AI storm dooms tech stocks to US$2 trillion decline on darkest day since 2025

Big tech stocks slumped on Thursday in their biggest decline since ⁠the “Liberation Day” rout last year, extending what has ⁠been a punishing autumn for the AI trade.

The Nasdaq 100 index ⁠was set for market value declines exceeding US$2 trillion on investor fears that the Democratic Party’s sweeping midterm victory could stall AI infrastructure expansion and force a chaotic reckoning for smaller firms whose capacity to raise funds has already been limited by higher interest rates and tighter...