Tech stocks plunge on worries about AI and Democrats’ midterm landslide
Tech stocks plunged on November 5, 2026, after lackluster earnings from chipmakers Qualcomm and Arm Holdings revived doubts about AI's returns, while Democrats' midterm landslide spooked investors since many winners pledged to slow AI data center construction. The Nasdaq 100 fell as much as 6.2%, the Dow dropped more than 1,250 points, and Elon Musk's Tesla and SpaceX each slid nearly 10%; Ed Yardeni of Yardeni Research says it is an AI bubble losing air very rapidly, not bursting.
