Nasdaq drops $2.5tn after AI earnings miss, Democratic midterm wins
Big day for tech: the Nasdaq just lost $2.5 trillion after a wave of selling hit the sector.
The main reasons? AI companies posted disappointing earnings, and Democrats won the midterms, raising talk of heightened scrutiny and aggressive oversight of AI firms.
Tesla and SpaceX took some of the hardest hits, while Alphabet, Amazon, and Microsoft mostly dodged the worst.
Magnificent Seven drop $1tn
The famous "Magnificent Seven" tech giants saw their value drop by a massive $1 trillion in one day, surprising a lot of investors.
With Democrats promising to investigate AI firms' ties to Trump's administration, projects like new data centers could be delayed.
UBS says up to 30% of planned growth might get caught up in red tape by 2028.
All this uncertainty has left both Wall Street and the tech world on edge.