AI dip-buying after the selloff: Nvidia and 6 other stocks Saxo clients rushed to buy

The sharp AI sell-off on 5 November sent semiconductor stocks tumbling, but investors were quick to buy the dip. Saxo's global client trading data reveals a clear preference for chips, memory and AI hardware over the large technology platforms funding the AI boom.

The AI sell-off was sharp. The buying response was even more revealing.

The AI trade suffered a major setback on 5 November as investors questioned whether the industry's enormous spending commitments could continue delivering strong returns.

The Nasdaq Composite fell 5.5%, while the Philadelphia Semiconductor Index plunged more than 12%. Nvidia lost over 9%, AMD fell more than 17%, and several memory and infrastructure stocks suffered even steeper declines.

The sell-off was driven partly by concerns that the Democratic sweep of Congress could lead to tighter oversight of AI infrastructure and delays in data-centre development. Questions about AI valuations, financing requirements and the sustainability of capital spending were already weighing on sentiment.

But the recovery was swift.

On Monday, 9 November, the semiconductor index rebounded 6.9%, with AMD gaining 13.3% and Broadcom rising 8.8%. Nvidia was a notable exception, falling another 4.2% amid fresh CEO-related controversy.

The interesting question is not simply whether AI stocks have bounced.

Where did investors see an opportunity worth buying?

We analysed trading activity among Saxo's global clients on 6 and 9 November, comparing it with their normal activity between 7 October and 4 November.

The results show that buying was far from indiscriminate.

Seven AI stocks Saxo clients bought after the sell-off

The following stocks experienced a notable acceleration in buying activity, alongside positive net buying across the two trading sessions.

Source: Saxo global client trading data. Buying activity compares average daily purchase trades on 6 and 9 November with the period 7 October–4 November 2026. Percentage-point changes compare the share of buy trades across those periods. Stock-price moves are for 5 November.

Nvidia: Even the governance controversy did not stop buyers

Nvidia is consistently one of the most popular stocks among Saxo clients. But the buying following the sell-off was extraordinary, even by its own standards.

Daily buying activity increased almost elevenfold compared with the preceding month. The proportion of purchases also climbed from 69% to 89% of trades.

Most strikingly, buying accelerated further on Monday, after fresh controversy surrounding CEO Jensen Huang emerged over the weekend.

Nvidia shares fell another 4.2% that day, even as the broader semiconductor sector rebounded. Yet Saxo clients continued buying aggressively.

The timing suggests investors were willing to add exposure despite heightened governance uncertainty. It does not establish why individual clients bought, but it highlights the strength of buying appetite for the AI chip leader.

What investors should watch: Nvidia's upcoming earnings, AI chip demand, margins and any developments affecting leadership or governance. Strong demand does not eliminate the risks associated with elevated expectations.

AMD, Micron and SanDisk: Buying the deepest corrections

Some of the strongest buying responses came from stocks that suffered particularly sharp declines.

AMD lost more than 17% on 5 November, but daily buying activity subsequently rose 167%.

The stock then rebounded approximately 26% across Friday and Monday, creating a market in which some investors were buying the dip while others were selling into the recovery.

Micron and SanDisk also attracted significant buying interest after falling roughly 18% and 22%, respectively.

Both are exposed to the growing memory and storage requirements of AI infrastructure. Their strong buying activity suggests Saxo clients remained interested in this part of the AI investment cycle despite the volatility.

What investors should watch: Memory prices, supply growth, AI-related demand and earnings revisions. Memory stocks can be highly cyclical, and strong demand today does not guarantee sustained pricing power.

Marvell and Dell: The AI buildout goes beyond chips

The buying also extended into companies supporting AI infrastructure.

Marvell, which provides custom silicon and networking technology, saw daily buying activity more than double. Its buy-trade share rose from 64% to 79%.

Dell offered another interesting signal.

After its shares fell almost 15% on 5 November, daily buying increased 52%, while the proportion of purchases jumped from approximately 50% to 70%.

That suggests stronger interest in AI servers and hardware, rather than just the companies designing the chips.

What investors should watch: Customer spending plans, order visibility, margins and cash conversion. Infrastructure suppliers can benefit from rising AI investment, but their earnings remain vulnerable if large customers delay projects or reduce spending.

Palo Alto Networks: Buying extended beyond AI hardware

Not all the buying was concentrated in semiconductors.

Palo Alto Networks fell almost 10% on 5 November, after which daily buying activity increased 50%.

Its buy-trade share rose from 57% to 75%, suggesting a meaningful improvement in buying interest relative to its normal trading pattern.

Cybersecurity offers a different route into the AI investment theme. As businesses adopt AI and expand their digital infrastructure, protecting data, networks and applications becomes increasingly important.

However, cybersecurity companies must still demonstrate that AI-related demand can support revenue growth and justify their valuations.

Why weren't clients buying hyperscalers as aggressively?

One of the more interesting findings was the difference between companies supplying the AI buildout and the large technology platforms financing it.

Microsoft, Alphabet, Amazon and Meta are central to the AI investment cycle. They also have substantial existing businesses and, in many cases, the cash generation needed to support large investment programmes.

Yet their buying activity did not accelerate nearly as much as that of semiconductor and hardware stocks.

Source: Saxo global client trading data, using the same comparison periods.

This does not mean investors have abandoned the hyperscalers.

Alphabet, for example, already had a very high proportion of buying trades before the sell-off, and that remained broadly unchanged.

There is also a straightforward explanation: semiconductor and hardware stocks generally suffered much larger declines on 5 November, creating more obvious opportunities for investors looking to buy a sharp correction.

Nevertheless, the contrast is revealing.

Saxo clients showed the strongest increase in buying appetite for the companies supplying AI infrastructure, rather than the technology giants paying to build it.

That is a difference in incremental buying behaviour—not evidence that investors rotated money out of hyperscalers into chipmakers.

What should investors take away from the AI rebound?

The buying response suggests investors are not ready to abandon the AI growth story.

But it is important to distinguish between a sharp rebound and a sustainable investment opportunity.

Three questions are worth asking before buying an AI stock after a correction.

1. Has the valuation become more attractive, or has the share price simply fallen?

A 15–20% correction can create opportunities, but a stock may still be expensive if earnings expectations are too optimistic.

2. Is the company generating profits from AI demand?

Chipmakers, memory suppliers and equipment providers are already benefiting from AI infrastructure investment. But their growth remains dependent on customers continuing to spend.

3. Can the AI investment cycle sustain its momentum?

The biggest risk is not necessarily that AI adoption stops. It is that capital spending grows faster than the financial returns, or that financing pressures and regulation delay projects.

For companies supplying the AI buildout, even a slowdown in the pace of investment could affect revenue growth, margins and valuations.

The recent rebound does not remove these risks.

The bottom line: Investors bought the AI dip, but not equally

The November sell-off exposed the risks of crowded AI positioning, expensive valuations and dependence on continued infrastructure spending.

Yet Saxo's global trading data shows investors were quick to return to the market.

Nvidia attracted an extraordinary surge in buying, while AMD, Micron, SanDisk, Marvell and Dell also experienced a significant increase in demand. Palo Alto Networks showed that buying interest extended selectively beyond hardware.

Meanwhile, the hyperscalers saw a much more subdued response relative to their normal activity.

The message is not that investors have stopped believing in AI. It is that the sharpest corrections in the AI supply chain attracted the strongest buying response.

For long-term investors, the challenge is to look beyond the rebound and identify companies whose earnings growth, balance sheets and valuations can support the next phase of the AI cycle.

Methodology: Analysis is based on aggregated global Saxo client trading activity for selected AI-related stocks. Post-sell-off activity covers 6 and 9 November 2026 and is compared with 7 October–4 November 2026, normalised by trading day. Buying activity measures the number of purchase trades, not their monetary value or the number of unique investors. Buy-trade share measures purchase trades as a percentage of total purchase and sale trades. Client trading patterns are not recommendations or indicators of future returns.