Markets suffer worst week in over a year as Nasdaq loses $2.3 trillion

Markets suffered their worst week in over a year as investors panicked over potential Democratic regulation of AI data centers, with the Nasdaq 100 losing $2.3 trillion in market value on Thursday. The tech-heavy index fell more than 6%, marking its steepest decline since March 2020, while the S&P 500 lost $3 trillion. Chipmakers were hit hardest, with the iShares Semiconductor ETF dropping 11% in its worst day in six years, and hedge funds unwound positions at the fastest pace in over a decade. Oil prices plunged 21% from their recent peak to $93 a barrel on expectations of a quicker end to the US-Iran war, while the 10-year Treasury yield fell 51 basis points from its autumn high to 4.84% as investors sought safe havens.