Tech and AI stocks fall on Wall Street after US midterm elections

In depth

On the day after, according to Ice, the Nasdaq plunged more than 5% and Nvidia lost 9%. According to Channel 14, the declines were concentrated mainly in the chip sector, against the backdrop of fears of restrictions on the construction of new data centers. According to Bizportal, Coreweave fell 7% and defense giant Lockheed Martin dropped 6.5%.

According to Ice, the Nasdaq lost more than 10% from its peak at the start of the declines, and according to the same source the Fed is expected to raise interest rates again. According to Globes, hedge funds sold weeks before everyone else, and according to Ice the leveraged chip fund SOXL plunged about 31% in a single day.