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AI Fears Erase Vote Gains
U.S. stocks fell Thursday, erasing most of their gains after the midterm elections, as investors sold technology shares amid concerns that Democratic gains could slow the expansion of data centers and AI-related spending. The Nasdaq dropped 4.7%, the S&P 500 fell 3.7%, and the Dow Jones lost 1,531 points, or 2.9%. The Nasdaq and Russell 2000 entered correction territory. Nvidia and Broadcom shares each fell 8%, Qualcomm dropped 10%, and the SOXX semiconductor ETF slid 11%, as the sell-off spread to other sectors.
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