From NBC News · Steve Kopack · · 1m 20s
Tech stocks crash as AI fears and election results hit
Tech stocks plummet after election results and AI regulation fears trigger market crash.
In brief
Tech stocks plummet after election results and AI regulation fears trigger market crash. Tech stocks plunged 6.3% as election outcomes and AI regulation concerns led to $2.3 trillion in market value erased. Originally reported by NBC News.
Stock market meltdown
Stocks plummeted Thursday as anti-AI candidates won majorities from Maine to Alaska.
Nasdaq 100 drops 6.3%
The Nasdaq 100 index dropped 6.3%, erasing $2.3 trillion in market value.
S&P 500 plunges 4.4%
The S&P 500 plunged 4.4%, erasing $2.8 trillion from the index’s value.
Market correction territory
The broader Nasdaq Composite fell more than 5.5% and entered correction territory.
Democratic election wins
Democrats won majorities in key states including Texas, where Gov.-elect Gina Hinojosa is the largest data center market.
Trump blames Democrats
Trump wrote on Truth Social that stocks suffered one of the worst days in history due to election results.
“The Stock Market suffered one of the Worst Days in History based on the results of the Election. Such a sad thing to watch!”
AI data center regulation fears
Hundreds of candidates pledged to rein in AI data centers, raising regulatory concerns for the industry.
Chip stocks lead losses
Arm Holdings slid 13% and Qualcomm tumbled 9.5% after weak earnings reports.
Market reaction in Asia
South Korea’s Kospi index dipped more than 8%, with Samsung and SK Hynix plunging over 10%.
The one thing
Tech stocks plunged 6.3% as election outcomes and AI regulation concerns led to $2.3 trillion in market value erased.
