Tech stocks plunge on Wall Street after US midterm elections
After the US midterm elections, investors sold AI-linked stocks on fears that the new political map will bring more regulation for data centers and reduce demand for semiconductors. At its lowest point, the information technology sector fell as much as 7%, the Nasdaq 100 lost 5.9% and the Philadelphia semiconductor index (SOX) shed more than 10%, heading for its worst session since March 2020. Disappointing market reactions to Arm Holdings and Qualcomm results added to the selling pressure.
In 45 seconds
- Fear of more data center regulation, with Texas in focus, drove selling in AI and semiconductor stocks.
- The Nasdaq 100 lost 5.9%, the tech sector fell as much as 7% and the SOX more than 10%, on track for its worst session since March 2020.
- Goldman Sachs reported a flood of calls from investors and almost no buyers; hedge funds sold shares of large cloud companies.
Read the full story at El Espectador
IASummary generated by artificial intelligence from a story by El Espectador. It may contain errors: the original source prevails.
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