Economy

Global Markets Tumble After US Tech Stock Sell-Off

AI SUMMARY

Global financial markets tumbled following a major US tech stock sell-off driven by mid-term election results and AI bubble concerns.

Global financial markets tumbled following a major sell-off of technology stocks linked to US mid-term election results and AI bubble concerns.
Technology firms lost trillions of pounds in value, experiencing heavy falls among chipmakers and data centre operators.
Asian markets dropped sharply on Friday morning following turmoil on US stock exchanges.
Japan's Nikkei index fell by around 6%, dropping below the 60,000 point level for the first time since May, weighed down by SoftBank and Kioxia.
South Korea's Kospi index slumped due to sector weakness.
Major US equity markets saw approximately three trillion dollars in value wiped off.
Trading turmoil was linked to worries that Democratic success in US mid-term elections could slow the AI sector boom.
The Nasdaq 100 index closed 6.4% lower, with Nvidia sliding by more than 9%.
Elon Musk's net worth dropped as shares in Tesla and SpaceX slumped by roughly 10% and 9% respectively.
The S&P 500 index finished 4.4% lower as weakness spread to other sectors.
President Donald Trump posted on Truth Social that the stock market suffered one of the worst days in history and blamed Democrats for the chaos.
SwissQuote senior analyst Ipek Ozkardeskaya stated that memory-chip bubbles and Nasdaq valuations may have reached boiling point.