️🇺🇸 The Nasdaq plunged more than 5% on Thursday, sending the technology-heavy index on course for its biggest daily decline in 19 months, as fears of tighter regulation of AI prompted a big sell-off in technology and semiconductor stocks.
The Nasdaq 100 lost about $2 trillion in market value, while Nvidia fell nearly 9% and the Philadelphia Semiconductor Index fell more than 10%. Tesla fell 12%, while Meta, Amazon and Alphabet also fell as investors re-examined the rapid expansion of artificial intelligence infrastructure following Democratic victories in the US midterm elections.
The broader market was also hit hard, with the S&P 500 down around 4% and the Dow down more than 3%. Investors are increasingly worried that new restrictions on data centers and artificial intelligence infrastructure could slow the investment boom that has helped lift tech stocks to record levels this year.