AI shares must end earnings week with a heavy cliff and a sharp fall-off in Nvidia.

The earnings report of Nvidia and the remarks of its CEO Jensen Huang did not make investors any less doubtful about the existence of an AI bubble. Among the Magnificent 7 stocks, only Alphabet managed to stay in the positive territory this week, while the losses were primarily led by Amazon and Microsoft.

There has been much discussion about an AI bubble,” Huang mentioned during an earnings call this week. “However, from our perspective, we see something completely different.

The excitement from the fantastic report was quickly overturned, deeply dragging the AI winners down into the red, and hardly any of the beneficiaries were left unaffected.

All the members of the Magnificent 7 except Alphabet displayed losing week by Nvidia, Amazon, and Microsoft looking at the biggest losses.

Amazon and Microsoft were the main contributors to the group's decline, dropping 6% and 7% for the week, respectively. On the other hand, Alphabet's stocks rose by 8%. The search giant is also the only megacap in the group which is expected to record gains in November, courtesy of the new Gemini 3 launch.

Oracle, which is yet another important customer of Nvidia, tumbled nearly 11%. The chip manufacturer also caters to the likes of OpenAI and Anthropic, the major model developers.