Global tech stocks fall as AI spending concerns deepen

Global technology shares fell sharply on November 5, with the Nasdaq Composite dropping 5.52% as investors weighed concerns about returns on artificial-intelligence spending and possible constraints on data-centre development after U.S. midterm results. The S&P 500 fell 4.36% and the Dow Jones Industrial Average declined 3.44%. The election’s role in the selloff has not been established; the market move also reflected existing concerns about technology valuations and investment costs. The Nasdaq-100 fell 6.36%, and Nasdaq index data put its aggregate adjusted market-value loss at about $2.53 trillion. That figure refers to the Nasdaq-100, while reports citing losses for the broader Nasdaq market used different measures. Technology and semiconductor shares were among the hardest hit. The Philadelphia Semiconductor Index fell 12.2%, while Nvidia declined about 9% and AMD and Micron Technology each lost more than 17%, according to one market report. The selling extended into Asian markets on November 6. Japan’s Nikkei 225 fell 5.96%, South Korea’s KOSPI dropped 6.02%, and Taiwan’s TAIEX declined 4.51%. Indian shares moved in the opposite direction: the Sensex rose 2.17% and the...