Overview
- Markets first rallied on election clarity then reversed course, with US indexes suffering steep losses on Thursday as the Nasdaq fell about 5.5%, the S&P 500 about 4.4% and the Dow roughly 3–3.4%.
- The Philadelphia Semiconductor Index plunged more than 12%, and key chip and memory stocks posted double‑digit drops, with Sandisk down about 22% and Micron down about 17.5%.
- Public calls for moratoria or tighter controls on new data‑centre construction from Democratic figures including Senator Bernie Sanders and state leaders such as Gina Hinojosa heightened investor concerns about the pace of AI infrastructure spending.
- The sell‑off spread to Asia and Europe, driving the Kospi toward a near 9% intraday fall and prompting a brief trading halt in Seoul while the DAX gave back its recent record and traded below 26,000 at times.
- Analysts warn the moves reveal concentration risk in a few mega‑cap tech names, could slow planned data‑centre builds, and leave markets sensitive to upcoming policy signals and economic data that may extend near‑term volatility.