Nvidia’s rise towards a $6 trillion valuation highlights how strongly investors have rewarded companies at the centre of the artificial intelligence (AI) boom. But the post-Covid market has also produced a sharp reversal of fortunes, with several pandemic-era darlings turning into some of the market’s worst performers as growth slowed, competition intensified and investor expectations reset.
Between August 13, 2021, and September 25, 2026, 172 of the world’s 1,000 largest publicly listed companies lost a combined $4.96 trillion in market capitalisation, according to a report by investing research platform BestBrokers. The analysis excluded companies affected by major corporate restructuring and other changes that could distort comparisons.
As per the report, as many as 23 companies lost more than half their market value during the period. Payments giant PayPal suffered the steepest percentage decline, while sportswear maker Nike and software company Adobe also recorded substantial losses.
PayPal, Nike and Adobe among biggest losers
PayPal led the decline, losing $275.6 billion in market capitalisation as its valuation plunged 85.41%. The global digital payments platform’s market value fell from $322.65 billion in August 2021 to $47.08 billion in September 2026.
Nike was the second in the list, eroding $217.1 billion, with its market capitalisation falling 80.37%, from $270.14 billion to $53.04 billion. The decline highlights how even a globally recognised brand can face a sharp valuation reset when growth slows and consumer demand weakens.
Software major Adobe lost $208.6 billion in market value, as its capitalisation fell 69.03% to $93.6 billion. Growing uncertainty over how generative AI could reshape the creative software market has added pressure to investor expectations for the company.
Similarly, Saudi Aramco lost $227.7 billion in market capitalisation, taking its value to around $1.6 trillion. However, its decline of 12.14% was far smaller in percentage terms than those recorded by PayPal, Nike and Adobe.
French luxury goods group LVMH shed $201.6 billion, a decline of 47.75%, while Comcast lost $193.2 billion, or 71.30%. Walt Disney’s market capitalisation fell by $142.5 billion, or 43.73%.
Other companies among the biggest losers included Chinese spirits maker Wuliangye Yibin, which lost $102.7 billion, Swiss food group Nestlé, which shed $99.9 billion, and Singapore-based Sea Limited, whose market value declined by $99.6 billion.
Pandemic-era growth loses its shine
The report also identified steep declines at companies that benefited from exceptional demand during the Covid-19 pandemic. Video-conferencing company Zoom lost 75.71% of its market value, while biotechnology company BioNTech shed 72.72%.
Both companies experienced extraordinary pandemic-era demand, but investors have since reassessed the growth prospects that supported their elevated valuations.
The declines highlight the risks of treating temporary demand surges as sustainable growth drivers. When business conditions change, valuations built around unusually strong growth can come under pressure.
“Market capitalisation ultimately reflects what investors believe a company will earn in the future, not simply what it earns today,” said Stanislava Savisheva, data researcher and author at BestBrokers.
The biggest declines show how quickly expectations can unravel when pandemic-driven growth proves temporary, competition intensifies or a business struggles to adapt, she said.
The losses point to a common risk: valuations can remain vulnerable even when a company has a globally recognised brand and a substantial business, Savisheva added.