Wall Street just lived through a crash for the ages, as the Nasdaq 100 erased a record $2.3 trillion in market value yesterday — its largest ever notional loss.
A sell-off in AI stocks that started on October 7 accelerated yesterday as the VIX volatility index surged more than 70% in a single session.
US-listed equities shed over $3.2 trillion, and market-wide circuit breakers halted trading entirely in South Korea, home to AI giants Samsung and SK Hynix.
Although there were many causes, many commentators blamed politics after a Democratic US midterm election sweep spooked investors about data center approvals and AI oversight changes.
Read more: AI insiders had already cashed out $7.4 billion before stocks crashed
Indices have rebounded slightly this morning, in part due to a better-than-expected headline about 165,000 US job openings.
Even Donald Trump, who wrote “Your 401(k)s are through the roof” two days ago, changed his tune after yesterday’s closing bell, blaming Democratic voters for the collapse. “You only have yourselves to blame,” he said.
Live updates on this week’s tech stock collapse
As of writing time, the Nasdaq 100 has rebounded 1.5%, although the Dow is flat.
Major markets in Asia didn’t fare well. S. Korea’s KOSPI finished down 6%, closing at a nine-month low. Japan’s Nikkei similarly slid 6%, its first close below 60,000 since May.
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