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Tech stocks fall worldwide as AI spending fears follow U.S. midterms

A tech sell-off that began on Wall Street spread to Asia and Europe, erasing about $2 trillion. Investors fear the shift in control of Congress could slow AI growth.

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Photo: Balon Greyjoy, CC0, via Wikimedia Commons

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Technology shares fell sharply on Thursday in the United States. The worry was that a change in control of Congress could slow the building of data centers that power artificial intelligence.

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On Friday the losses spread to Asia and Europe, with red tickers across markets after the U.S. midterm elections. One estimate put the tech rout at $2 trillion. Democrats won control of Congress, and investors linked that to fears of tighter limits on AI.

In numbers

  • $2 trillionTech stock rout

Markets

Big Tech firms that signed a Trump AI deal were among those that lost value in the sell-off.

Separately, Republican Reps. John Moolenaar of Michigan, Brian Mast of Florida and Rick Crawford of Arkansas wrote to Nvidia CEO Jensen Huang on Wednesday. They asked him to attend a joint, closed-door briefing on Nov. 18 about the company's security protocols.

What comes next

Nvidia CEO Jensen Huang has been asked to attend a closed-door congressional briefing on Nov. 18.

Who is who

  • Jensen HuangNvidia CEO
  • John MoolenaarRepublican U.S. Representative, Michigan
  • Brian MastRepublican U.S. Representative, Florida
  • Rick CrawfordRepublican U.S. Representative, Arkansas
Where
United States
Published
Section
Markets

This article is not investment advice. It was written by our automated newsroom from published reports and official statements, using only the facts in them, and not read by a person before it was published. Report a mistake
Photo: Balon Greyjoy, CC0, via Wikimedia Commons

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