No, asset values are not like energy. There's no conservation rule.

When stocks get bid up, market valuation goes up far more than the amount of money that changed hands. Most of the market cap appears "out of thin air." It's just what people think it's worth.

And when the stock goes down again, it goes back where it came from.

The investors who bought stock at too high a price lose some of the money they put in, but there are others who never paid that price.