Rifnote
Loading your desk
Over $3tn reportedly wiped off US stocks in one day as AI selloff deepens
Investors are questioning whether AI profits can justify the industry’s enormous spending, and fears of tougher data-centre rules after the midterms are adding to the selloff.
More than $3 trillion has reportedly been wiped off the US stock market in a single day as an artificial intelligence selloff deepens, as stated by Mario Nawfal on X.
Nvidia fell nearly 9%, AMD almost 16%, Micron 15% and Tesla 11%, with Microsoft, Google and Amazon also hit, the report said. Investors are questioning the industry’s enormous spending and whether profits will justify it. Fears of tougher data-centre restrictions after the midterms are adding to the pressure.
Wall Street was celebrating a historic post-election rally just a day earlier.
The figures have not been independently verified. A separate Reuters report on November 1 said Nvidia fell 4.2% and AMD 10.9% in a tech selloff over AI spending fears.
POPULAR
- Hegseth’s future in question as Republicans assess midterm defeat
- 2027: How Tinubu won before the poll
- Israeli president rejects Netanyahu’s fraud claims, begins consultations on next government
- FG explains how Nigerians can receive ₦50,000 cash grant
- Bandits kill soldier, pregnant woman, hunter, abduct 15 in Taraba