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The Magnificent 7 lost more than $1 trillion in market value on Thursday, Nov. 5, and Devere Group CEO Nigel Green said the group’s lead in technology stocks is not finished — only the habit of buying all seven as a single trade. Green’s assessment was sent to Bitcoin.com News on Nov. 6, the day after the sell-off.
Green said a $1 trillion one-day loss naturally raises the question of whether the group’s reign is over, and answered that it is not. He argued that each company will now be judged on its own numbers, and that many investors will treat the decline as a chance to buy the dip.
Also read: Bitcoin nears $77,000, set for worst October since 2014
Key facts
- Tesla fell 10.77% and Nvidia 9.26% on Nov. 5; Apple slipped just 1.53%, with Microsoft down 3.58%, Meta 3.96%, Amazon 2.19% and Alphabet 2.20%.
- The Nasdaq Composite dropped 5.52% to 24,315.00, entering correction territory and notching its worst session since April 2025, while the S&P 500 fell 4.36% to 7,353.73 and the Dow lost 1,833.06 points to 51,523.06.
- Green said the selling showed signs of capitulation, pointing to a spike in the VIX and widespread share declines as evidence that forced sellers were clearing positions.
- By about 9:42 a.m. EST on Nov. 6, Nvidia had rebounded 6.9% and Tesla 2.8%, while Apple and Microsoft were still lower by 1.3% and 1.1%.
- Bitcoin traded near $75,249 on Nov. 6 after touching $74,762, about 11.3% below the $84,843 level reached in late October.
Uneven losses put company results in focus
Green’s case rests on the split inside the group. Even during the panic, he said, investors picked their targets, and the market began sorting the seven into stronger and weaker hands. Customer ownership, secured electricity supplies and revenue from artificial intelligence spending are the tests he proposes for each company, rather than the group’s collective momentum.
BusinessLine reported a larger overall figure for the same session, putting the US stock market value wiped out at around $2.5 trillion, and traced the trigger to fears that Democratic gains in the midterm elections could lead to restrictions on data centre expansion. Broadcom fell 10% and Oracle almost 7%, the outlet reported. Bitcoin.com News did not give a total market-value figure, describing the Magnificent 7 loss as above $1 trillion and noting that all 11 S&P 500 sectors closed lower. Keith Lerner, chief investment officer at Truist Advisory Services, characterised the week’s swings to BusinessLine as more of a knee-jerk reaction than a clear signal of how technology stocks would perform under Democratic control of Congress.
Financing costs added a separate pressure. Bitcoin.com News cited a Bitfinex analysis published Nov. 2 that flagged rising concerns about borrowing costs and a growing reliance on credit to fund capital spending, a point that reinforces Green’s argument for judging companies one by one.
Why it matters
The sell-off reversed the post-election rally of the previous day, when the Dow had jumped more than 1,500 points, so investors now face the same companies with a different question: whether AI spending is producing revenue rather than only costs. That matters beyond equities, because the same data centre buildout, power supply and credit conditions shape demand for bitcoin mining and computing infrastructure. Green’s view is that a sharper, more selective market should make the group’s next run more durable than the last one, and that the leadership of the AI boom may reorder at the top, though he expected further volatility along the way.
What to watch
Individual earnings and revenue disclosures will now carry more weight than index-level moves, since Green’s tests turn on customer ownership, electricity access and AI revenue. Watch also how proposals to restrict data centres develop after the midterms, and whether credit costs for AI infrastructure keep climbing. Prices remain volatile, and this article is not financial advice.
Reported by Bitcoin.com News.
Sources: Bitcoin.com News, BusinessLine