MW Super Micro, Oracle headline this list of the worst-performing tech stocks in November
By Emily Bary and Philip van Doorn
As the AI trade fizzles, major technology stocks have seen month-to-date declines of as much as 37%
Oracle's stock has fallen as investors have come to worry about its reliance on OpenAI to hit future business targets.
Investors are exhibiting more scrutiny around artificial-intelligence players, and that has led to some pain in the technology sector during the month of November.
MarketWatch looked at the performances of 84 major tech stocks and found plenty of red, as 63 of those stocks had suffered month-to-date declines through Wednesday's close on a total-return basis.
Among the biggest losers are some former AI darlings that have lost their shine. Take Super Micro Computer Inc. $(SMCI)$, whose shares saw the sharpest decline of 36.8% for November through Wednesday. The server maker is still seeing booming AI demand, but its margins have come under pressure from steep competition and rising costs.
"The timeline for improvement remains vague and investors likely remain weary," Raymond James analyst Simon Leopold wrote after the company's earnings report earlier in the month.
Read on: Why Super Micro's stock fell after earnings - even as guidance moved higher
There's also Oracle Corp. $(ORCL)$, whose stock has more than wiped out massive gains seen earlier in the fall upon the announcement of new business with OpenAI that increased the company's backlog by multiples. Now there are concerns about whether OpenAI will be able to follow through with its commitments to Oracle, which has taken on debt to finance its AI-fueled cloud expansion.
"While we do not believe default is a likely outcome for Oracle, we believe that the increase in the cost to insure Oracle's debt is an indication the market realizes Oracle has borrowed too much for a customer that may or may not materialize," D.A. Davidson analyst Gil Luria wrote earlier this week.
Palantir Technologies Inc.'s stock (PLTR) was down 17.3% for the month through Wednesday, highlighting how investors have come to pay more attention to its valuation. The stock has still more than doubled on the year, and MarketWatch's Christine Ji explained how Palantir became a "cult stock," leading to big gains for some retail investors who bet big on the company.
Advanced Micro Devices Inc. $(AMD)$, meanwhile, could see its worst monthly performance in three years. The stock was down 16.4% for November through Wednesday.
More from MarketWatch: Big Tech needs a staggering $1.5 trillion to fund the AI boom. This is the complex playbook it's using to get it.
And Arista Networks Inc. shares (ANET) haven't enjoyed the same 2025 momentum as other more highflying plays on optical and networking connectivity. Arista shares wiped out a big chunk of their yearly gains over the course of November, falling 19.1% in the month to date.
"We see [Arista] as a very important company in the AI-landscape, albeit with concerns about decelerating growth and increasing competition," Rosenblatt Securities analyst Mike Genovese wrote this week.
See also: 10 stocks that let you invest like Nvidia in the next hot AI trade
Screening the biggest losers
To screen large-cap tech stocks' performance, we started with the 70 companies in the S&P 500 SPX information-technology sector. But there are some "Big Tech" names that are in other sectors, such as Alphabet Inc. $(GOOGL)$ and Meta Platforms Inc. (META), which are in the benchmark index's communications-services sector. So we added 12 more stocks that are in the Nasdaq-100 Technology Index XX:NDXT. Then to make sure the entire "Magnificent Seven" group of stocks was included in the screen, we added Tesla Inc. $(TSLA)$ and Amazon.com Inc. (AMZN) for a screen of 84 companies.
Here are the 20 stocks among this "tech" group of 84 that fell the most from the end of October through Wednesday:
Company Ticker Total return from Oct. 31 through Nov. 26 2025 total return Super Micro Computer Inc. SMCI -36.8% 7.7% Strategy Inc. MSTR -34.8% -39.4% Zscaler Inc. ZS -23.9% 39.7% DoorDash Inc. DASH -23.0% 16.8% Oracle Corp. ORCL -22.0% 24.2% Arm Holdings PLC ARM -21.9% 7.5% Arista Networks Inc. ANET -19.1% 15.5% Dell Technologies Inc. DELL -17.7% 17.7% Palantir Technologies Inc. PLTR -17.3% 119.2% Qnity Electronics Inc. Q -16.6% -16.9% Advanced Micro Devices Inc. AMD -16.4% 77.4% Palo Alto Networks Inc. PANW -15.8% 1.9% Microchip Technology Inc. MCHP -15.0% -5.5% Skyworks Solutions Inc. SWKS -15.0% -23.2% PDD Holdings Inc. PDD -14.1% 19.4% HP Inc. HPQ -13.3% -24.1% ServiceNow Inc. NOW -12.7% -24.3% PTC Inc. PTC -12.6% -5.7% Atlassian Corp. TEAM -12.6% -39.2% Salesforce Inc. CRM -12.4% -31.4% Source: LSEG
AI isn't the only issue
Artificial intelligence may seem like the prevailing force in the market, but some of the tech sector's biggest losers this month suffered for reasons unrelated to cracks in the AI trade.
For instance, Strategy Inc. shares (MSTR) have dropped 34.8% so far in November. As investors have shied away from riskier assets, the price of bitcoin (BTCUSD) hurt Strategy, which is a levered play on cryptocurrency. Bitcoin was down 18.1% for November through Wednesday to $89,874, according to data provided by CoinDesk.
Don't miss: This chart shows how badly Strategy's stock has performed since bitcoin's peak
Shares of Zscaler Inc. (ZS) fell 13% on Wednesday after the cybersecurity company announced its quarterly results after the close on Tuesday. Through Wednesday, the stock was down 23.9% for November.
Mizuho analyst Gregg Moskowitz pinpointed two issues coming out of the report: a modestly lowered forecast for net new annual recurring revenue and a lack of disclosure around the specific impact that's to be expected from the company's purchase of Red Canary, a cyberthreat platform.
In his view, "it still seems a bit premature to say that [Zscaler] will be able to close large, transformative deals at a strong and steady pace, given what we believe is an increasingly competitive [Secure Access Service Edge] market."
And DoorDash Inc. shares $(DASH)$ have fallen victim to the company's hefty investments in a unified technology platform. Shares of the food-delivery service suffered their stiffest one-day loss on record on Nov. 6, en route to a 23% drop for the month of November that ranks among the broader sector's worst performances.
"The theme you saw from internet earnings was basically companies upticking on spending across the board, and investors punishing them for that," Jeffrey Favuzza, a tech-sector strategist with Jefferies, told MarketWatch recently.
See more: DoorDash's stock just had its steepest drop ever, amid spending worries
Putting tech in context
The S&P 500 has declined slightly in November through Wednesday, with dividends reinvested. Here's how the 11 sectors of the index have performed:
The S&P 500 has declined slightly during November, with gains for most of the sectors offset by the 4.8% decline for the heavily weighted information technology sector.
Even with the November decline, the S&P 500 information-technology group was up 23.7% for 2025, ahead of the full index's 17.2% return.
-Emily Bary -Philip van Doorn
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November 28, 2025 07:39 ET (12:39 GMT)
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