Nasdaq 100 Falls 6.3% on AI Fears After Midterms; Kospi Halts Trading

Nov 6, 2026
The Nasdaq 100 lost $2.3 trillion in value as investors assessed election victories by candidates who support limits on AI data centers.

US stocks fell sharply Thursday after election victories by candidates who pledged to restrict AI data centers, NBC News reports. The tech-focused Nasdaq 100 dropped 6.3%, erasing $2.3 trillion in market value, while the S&P 500 fell 4.4% and lost $2.8 trillion.

The Nasdaq Composite declined more than 5.5% and entered correction territory. The Dow Jones Industrial Average lost 1,833 points, or 3.4%, while Nvidia fell 9.2%.

NBC said the chip selloff was triggered by mixed earnings from Qualcomm and Arm Holdings. Arm fell 13%, Qualcomm dropped 9.5%, and the Philadelphia semiconductor index declined 12.3%. Investors also assessed possible restrictions on data center construction following election results in major markets including Texas, Ohio, Michigan and Georgia.

The selling spread to Asia on Friday. Korea's Kospi plunged 8%, triggering a market-wide trading halt, as Samsung and SK Hynix fell at least 9%, while Japan's Nikkei 225 dropped 3%. Taiwan's Taiex had already fallen 3.2% on Thursday.

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