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Stocks Tumble on AI Fears

Stocks Tumble on AI Fears

Global markets tumbled after US midterm results raised fears that a Democratic-controlled Congress could slow AI investment and data-centre expansion, adding to concerns about high valuations and returns. The Nasdaq fell 5.5%, the S&P 500 4.36% and the Dow 3.44%, while Japan’s Nikkei dropped nearly 6% and South Korea’s Kospi 6.7%. Technology and chip stocks led the losses, wiping more than $3.2 trillion from the US stock market.

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