How Much Big Tech Firms That Signed Trump AI Deal Lost in Stock Market Rout
Summary
A Wall Street sell-off on Thursday, November 5, followed Democratic gains in the midterm elections. Among publicly traded companies whose leaders signed President Donald Trump’s AI accord, Nvidia lost the most market value, while Alphabet, Meta and SpaceX shares also fell.Key Facts
- The Nasdaq Composite fell 5.5 percent, the S&P 500 fell 4.4 percent and the Dow Jones Industrial Average dropped 1,883 points on Thursday.
- Nvidia shares fell 9.3 percent, wiping more than $440 billion from its market value.
- Alphabet shares fell 2.2 percent, reducing its market value by an estimated $78 billion.
- Meta shares fell 3.96 percent, with an estimated $60 billion loss in market value.
- SpaceX shares fell 9.05 percent, erasing an estimated $167 billion in value; Elon Musk’s xAI is part of SpaceX.
- Anthropic and OpenAI are privately held, so their shares did not trade in the sell-off.
- Trump blamed the market decline on the election results in a Truth Social post.
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