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Global Stocks Tumble as AI Sell-Off Spreads from Wall Street to Europe
Global stocks fell as the AI sell-off spread from Wall Street to Europe, after more than $3.2tn was wiped off US shares.
Key points
- More than $3.2tn was wiped off the US stock market in one session as investors ditched tech stocks.
- The Dow Jones Industrial Average dropped 1,833.06 points, or 3.44%, while the S&P 500 lost 4.36%.
- Investors weighed what a Democrat-controlled Congress may mean for tech regulation and the AI boom.
Why it matters. Analysts pointed to policy uncertainty that could slow the rollout of AI investment, especially given public opposition to the sector.
Asian stock markets slumped as investors dumped tech shares after more than $3.2tn was wiped off the US market in one session. Japan's Nikkei fell almost 6%, South Korea's KOSPI dropped 6.7% and Taiwan's TAIEX lost 4.5%, while Britain's FTSE 100 fell 1.5%. On Wall Street the Nasdaq tech index slumped 5.5%, with SanDisk down 22% and Nvidia down over 9%.
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Global Stocks Tumble as AI Sell-Off Spreads from Wall Street to Europe
Global stocks fell sharply as fears over the artificial intelligence boom spread after the Democrats' midterm success in the United States. Asia-Pacific markets slid following a Wall Street rout, and European markets joined the decline. South Korean stocks dropped as the chip rout deepened, briefly falling below a key milestone, Bloomberg reported. The market is closely tied to the global AI boom. The situation is being tracked in a live business blog.