Ten of America’s largest technology companies lost more market value in a single morning than most countries produce in a year.
By late morning Thursday, the group had shed about $1.74 trillion combined.
NVIDIA Corp. (NASDAQ:NVDA) led the decline, falling 8.5% and erasing roughly $408 billion. Micron Technology Inc. (NASDAQ:MU) and Advanced Micro Devices Inc. (NASDAQ:AMD) each tumbled nearly 16%, while Tesla Inc. (NASDAQ:TSLA) and Space Exploration Technologies Corp. (NASDAQ:SPCX) dropped about 11%. The Nasdaq 100 slid 5.4%.
The sell-off extends a post-midterm rotation out of artificial-intelligence stocks, as investors weigh whether the Democratic sweep could slow data center expansion. China’s delay in approving imports of Nvidia’s H200 chips added pressure.
The VanEck Semiconductor ETF (NASDAQ:SMH) sank 10.4%.
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