By MATT KRANTZ

A trillion lost here and a trillion lost there is starting to really add up for investors in speculative ETFs in AI and cryptocurrency.

The value of AI stocks in the Global X Artificial Intelligence & Technology ETF (AIG) has plunged $1.4 trillion just this month as part of a sell-off, as of Nov. 25. Meanwhile, the value of bitcoin and other cryptocurrencies tanked $700 billion during the month and is off $900 billion from Oct. 27, says Coinbase. The ballooning size of ETF losses is underscoring the downside of ETFs plugged into such volatile assets — which had been outperforming for so long.

"With many emerging technological developments, the market often experiences periods of high enthusiasm followed by pullbacks before finding a more sustainable valuation and growth trajectory," said Todd Rosenbluth, head of research at TMX Vetta Fi.

Pain With AI ETFs

For most of 2025, owning AI ETFs was a huge boon. But that march higher ended abruptly in November.

Global X Artificial Intelligence & Technology, the largest pure AI ETF with $6.7 billion in assets, is down 7.7% for the month. That's been an adjustment for investors still up roughly 27% on the ETF this year. But some of the individual holdings are skidding.

AI kingpin Nvidia (NVDA) is one of the ETF's key holdings at roughly 3% of the portfolio. But shares are down roughly 14% for the month. The company lost $674 billion in market value just this month. The stock is down this month despite reporting quarterly results on Nov. 19 that topped expectations by 3.2%. Shares of Nvidia are hanging on to their RS Rating of 87. And with analysts forecasting 56% earnings growth in 2026, Nvidia still carries a top EPS Rating of 99.

But Nvidia isn't the only stock holding down the AI ETF. Shares of AI enablement company CoreWeave (CRWV) are down a staggering 47% this month. Fortunately, the stock now only accounts for 0.4% of the ETF.

Not All AI ETFs Treated Equally

Some of the AI ETFs are suffering more or less than Global X Artificial Intelligence & Technology.

For the month, ARK Autonomous Technology & Robotics ETF (ARKQ) is down more than 14% and Roundhill Generative AI & Technology (CHAT) is down nearly 13%. Roundhill's ETF is exposed to many AI pure-play companies like Nvidia, exposing it to the brunt of the sector's volatility, Rosenbluth says.

Meanwhile, ROBO Global Robotics and Automation Index ETF (ROBO) is only down about 5% this month. The fund's downside is tempered as it "is more diversified, with exposure to a broader range of moderately sized companies," Rosenbluth said.

And WisdomTree U.S. AI Enhanced Value Fund (AIVL) is surprisingly flat for the month. That's due to the ETF's intentional design to also include non-AI firms that stand to benefit from using AI.

The ETF "holds companies not necessarily tied directly to AI technology, such as Bank of America (BAC) and Exxon Mobil (XOM). Its performance may be holding up better because it is less correlated with the stocks driving the pure-play AI theme," Rosenbluth said.

Bitcoin ETFs Suffer, Too

AI isn't the only flavor of speculative ETF to sell off. Shares of iShares Bitcoin Trust (IBIT), collapsed more than 20% in November and are now down more than 7% this year. Gravity is new to bitcoin ETFs, too.

But that's where the comparison with AI ETFs ends. "Artificial intelligence is a disruptive technology that is likely to see continued adoption and innovation over the long term," Rosenbluth said. "Unlike some purely speculative assets, AI has tangible applications, and many related companies have strong fundamentals."

Largest AI ETFs Struggle

Many remain up for the year, but started to drop in November

Source: S&P Global Market Intelligence

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