AI stocks plunge after election, driving down US markets
Summary
U.S. stocks fell on Thursday as technology and AI-related shares dropped after Democrats won sweeping midterm victories. Investors weighed the possibility that local and state opposition could slow data center construction, while gold prices rose.Key Facts
- In midday trading, the Nasdaq fell 4.8 percent, the S&P 500 fell 3.6 percent and the Dow Jones Industrial Average fell 2.8 percent.
- The article reported that voters approved 39 of 45 ballot measures seeking restrictions on AI or data centers; one measure in North Dakota opposed restrictions.
- UBS analysts estimated that construction pauses could put about 30 percent of planned U.S. data center capacity additions in 2028 at risk.
- CoreWeave shares fell more than 12 percent and Nebius Group shares fell nearly 17 percent.
- Nvidia shares fell 8.2 percent, Micron fell nearly 14 percent, and Intel fell 6.8 percent in midday trading.
- Dell shares fell nearly 13 percent; Tesla fell more than 11 percent and SpaceX fell 9.5 percent.
- Spot gold rose just over 1 percent to $4,115 per ounce, its highest price in two weeks.
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