General U.S. NewsNov 6, 2026·2 min read

Major tech stocks plunge as US midterms add to fears of AI slowdown

BBC News – World

bbc.co.uk

15m ago

Major tech stocks plunge as US midterms add to fears of AI slowdown

Summary

Hundreds of billions of dollars in market value has been wiped from major tech firms in a stock market rout after the US midterm elections sparked concerns of a slowdown in AI development. Shares in firms across the tech and artificial intelligence sectors plummeted following Democratic wins after election campaigns run on slowing AI. The tech-heavy Nasdaq composite stock index closed down by more than 5.5% to lose an estimated $2.5tn (£1.9tn) in market capitalisation, according to Dow Jones data, while other key US stock indexes also saw big losses in their worst days since 2025. The sell-off comes on top of broader concerns about whether the huge amounts being spent on AI will pay off. Democrats in races across the US campaigned to slow the onslaught of data centres and AI, and there were dozens of measures on ballots around the country aimed at restricting the development of the hubs crucial for powering the technology. They won both the US Senate and House of Representatives in Tuesday's midterms, taking control of Congress for the rest of US President Donald Trump's presidency. Texas' Democratic governor-elect Gina Hinojosa campaigned heavily against data centres, pledging a moratorium on new construction in the sector. MAKE AMERICA GREAT AGAIN!" Some Democrats have argued that AI has grown too big without any safeguards or oversight and have promised, with their new power in Congress, to change that. Musk had spent nearly $450m backing Republican campaigns, including at least $45m in support of Ken Paxton for the Texas senate seat, but Texas was turned blue in the Democratic tsunami on Tuesday night. Live: What can Democrats do with control of Congress?

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Markets have been reacting to possible tougher scrutiny of data centre construction and the AI industry following the US midterms.

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