju, South Korea on October 31, 2025.
Cho Woo Hye | Getty Images News | Getty Images
flat Nvidia CEO Jensen Huang failed to save the technology and artificial intelligence industry this week.
The talismanic leaders of the semiconductor giants touted “unconventional” chip sales and dismissed talk of an “AI bubble,” and for a while all the tides were high.
“There’s been a lot of talk about the AI bubble,” Huang said on an earnings call this week. “From our perspective, we see something completely different.”
The buzz from the bankruptcy report quickly reversed, with AI’s winners running deep into the red and few beneficiaries remaining unscathed.
Except all members of the Magnificent 7 alphabetI was tracking a losing week at Nvidia, Amazon and microsoft Look at your biggest loss.
Amazon and Microsoft led the group’s decline, down about 6% this week. Meanwhile, Alphabet rose nearly 8%. The search giant is also the only megacap in the group to maintain its November rise, thanks to a boost from the launch of Gemini 3.
oracleNvidia’s other major customer, also fell about 10%. The chipmaker also supplies major model developers such as OpenAI and Anthropic.
Semiconductor stocks also fell amid broader tech market turmoil. advanced micro device and micron The pace of loss was 17%. marvel technology It fell by about 10%. quantum computing stocks Righetti, ion Q and D-wave fell by at least 10%
coreweaveThe company, which buys and rents Nvidia chips in its data centers, initially soared after the chipmaker’s earnings report, but quickly reversed course. The company’s stock price is expected to fall 8% this week.
As the AI fever cools down ahead of Nvidia’s earnings report on Wednesday, investors turned to print to allay concerns that the AI bubble is on shaky ground. Since ChatGPT’s launch in late 2022, the stock has helped push the market to new all-time highs.
But concerns have grown in recent weeks as tech stocks have reached inflated valuations.
Leading investors, including Bridgewater’s Ray Dalio, told CNBC on Thursday that the market is definitely in a bubble.
Much of the concern stems from the surge in capital spending to support AI, with little sign of return for many parties.
Investor Michael Barry recently accused some major cloud and infrastructure providers of underestimating depreciation costs and overestimating chip lifecycles, calling this “one of the most common scams of our time.”
Earlier this month, Berry revealed his bet on Nvidia. Palantir.
Shares of the software analytics company, which supplies AI tools to governments and businesses, fell 11% this week. This month, the stock has lost nearly a quarter of its value.
WATCH: Bridgewater founder Ray Dalio: We’re definitely in a bubble, but that doesn’t mean we should sell
