U.S. Independent Broker-Dealer Loses $30 Billion in Market Cap in a Day Amid AI Fears

LPL Financial Holdings Inc. (NASDAQ: LPLA) saw its share price plunge 8.19% to close at $360.58 on February 10 (U.S. time). Its market capitalization fell to about $28.8 billion, erasing roughly $2.2 billion in value in a single day, on trading volume of approximately 2.089 million shares.

Analysts say the sell-off was driven largely by broader weakness in U.S. broker-dealer and advisory stocks after startup Altruist unveiled an AI-based tax-planning tool, stoking concerns about a technological shakeup in the asset-management industry. Although LPL reported better-than-expected Q4 2025 net income and adjusted EPS and hit a record $2.4 trillion in client assets in its late-January earnings release, the stock has been under pressure ever since the company raised its key expense guidance for 2026.

LPL Financial Holdings is the largest independent broker-dealer in the U.S., providing brokerage, custody and advisory platforms to independent financial advisors, banks and RIAs, and overseeing about $2.4 trillion in advisory and brokerage assets.