US stocks slide as AI shares fall after midterm elections

US stocks plunged Thursday as AI-related tech shares led a market slide following Democrats' sweeping midterm election wins, with the Nasdaq down 4.8 percent, the S&P 500 falling 3.6 percent, and the Dow Jones dropping 2.8 percent. Investors weighed the impact of election results on the AI industry, as voters approved 39 of 45 ballot measures restricting data centres. UBS analysts estimated potential construction pauses could risk roughly 30 percent of planned US data centre capacity additions in 2028. Major decliners included Nvidia down 8.2 percent, CoreWeave over 12 percent, and Dell nearly 13 percent. The selloff followed Wednesday's rally on election certainty, with analysts citing concerns over state and local political resistance to AI infrastructure. Gold hit a two-week high as a safe haven, while European tech stocks also fell. Tesla dropped over 11 percent after Elon Musk's failed election spending in Texas.