Nvidia loses $440 billion as Nasdaq falls 5.52% after US midterm elections

6 Nov 2026 , 12:39 PM

Nvidia lost about $440 billion in market value as the Nasdaq Composite fell 5.52% after the US midterm elections, in Wall Street’s steepest selloff in more than a year. Tesla and SpaceX were also among the largest losers, as concerns about tighter AI regulation and slower data-centre investment spread across technology stocks. The S&P 500 and Dow Jones Industrial Average also declined.

Key Takeaways

• The Nasdaq Composite Index plunged to 24,315 today, marking the index’s largest single-day percentage decline in almost 19 months.
• The losses on the market for Tesla and SpaceX together came to about $420 billion.
• The Philadelphia Semiconductor Index decreased more than 12% as declining stocks were in the semiconductor and AI infrastructure spaces.
• IREN and Applied Digital each fell more than 14%, while CoreWeave dropped almost 10%.
• In the US midterm elections, Democrats won control of both chambers of Congress.

Nvidia loses about $440 billion as Nasdaq falls 5.52%

Shares of Nvidia tumbled more than 9% Tuesday, stripping about $440 billion from the company’s market capitalization.

Nasdaq data recorded the Composite’s 5.52% decline at a level of 24,315, its biggest one-day fall in 19 months.

Tesla and SpaceX lose about $420 billion together

Tesla and SpaceX each fell by as much as 9%, reducing their combined market value by about $420 billion.

Philadelphia Semiconductor Index falls more than 12%

The Philadelphia Semiconductor Index fell more than 12% as companies supplying chips and equipment for artificial intelligence infrastructure declined.

IREN falls more than 14% as AI data-centre stocks decline

IREN fell more than 14% as investors questioned the outlook for large-scale AI infrastructure investments.

Applied Digital falls more than 14% on AI infrastructure concerns

Applied Digital fell more than 14% as investors questioned the outlook for large-scale AI infrastructure investments.

CoreWeave drops almost 10% as data-centre stocks sell off

CoreWeave dropped almost 10% as investors questioned the outlook for large-scale AI infrastructure investments.

GE Vernova falls 7.5% alongside data-centre suppliers

GE Vernova declined 7.5% as companies supplying electricity and equipment for data centres fell.

Constellation Energy falls 2.5% with data-centre suppliers

Constellation Energy fell 2.5% as companies supplying electricity and equipment for data centres declined.

Meta Platforms falls 4% as technology stocks decline

Meta Platforms declined 4% during the technology-stock selloff.

Amazon falls 2.2% during the technology selloff

Amazon fell 2.2% during the technology-stock selloff.

Alphabet falls 2.2% as Big Tech stocks decline

Alphabet fell 2.2% during the technology-stock selloff.

Qualcomm falls 9.5% after smartphone chip sales miss expectations

Qualcomm fell 9.5% after its fourth-quarter smartphone chip sales missed Wall Street expectations.

S&P 500 falls 4.36% and Dow drops 3.44%

S&P 500 data showed the index falling 4.36% to a level of 7,353.73.

Dow Jones Industrial Average data showed the index declining 3.44% to a level of 51,523.06.

The so-called “Magnificent Seven” of technology stocks lost up to $1 trillion in market value.

The S&P 500 lost $3 trillion in market capitalization.

Democrats take both chambers as data-centre opposition intensifies

US midterm election results gave Democrats control of both chambers of Congress.

Democratic victories in states where opposition to new data centres had intensified raised concerns about tougher regulation delaying construction projects and slowing AI infrastructure investment.