Nasdaq plunges after midterm sweep targets AI data centers
Democratic congressional wins triggered a massive tech sell-off as politicians campaigned on pausing new data center construction. The Nasdaq 100 sank 6.4 percent while a strong jobs report raised December rate hike bets.
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NVIDIA CORP shed $450 billion as the Nasdaq 100 sank 6.4% on November 5 following the Democratic midterm sweep. The tech-heavy index suffered its worst session since March 2020 after election winners vowed to pause data center construction. The rout erased $3 trillion from the S&P 500, ending a four-week retreat for the artificial intelligence trade.
