Voter opposition to data centers and Democratic midterm gains have unsettled AI investors, sending tech stocks sharply lower Thursday before a Friday rebound. Newly elected governors in Texas and Georgia have promised to pause construction.
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AI and technology shares recovered some ground Friday after a sell-off erased more than $3.2 trillion from US stock market value Thursday. Investors weighed the prospect of tighter AI rules after the Democrats’ midterm victory alongside stronger-than-expected US jobs figures.
U.S. employers added 165,000 jobs in October, beating forecasts, while unemployment fell to 4.1%. Wage growth picked up but remained below the latest inflation reading.
Elon Musk says Tesla will wind down Cybertruck production at its Texas factory by mid-2027 to make room for more Cybercabs. He has not said whether the pickup will be discontinued or built elsewhere.
A tech-stock sell-off that began on Wall Street spread through Asia and into Europe as investors weighed the potential effects of the U.S. midterm elections on AI investment. South Korea temporarily halted trading after its Kospi index fell more than 8%.
Paraguay’s president announced his resignation after Ueno Bank’s collapse locked millions of customers out of their accounts. Minutes later, the lower house voted unanimously to impeach him.
U.S. stocks fell sharply Thursday, led by AI-related companies, as investors reassessed the implications of Democrats’ midterm victories for data center construction. The slide followed a post-election rally Wednesday.
LIV Golf says it plans an orderly wind-down after financing talks with BC Partners failed. Saudi Arabia’s Public Investment Fund invested more than $5 billion in the circuit.