Tech stocks plunge 5% as AI boom doubts and Democratic wins hit markets

Technology stocks plunged Thursday, with the Nasdaq 100 falling 5% to a five-month low, as concerns over the artificial intelligence boom's durability and Democratic midterm victories triggered a broad sell-off. The Nasdaq Composite entered correction territory, dropping at least 10% from recent highs, while the S&P 500 fell nearly 3% and the Dow lost almost 700 points. Chipmakers Qualcomm and Arm Holdings led declines after mixed earnings, with Nvidia sliding 7% and other memory firms plunging around 10%. Democratic wins in key states like Texas and Ohio, where candidates pledged to slow AI data center construction, pressured stocks further. Elon Musk's SpaceX and Tesla each fell about 10% amid fears of tighter regulation following the GOP's electoral defeat.