Now that the AI stock bubble is bursting, it was only a matter of time for the pain to spread. You can see it in the S&P 500.
Already 14 S&P 500 stocks, including Super Micro Computer (SMCI), Dell Technologies (DELL) and Axon Enterprise (AXON), have fallen more than 20% from the index’ Oct. 29 high, says an Investor’s Business Daily analysis of data from S&P Global Market Intelligence and MarketSurge. A 20% drop from a high is the unofficial start of a bear.
Such big falls are a reminder how the AI stocks’ troubles are bleeding into other parts of the market.
“Whether a downturn will materialize is impossible to predict, but it’s equally impossible to ignore growing concern about the long-term viability of the AI boom,” said Brent Schutte, chief investment officer of Northwestern Mutual Wealth Management.
Losing Value
Super Micro and Dell’s drops are painful. They’re down 35% and 25%, respectively, from the S&P 500’s high water mark. And both are losers from what’s seen as turbulence in AI spending.
Super Micro’s RS Rating has slipped to just 51 and EPS Rating to 60. Analysts now think EPS will only rise 1% in 2026.
Over at Dell, the RS Rating faltered to just 64. Analysts, though, still think its profit will rise 17% in 2026 and 18% in 2027.
It’s too soon to call the end of the bull market for the entire S&P 500. But for some individual stocks, the pain is here now.
Bear Is Here
S&P 500 stocks down more than 20% from Oct. 29 high
| Company | Ticker | ch. | Sector |
|---|---|---|---|
| Super Micro Computer | SMCI | -35.3% | Information Technology |
| Axon Enterprise | AXON | -28.5% | Industrials |
| Dell Technologies | DELL | -25.1% | Information Technology |
| Coinbase Global | COIN | -24.3% | Financials |
| Chipotle Mexican Grill | CMG | -23.2% | Consumer Discretionary |
| Block | XYZ | -23.0% | Financials |
| Generac Holdings | GNRC | -22.3% | Industrials |
| Arista Networks | ANET | -21.5% | Information Technology |
| EMCOR Group | EME | -21.3% | Industrials |
| Norwegian Cruise Line Holdings | NCLH | -21.1% | Consumer Discretionary |
| DoorDash | DASH | -20.8% | Consumer Discretionary |
| Baxter International | BAX | -20.7% | Health Care |
| Oracle | ORCL | -20.1% | Information Technology |
Source: S&P Global Market Intelligence
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