US Technology Stocks Plunge After US Midterm Elections

US  technology stocks plunged after the US midterm elections raised concerns over a potential slowdown in artificial intelligence development and data centre expansion. The tech-heavy Nasdaq Composite fell more than 5.5 percent yesterday, wiping out an estimated 2.5 trillion US dollars in market value. The S&P Global 500 dropped 4.4 per cent, while the Dow Jones Industrial Average declined more than 3.4 per cent.

The market turmoil followed Democratic victories in the midterm elections, giving the party control of both chambers of Congress. Several Democrats campaigned on restricting data centre expansion and strengthening oversight of the AI industry.