Global Stocks Tumble After $3.2 Trillion US Rout as Democrats Stoke AI Investment Fears
Updated
Updated · The Guardian · Nov 6
Global Stocks Tumble After $3.2 Trillion US Rout as Democrats Stoke AI Investment Fears
3 articles · Updated · The Guardian · Nov 6
Summary
$3.2 trillion was wiped off the US market before Asia opened lower, extending the selloff as investors dumped tech on fears a Democratic midterm wave could cool AI spending.
Japan's Nikkei fell nearly 6%, South Korea's KOSPI lost 6.7%, and Taiwan's TAIEX dropped 4.5% as traders priced in tougher scrutiny of data centres and slower AI buildout.
Wall Street set the tone overnight: the Nasdaq slid 5.5%, the S&P 500 lost 4.36%, and the Dow fell 1,833 points, with Nvidia down more than 9%.
Memory-chip names led the retreat—SanDisk sank 22%, while Micron and AMD each lost 17%—as weak earnings season results reinforced worries that AI valuations and spending were already peaking.
Friday's US non-farm payrolls report is now the next test for markets, offering investors a broader read on whether economic fundamentals can steady a selloff driven by politics and AI doubts.