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Fri, 06 Nov 2026

Fri, 06 Nov 2026 Global tech stocks plunge as US midterms add to AI slowdown fears

Investors have reacted to possible tougher scrutiny of data centre construction and the AI industry.
- Hundreds of billions of dollars in market value wiped from major tech firms in the US and Asia. - Nasdaq composite index closed down by more than 5.5%, losing an estimated $2.5tn ($1.9tn) in market value. - Other key US stock indexes also saw big losses, with S&P 500 falling 4.4% and Dow Jones Industrial Average closing down over 3.4%. - Tech-heavy indexes in Asia fell sharply, with Nikkei 225 in Japan plummeting by 6%, and Kospi index in Seoul dropping more than 8.5%. - Chipmakers such as Kioxia, Tokyo Electron, SK Hynix, Samsung, TSMC, and Infineon saw significant losses. - Shares of companies involved in AI infrastructure, such as Meta and OpenAI, also fell. - Concerns over the impact of data centre approvals on the environment and electricity bills could delay projects and raise costs across the industry. - Some investors have become concerned that AI shares are in a bubble that is due for correction.