Tech Stocks Plunge as Democratic Wins Spark AI Regulation Fears

Tech stocks plunged Thursday as Democratic midterm wins fueled fears of AI restrictions, with Nvidia falling 9.3% and AMD dropping 17.3%. The Nasdaq declined 5.52% to 24,315.00 points, confirming a technical correction, while the Dow fell 3.44% to 51,523.06. Investors worry newly elected lawmakers promised to slow data center construction amid voter opposition to higher power bills. Meta shed 4%, Amazon and Alphabet lost 2.2% each, and Tesla tumbled 9.5%. Data center operators IREN and Applied Digital fell over 14%, with power suppliers also declining. Anthropic may accept a lower valuation than its $1.5 trillion target for a November 16 IPO, while OpenAI delayed its public listing until 2027. The sell-off follows a brief rally after the initial "blue wave" was welcomed.