Wall Street: technology stocks experience their worst fall since 2020

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https://cryptoast.fr/wall-street-pire-journee-depuis-2020-tech-bitcoin/

Wall Street experienced a real debacle yesterday, led by the giants of technology and artificial intelligence (AI). In a single session, nearly $2.5 trillion in capitalization evaporated from the Nasdaq-100, as investors worry about the sector's prospects.

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The Nasdaq-100 index, which brings together the main American technology stocks, plunged 6.36%, marking its worst day since March 2020, at the start of the Covid-19 pandemic.

The Nasdaq Composite fell 5.52%, entering a correction with a drop of almost 12% since its October record. The S&P 500 lost 4.36% and the Dow Jones lost 3.44%, or 1,833 points. For these three indices, this is the worst session since April 2025.

The fall was particularly violent for semiconductor manufacturers. Nvidia lost 9.3%, Broadcom 10% and AMD 17.3%. The Philadelphia semiconductor index plunged more than 12%, its worst performance since March 2020.

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This debacle comes the day after the Democrats' victory in the American mid-term elections. Their takeover of Congress could slow down the construction of the data centers essential to the development of AI.

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These infrastructures, which consume a lot of electricity and water, are arousing growing opposition in the United States. Senator Bernie Sanders is calling for a national moratorium on their construction.

According to UBS, nearly 30% of new data center capacity planned in the United States in 2028 could be threatened by possible project suspensions.

For chipmakers, the consequences would be significant: Fewer data centers potentially mean fewer orders for processors and equipment.

Beyond political risks, investors are wondering about the profitability of the hundreds of billions of dollars invested in AI. Companies specializing in infrastructure, such as CoreWeave and Nebius, are particularly exposed. Their development requires considerable financing, which has become more expensive with the rise in interest rates.

Machine-translated from French