U.S. AI stocks have taken quite a beating lately, especially the computing power, storage, and semiconductor stocks that surged the most earlier.

Take a look at this chart, covering October 28 to November 5:

Marvell -46.9%
Intel -45.3%
SanDisk -42.6%
Dell -35.8%
Micron -33.2%
Western Digital -32.5%
CoreWeave -31.7%
AMD -30.1%
Even Nvidia, Broadcom, and TSMC are down 15%–20%.
By contrast, tech giants like Microsoft, Apple, and Amazon have held up relatively well.
In this AI rally, companies selling GPUs have made money, companies selling servers have made money, and companies selling storage have made money—while the companies building data centers are still burning cash at a furious pace.
The market is now starting to ask: when will the hundreds of billions of dollars in AI capital spending actually pay off?
Xiaohuihui has always felt that the AI revolution is real, but that doesn’t mean every AI company is worth what it’s trading at now.
The AI story isn’t over, but the capital markets are already demanding to see results.
Is this just a normal correction, or is the AI bubble starting to burst?