Overview
- Major U.S. indices fell sharply on Thursday, November 5, with the Nasdaq and S&P 500 posting multi‑percent declines after heavy selling in AI‑linked and semiconductor names.
- Key chip and AI-related firms including Nvidia, Broadcom, Micron, AMD, Intel and CoreWeave plunged, with individual losses in some cases exceeding double digits and dragging overall market cap down.
- Bloomberg’s billionaire index showed large reported drops in the net worth of major founders such as Jensen Huang and Elon Musk as their equity stakes lost value during the selloff.
- Asian markets followed the U.S. rout, with steep falls in South Korea, Japan and Taiwan that triggered trading halts and underscored how demand for semiconductors and data‑center work spreads risk globally.
- Analysts said the selloff reflected a reassessment of AI‑infrastructure upside after Democrats’ election gains raised the chance of tighter permitting or fewer tax incentives for data centers and because a rebound in oil prices and Middle East tensions added near‑term market pressure; investors will watch local permitting decisions, company earnings and policy signals for next moves.