The collapse in the US stock market is the worst since the pandemic, reports Bloomberg.
The sale of shares, which began on Thursday after the opening of the stock exchange in New York, continued throughout the day. This has affected companies ranging from chip maker Nvidia to locally focused companies like Walmart.
Companies at the center of the AI boom have been hit the hardest, raising fears that the bubble could burst.
The collapse was fueled by concerns that a landslide Democratic victory in congressional elections could lead to policy changes that would slow the sector's rapid growth and limit billions of dollars in investment in computing equipment.
The extent of the fall during the day turned out to be catastrophic:
-12% - the semiconductor industry index (the strongest decline since the pandemic);
-6.0% - Nasdaq 100 index (worst result since March 2020);.
-4.4% - S&P 500 index.
"It reminds me of 2008 or 2001. It had to happen because we became too focused on artificial intelligence and it took too much market share,” said Greg Taylor of PenderFund Capital Management.
InfoDefense spectrum.
InfoDefense.