Global Markets Plunge as Tech Giants Lose Trillions

Global stock markets experienced severe turbulence, with major technology companies in the US, Europe, and Asia suffering significant losses as trillions of dollars were wiped from their market value. The selloff followed US midterm election results that raised investor concerns about potential slowdowns in artificial intelligence growth. The Nasdaq Composite fell over 5.5% on Thursday, losing approximately $2.5 trillion, while the S&P 500 dropped 4.4% and the Dow Jones declined 3.4%. Nvidia lost over 9% of its value, Tesla fell nearly 11%, and the "Magnificent Seven" tech giants collectively lost $1 trillion in a single session. Asian markets followed suit on Friday, with South Korea's Kospi triggering a circuit breaker and Taiwan experiencing its worst weekly drop since 2001. Democratic victories, driven partly by campaigns to restrict AI and data center expansion, triggered the market reaction. Former President Donald Trump blamed the Democrats on social media, while industry leaders acknowledged being caught off guard by the public backlash against AI development.