Technology & AI

AI stocks rebound after midterm-driven sell-off wiped out trillions

Global markets fell sharply after Democrats won the U.S. elections for Congress, as investors feared stricter oversight of data centers.

By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .

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What happened

Stocks tied to AI data centers, including Nvidia, slumped on Thursday, Nov 5, after Democrats swept both chambers of Congress in the U.S. midterms. The Nasdaq fell 5.52% that day, and the sell-off spread to markets in Asia and Europe. By Nov 6, AI stocks had begun to recover from the losses.

Timeline

  1. Nov 5, 4:07 PM ET: The Nasdaq 100 tumbled 6.4% and Wall Street lost $3.2 trillion in a day of chaotic trading.
  2. Nov 5, 8:55 PM ET: Taiwan's stock market opened sharply lower and fell as much as 3,737.67 points intraday, its biggest intraday drop ever, with TSMC and MediaTek hitting limit down.
  3. Nov 6, 10:04 AM ET: After the losses, AI stocks recovered, with investors having sold tech shares partly over concerns about slower AI development under a Democratic-led Congress.

Coverage

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