Nasdaq 100 Loses Record $2.3T as Chip Index Plunges 12% in Post-Midterm AI Rout

The Nasdaq 100 fell 6.4% on Thursday — a record $2.3 trillion of market cap wiped out — while the Philadelphia semiconductor index crashed 12% as investors priced the Democratic midterm sweep's threat to AI data-center buildouts. Nvidia and Qualcomm each dropped more than 9%, with Nvidia alone losing roughly $450 billion in market value; AMD, Micron and Applied Materials posted double-digit losses. The sell-off followed voters passing data-center restrictions in 40 of 41 local ballot measures across 10 states.