AI Fears Drive Nasdaq into Correction as Tech Stocks Tumble Post-Election

Wall Street investors continued to divest from technology stocks on Thursday, undoing a short-lived post-election rally as the Nasdaq Composite index entered correction territory. By 10:43 AM ET, the tech-dominated index had fallen by 4.17 percent. The S&P 500 experienced a decline of 2.68 percent, while the Dow Jones Industrial Average dropped 880 points, or 1.65 percent, effectively erasing approximately half of the gains from the previous trading session, which followed a surprising Democratic victory across multiple midterm races. Stocks associated with Artificial Intelligence also saw significant downturns as market participants assessed the potential for increased oversight and regulation of data center expansion under unified Democratic control of both U.S. Congress chambers. Leading chip manufacturer Nvidia saw its stock price decrease by 7 percent, and Broadcom's shares fell by 8 percent. This is a developing story...