Major tech stocks plunge as US midterms add to fears of AI slowdown

Major technology stocks fell after Democratic victories in the US midterm elections, where campaigns included calls to slow AI development and data-centre construction. The Nasdaq dropped more than 5.5%, wiping an estimated $2.5tn from its market value, while the S&P 500 fell 4.4% and the Dow Jones more than 3.4%. Nvidia shares slid over 9%, AMD and Micron each fell more than 17%, and Tesla dropped nearly 11%. The seven largest technology companies lost a combined $1tn in one trading session amid concerns about whether huge AI investments will pay off.