Global Markets Tumble After US Midterms as Tech Stocks Slump

Global stock markets plunged after the US midterm elections, with the Nasdaq falling 5.5 percent and Asian indices dropping up to six percent. Investors fear stricter AI regulations following the Democrats' victory. The Democratic party, which won both congressional chambers, is seen as more skeptical of technology than Republicans. Concerns focus on data center expansion, which faces resistance due to high electricity and water consumption. Chipmakers and suppliers were hit hardest, with storage companies losing up to 22 percent. Rising oil prices after reported tanker damage in the Strait of Hormuz added pressure. The Seoul exchange temporarily halted trading, and South Korea's government held an emergency meeting, calling fundamentals solid.