Tech stocks fall after Democrats win US midterms – how we got herepublished at 12:26 GMT 6 November
Image source, ReutersTexas Senator-elect James Talarico and Governor-elect Gina Hinojosa both campaigned for greater tech regulation
We’ve just heard from US President Donald Trump, who says that he is “100%” in favour of AI.
Here’s a reminder of what has happened with tech stocks since Tuesday’s midterm elections:
Tuesday: Democrats are victorious in the US midterms
The Democrats win the Senate and the House in the US midterm elections, taking control of Congress.
A number of Democrats campaigned for new rules and regulations on AI and data centres in recent months.
Wednesday and Thursday: Stock markets react as investors sell off tech shares
In the US, the tech-heavy Nasdaq share index sinks 5.5% on Thursday.
The sell-off in US stocks means the so-called magnificent seven tech companies, including Apple, Nvidia and Tesla, shed a trillion dollars in value in a single trading day, with Nvidia shares sliding more than 9%.
Shares in Elon Musk’s companies SpaceX and Tesla also plunge, falling 8% and nearly 11% respectively and shaving more than $300bn off the firms’ market value.
Friday: Asian markets see hefty falls and European markets open lower
The Nikkei share index in Japan closes down 6% as shares in memory chip makers Kioxia and Tokyo Electron saw big falls.
In South Korea, the Kospi index plunges more than 8% at one point, triggering a so-called circuit breaker, a mechanism that temporarily halts trading to curb panic selling.
Meanwhile European markets open lower on Friday, although the falls are not as severe as the indexes contain fewer tech stocks.
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