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● LIVE Updated 1h ago · 12 sources tracked

Stock Market Today: Nasdaq Sinks 4% as Investors Ditch Chip, Data-Center Stocks

The Nasdaq Composite dropped more than 4% Thursday, pushing the index into correction territory, while the S&P 500 fell over 3% and the Dow slid sharply. Chipmakers and AI infrastructure names led the decline after weak forecasts from Qualcomm and Arm intensified concerns that voter opposition to data-center projects could slow the AI buildout. Nvidia, AMD, Micron and Sandisk all tumbled, and the Philadelphia Semiconductor Index plunged 9.7%. The rout erased the post-midterm rally that had lifted markets earlier in the week.

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  • ✓ Nasdaq Composite fell more than 4% Thursday, entering correction territory.
  • ✓ S&P 500 dropped over 3% and the Dow Jones Industrial Average slid sharply.
  • ✓ Philadelphia Semiconductor Index plunged 9.7%.
  • ✓ Qualcomm and Arm issued weak forecasts that weighed on chip stocks.
🛡️ Source Corroboration: 12 independent reporting domains (92% confidence) ⏱ Read time: ~2 min

What changed

Post-election optimism vanished as Qualcomm and Arm forecasts and voter-backed data-center restrictions combined to spark a broad AI-sector selloff.

Live updates

  1. Nasdaq sinks 4% into correction as chip, data-center stocks lead broad selloff

    The Nasdaq Composite dropped more than 4% Thursday, pushing the index into correction territory, while the S&P 500 fell over 3% and the Dow slid sharply. Chipmakers and AI infrastructure names led the decline after weak forecasts from Qualcomm and Arm intensified concerns that voter opposition to data-center projects could slow the AI buildout. Nvidia, AMD, Micron and Sandisk all tumbled, and the Philadelphia Semiconductor Index plunged 9.7%. The rout erased the post-midterm rally that had lifted markets earlier in the week.

    Why it matters

    Two days after midterm elections in which voters rejected several data-center proposals, investors reassessed the pace of AI capital spending. Disappointing guidance from key chip suppliers added concrete evidence to the political signal, triggering the sector's worst selloff since the Covid crash. The Nasdaq's slide into correction, a 10% drop from its recent high, marks a sharp reversal for the market's 2026 leaders.

    What is confirmed

    • Nasdaq Composite fell more than 4% Thursday, entering correction territory.
    • S&P 500 dropped over 3% and the Dow Jones Industrial Average slid sharply.
    • Philadelphia Semiconductor Index plunged 9.7%.
    • Qualcomm and Arm issued weak forecasts that weighed on chip stocks.
    • Nvidia, AMD, Micron and Sandisk shares tumbled in the selloff.
    • Voters rejected data-center projects in midterm elections earlier this week.

    Still unconfirmed

    • Nvidia's upcoming earnings will be the key signal for AI spending momentum.

    What to watch next

    • Nvidia earnings report and guidance
    • Further local or state restrictions on data-center development
    • Semiconductor capital-expenditure revisions from major hyperscalers
    Sources used for this update (13)
    1. CNBC — Stock futures are little changed after big rally following Democrats' decisive midterm wins
    2. WSJ — Stock Market Today: AI Stocks Under Pressure While Dow Futures Rise
    3. CNN — Nasdaq plunges into correction territory as midterm results raise fresh questions about AI boom | CNN Business
    4. The Washington Post — Stocks tumble, erasing post-midterm gains as markets weigh future of AI build-out
    5. WHDH — A wipeout for AI stocks sends Wall Street reeling, and the S&P 500 tumbles more than 3%
    6. www.businessinsider.com — Stocks are cratering as the AI trade's post-election honeymoon ends
    7. fortune.com — Tech stocks suffer biggest selloff since Covid, as investors ...
    8. www.cnbc.com — Qualcomm sinks after earnings, leading postelection chip sell-off
    9. finance.yahoo.com — Nasdaq Plunges 1,421 Points, Dow Slides 1,833 Points in Tech ...
    10. finance.yahoo.com — Wall Street Selloff Sends Nasdaq Down 4% as Dow Plunges More ...
    11. www.hindustantimes.com — US stocks tumble as Nasdaq, Dow, S&P 500 fall; chip stocks ...
    12. stockanalysis.com — Nasdaq 100 falls over 4% as chip stocks drop a day after the ...
    confidence 92%
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