Wall Street plunges after Democrats win midterms, tech giants lose billions

Wall Street experienced a major selloff on Thursday following the Democratic Party's victory in the midterm elections, with tech giants like Nvidia, Meta, Google, and SpaceX losing billions in market value. President Trump blamed the election results for the crash. The Nasdaq Composite fell 5.5 percent, the S&P 500 dropped 4.4 percent, and the Dow Jones lost 1,883 points. Investors feared that Democratic control of Congress would lead to stricter scrutiny of AI companies and hinder data center construction. Nvidia lost over $440 billion, while Alphabet and Meta saw declines of approximately $78 billion and $60 billion, respectively. The losses hit companies whose CEOs had signed Trump's voluntary AI agreement in September, which outlined safety controls and audits. SpaceX shares fell 9.05 percent, reducing Elon Musk's net worth by $80 billion. Unlisted firms like Anthropic and OpenAI were unaffected, though analysts now question their planned IPOs.