An AI-stock selloff gave Berkshire Hathaway its biggest lead over the S&P 500 since 2010. Berkshire beat the index by 19.2 percentage points in the month to Thursday, according to BeInCrypto, as its Class B shares rose 13.2% to a record and the S&P 500 fell 3.7%.

Nvidia has lost nearly $1.4 trillion in value since its Oct. 6 record and fell 9.26% on Nov. 5, amid investor doubts about returns on AI data center spending and concerns after Democrats’ Nov. 3 midterm wins that new data centers could face tighter scrutiny. Investors shifted money toward Berkshire, whose businesses include railroads, energy, factories and insurance. The performance gap ranks fourth in 30 years; the record was 29.6 points during the 2008 financial crisis.

Greg Abel replaced Warren Buffett as CEO in January, and Buffett later gave up the chairman’s seat. Berkshire bought back $9.6 billion of its stock in the third quarter, more than double the prior quarter, and about $2 billion more in October. But operating earnings fell 5.8% to $12.7 billion, while insurance underwriting profit dropped 43%, dragged down by GEICO. Bloomberg Intelligence analyst Matthew Palazola said equity valuations likely looked less attractive to Abel in the third quarter.

Berkshire’s lead had narrowed to 16.9 points by Tuesday’s close; in May, it trailed the S&P 500 by 14.3 points. The company holds $377.4 billion in cash, and a holdings filing due later this month will show what Abel bought and sold.