Tech Selloff Deepens as Election Raises AI Regulation Concerns

The Nasdaq Composite fell 3.3% Thursday as investors continued pulling away from technology shares for a second session, extending losses in artificial intelligence-linked stocks amid concerns about tighter U.S. rules for AI infrastructure. Chipmakers and data center-related companies were among the hardest hit. The S&P 500 slipped 1.9%, while the Dow Jones Industrial Average lost 489 points, or 0.9%. Advanced Micro Devices fell 12%, Micron Technology dropped 9%, SK hynix declined 8.8% and Nvidia lost 5%. The Philadelphia Semiconductor Index sank 8%, its lowest close since April 20. Investors were concerned that Democratic control of both chambers of Congress and victories in key governors’ races could bring more regulation of AI infrastructure projects. The pullback followed a Wednesday rally after Democrats won the midterm elections.

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