AI stocks just logged their 7th-worst two-year selloff, one month from an all-time high
As seen on the 24/7 Wall St. homepage on November 1, 2026.
Bianco puts Friday's AI drawdown among the seven worst of the past two years, with the group's all-time high set less than a month ago on October 6. The question for anyone still long: pullback inside a 500% run, or the first crack in it.
Where AI stands after Friday. The 7th-largest sell-off in the last two years, after rallying over 500% since ChatGPT's November 2022 release. Also note, the all-time high was October 6, less than a month ago. https://t.co/xyDCt0CPIL https://t.co/zUah14Igs9 [Quoted @biancoresearch]: Where the stock market stands after Friday. https://t.co/W1xlMBPC8L
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Friday's drop landed among the seven largest single-session declines for AI-linked stocks over the past two years, according to Jim Bianco of Bianco Research, and the group's all-time high was set on October 6, less than a month earlier.
The rally ran over 500% from ChatGPT's launch in November 2022 through that October peak, so a drawdown this severe this soon after a record forces investors to reassess whether momentum is still intact.
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Bianco asks whether Friday is a routine shakeout inside one of the market's most powerful multi-year runs or a signal that something has genuinely changed after the record high.
Nothing in the data yet resolves that question, but the ranking establishes that Friday was not a minor wobble. Positioning decisions in the next few sessions carry that context.