U.S. Tech Stocks Plunge Nasdaq Drops 5.5%, Losing $2.5 Trillion in Value - Thairath English
The U.S. technology stock market experienced a major sell-off after the Democratic Party won the midterm elections and pushed for measures to control AI development and data center construction.
On 6 Nov 2026 GMT+7, international news agencies reported that U.S. technology and artificial intelligence (AI) stocks sharply declined after the Democratic Party's midterm election victory, as they prepared to push measures to slow AI development, causing investor concerns about increased restrictions on tech businesses.
Reports stated that the Nasdaq index, which is heavily weighted with tech stocks, closed down more than 5.5%, equating to an estimated market value loss of about $2.5 trillion or roughly 80 trillion baht. Other major U.S. stock indices also fell sharply, marking the steepest market decline since 2025. The S&P 500 closed down 4.4%, while the Dow Jones erased gains made on Wednesday and ended down more than 3.4%.
The sell-off severely affected companies linked to AI data centers, especially chip and semiconductor manufacturers. Nvidia shares dropped over 9%, reducing its market value by more than $400 billion. AMD and Micron shares fell more than 17%, Intel dropped 10.3%, and SanDisk declined over 22%. Overall, the 'Magnificent Seven' group, consisting of seven major tech giants including Apple, Nvidia, and Tesla, lost a combined market value of $1 trillion in a single trading day.
The sell-off occurred amid preexisting concerns about whether the massive investments in AI businesses will yield adequate returns. During the election campaign, Democrats in several areas advocated for slowing the construction of data centers, which are critical infrastructure for AI development, and proposed dozens of measures for voters to consider to limit data center expansion.
Previously, Gina Hinojosa, the Democratic governor-elect of Texas, campaigned strongly against new data center construction and pledged to halt new projects in this sector. Meanwhile, Senator Bernie Sanders, a Democrat, posted on the X platform calling for a nationwide halt on data center construction, stating that Americans do not want big tech corporations to harm the environment, reduce jobs, and threaten humanity's future.
