Tech stocks fall after Democrats win US midterms – how we got herepublished at 12:26 GMT
Texas Senator-elect James Talarico and Governor-elect Gina Hinojosa both campaigned for greater tech regulation
We’ve just heard from US President Donald Trump, who says that he is “100%” in favour of AI.
Here’s a reminder of what has happened with tech stocks since Tuesday’s midterm elections:
Tuesday: Democrats are victorious in the US midterms
The Democrats win the Senate and the House in the US midterm elections, taking control of Congress.
A number of Democrats campaigned for new rules and regulations on AI and data centres in recent months.
Wednesday and Thursday: Stock markets react as investors sell off tech shares
In the US, the tech-heavy Nasdaq share index sinks 5.5% on Thursday.
The sell-off in US stocks means the so-called magnificent seven tech companiesincluding Apple, Nvidia and Tesla, shed a trillion dollars in value in a single trading day, with Nvidia shares sliding more than 9%.
Shares in Elon Musk’s companies SpaceX and Tesla also plunge, falling 8% and nearly 11% respectively and shaving more than $300bn off the firms’ market value.
Friday: Asian markets see hefty falls and European markets open lower
The Nikkei share index in Japan closes down 6% as shares in memory chip makers Kioxia and Tokyo Electron saw big falls.
In South Korea, the Kospi index plunges more than 8% at one point, triggering a so-called circuit breaker, a mechanism that temporarily halts trading to curb panic selling.
Meanwhile European markets open lower on Friday, although the falls are not as severe as the indexes contain fewer tech stocks.
Source: www.bbc.com
