AI Stocks Plunge After US Midterms Hit Tech Giants

Technology stocks plunged Friday in Asian markets and Thursday on Wall Street amid fears of AI regulation following Democrats' sweeping victory in Tuesday's US midterm elections. The Nikkei fell 5.27%, while South Korea's Kospi dropped nearly 9% triggering a trading halt. The selloff was driven by Democratic candidates campaigning to slow data center construction and voters in dozens of US cities approving restrictions on such facilities. Chipmakers were hardest hit, with Samsung falling nearly 10%, SK hynix over 11%, and Nvidia losing about $400 billion in market value. The "Magnificent Seven" tech giants lost roughly $800 billion in a single session, more than Sweden's GDP. Senator Bernie Sanders' call for a moratorium on data center construction added to fears, while Trump blamed Democrats for the market turmoil.