Tech stocks slide as AI selloff follows Democratic midterm wins
Shares of U.S. tech firms fell sharply as voters backed anti-AI candidates in the national midterm elections, stirring fears about the AI boom.
By Standard Topic. AI-generated from the reporting listed under Coverage. Published . Updated .
This story is no longer being updated. It reflects reporting up to .
What happened
U.S. tech stocks dropped sharply, with the Nasdaq falling below its 200-day line and the losses spreading across Asia, where China quant funds lost over 10% in October. Tech shares have since fallen to a valuation below the S&P 500's, a level not seen since 2017.
Why it matters
Investors worry that incoming Democrats' pledges to rein in AI and data centers could slow AI investment, a key source of U.S. economic growth.
Timeline
- Nov 6, 11:15 AM ET: Tech stocks steadied after a sharp selloff, as investors weighed a possible AI investment slowdown against future gains.
- Nov 6, 5:40 PM ET: Tech companies saw a major drop in stock value on Thursday, with the losses tied to data center concerns after the midterms.
- Nov 7, 8:01 AM ET: Tech stocks now trade below the S&P 500's valuation, a level not seen since 2017, after chip stocks lost nearly 30% in five weeks.
Coverage
- Here’s Why Bank of America and TD Cowen Backed Away From Marvell (MRVL) (Yahoo News)
- S&P 500 ETF falls 2.7% as Nasdaq fund fares worse (openingbelldailynews.com)
- Gold at $3,800–4,000: Could an AI spending crash trigger the next bullion rally? Jefferies explains (businesstoday.in)
- The Stock Market Is Doing Something for Only the 5th Time in 30 Years, and History Is Crystal Clear on What Comes Next for Stocks (Yahoo News)
- Is the much-predicted stock market crash finally here? (Yahoo News)
- The AI trade is now counting on Anthropic’s IPO — but it couldn’t be happening at a worse time (marketwatch.com)
- Tech stocks are now cheaper than the S&P 500 for the first time since 2017 — here's what history says comes next: Chart of the Day (Yahoo News)
- Five Stocks Near Buy Points In Ailing, Volatile Market (Investor's Business Daily)
- Advanced Micro Devices (AMD) Recently Crashed Out of the $1 Trillion Club. Should You Buy the Dip? (Yahoo News)
- Western Digital (WDC) Falls With AI Hardware Selloff On An Undervalued Narrative (Yahoo News)
- Mike McGlone Doubles Down On $10K Bitcoin Doom Call: 'Stock Bear Market Has Started' (stocktwits.com)
- A Retiree Who Bought 1,000 Nvidia Shares at $122 Just Watched Chips Have Their Worst Day Since 2020 (Yahoo News)
- Did the Stock Market Crash Today? Nasdaq Rebounds After $2.5 Trillion Selloff as Dow Futures Signal Volatility (The FINANCIAL)
- Market Needs Repair, These Big Winners Look Broken; What To Do (Investor's Business Daily)
- Opinion | There’s No Such Thing as a Stock-Market Bubble (WSJ)
- US tech stock rout: is the AI bubble bursting? (The Guardian)
- Nasdaq tech-stock stumbles are worrisome for California economy (marinij.com)
- Nasdaq enters correction after AI stock sell-off
- Tech stocks slump as AI selloff hits Wall Street after midterms
- AI stock selloff wipes out $2.3 trillion as investors rethink tech
- Bitcoin falls below $76,000 after AI-led tech selloff
- Tech stocks slide as midterm results fuel AI selloff fears
- Trump attributes market drop to Democrats' midterm gains
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