Magnificent 7 loses $1 trillion. The most eye-popping stats from Thursday’s tech stock plunge
The sell-off reflected worries that Democratic control of Congress could slow artificial intelligence infrastructure spending, while the CBOE Volatility Index jumped to a seven-month high.
- The Magnificent Seven tech companies lost more than $1 trillion in market value on Thursday, pushing the Nasdaq Composite into correction territory and triggering a broad market decline.
- Following the recent Democratic election sweep, investor fears regarding the tech buildout intensified as concerns emerged about potential regulations affecting data centre expansion and long-term AI growth projections.
- Nvidia Corp. shares dropped more than 9%, contributing to the Magnificent Seven's record $1.13 trillion loss. On the New York Stock Exchange, declining stocks outpaced advancing stocks nearly 6 to 1.
- Industrials fell 4.12%, marking their worst day since April 2025, while the rout spread internationally as Canada's TSX Composite index declined 2 per cent.
- Ed Yardeni, president and chief investment strategist at Yardeni Research, said "we may be entering an AI Goldilocks zone." Markets historically recover quickly from political shifts, as demonstrated by the 2025 Liberation Day sell-off.
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47 Articles
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Wall Street Loses More Than $2 Trillion as Stock Market Plunges Following Midterm Elections
More than $2 trillion in stock market value vanished Thursday as Wall Street suffered one of its steepest selloffs in recent months, raising concerns about economic uncertainty, the future of artificial intelligence investments and the potential impact of Democratic victories in the 2026 midterm elections.
A historic sell-off wave swept through U.S. stock markets on Thursday, and the plunge in AI stocks caused unprecedented asset losses. The combined market value of S&P 500 companies fell by about $2,900 billion in a single day, something that had never been seen before. Panic sentiment also reached Asia by Friday morning: the Japanese stock market was down more than 6 percent and South Korea's Kospi was down more than 8 percent, with the latter a…
The post-election rally in stock markets was replaced yesterday by the strongest sell-off since April 2025, when Trump launched a tariff war.
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