Big Tech Firms Lose Billions After Democrats' Midterm Wins

Big tech firms that signed President Donald Trump's AI accord in September lost billions in market value on Thursday as a stock market sell-off followed Democrats' midterm election wins, with the Nasdaq falling 5.5 percent. The losses hit companies like Nvidia, which dropped 9.3 percent wiping out over $440 billion, while Meta lost about $60 billion and Alphabet fell 2.2 percent erasing roughly $78 billion, amid fears of increased AI scrutiny and data center opposition. Trump blamed the market decline on the election result in a Truth Social post, while the sell-off also raised questions about planned IPOs for private firms like Anthropic, which had filed for an offering expected in November.