AI stocks plunge after US election, driving down markets

US markets fell on Thursday, a day after Democrats won sweeping victories in the midterm elections. By midday, the Nasdaq was down 4.8 percent, the S&P 500 had fallen 3.6 percent and the Dow Jones was down 2.8 percent, as chip and data centre stocks sold off. Voters backed 39 of 45 ballot measures seeking restrictions on data centres, and UBS estimated that potential construction pauses could put about 30 percent of planned US data centre capacity additions in 2028 at risk.