Major tech stocks plunge as US midterms sparks fears of AI slowdown
The BBC reports that hundreds of billions of dollars were wiped from major tech firms after Democratic midterm wins sparked fears of an AI slowdown, with the "magnificent seven" shedding a trillion dollars in a day and the Nasdaq entering correction territory. Asia's chip-heavy indexes plunged too — the Kospi triggered a circuit breaker, and Nvidia, AMD and SanDisk fell sharply. Analysts linked the sell-off to worries over AI spending, while Trump blamed "Dumocrats" and Bernie Sanders renewed his call for a national data centre moratorium.
