US stocks fell on November 5, 2026, with deeper losses among companies supplying chips and power equipment for AI data centers. The session put the pace of new data-center investment back into focus.
Where the indexes and suppliers closed
According to the Associated Press, the S&P 500 fell 4.4%, the Nasdaq Composite lost 5.5%, and the Dow Jones Industrial Average fell 3.4%. That left the Nasdaq Composite 11.9% below its record from the previous month. Nvidia fell 9.3% and AMD lost 17.3%. GE Vernova, a supplier of power equipment to data centers, dropped 7.5%.
What risk was the market weighing?
The Associated Press reported concerns that borrowing costs, political pressure and local opposition could slow construction. If projects move back, demand for chips, power equipment and related services could also arrive later. That possibility helps explain why companies selling very different equipment were exposed to the same debate.
Separate share prices from orders
A day’s price moves show how investors are valuing growth expectations. To see whether data-center investment itself has changed, I’d look at project schedules, companies’ announced spending plans and suppliers’ order books. Those are the measures that show whether the risk investors are pricing is showing up in the work companies actually have.
