Tech shares fall as AI and data-center concerns weigh

Technology shares fell sharply across the United States and Asia after the U.S. midterm elections, as investors weighed concerns about returns on artificial-intelligence spending against the possibility of slower data-center construction. The market declines followed Democratic victories in races across the country, with some winning candidates having pledged to slow or halt such projects. The Nasdaq Composite closed down 5.5% Thursday at 24,315, its steepest daily decline since April 2025, while the S&P 500 was down 3.5% in midmorning trading. On Friday, Japan’s Nikkei 225 and South Korea’s Kospi each closed 6% lower. European markets also fell during Friday trading, with London, Paris and Frankfurt down between 1.8% and 2.3% at the reported time. The election results added to investor concerns about whether companies will earn adequate returns on the hundreds of billions of dollars invested in AI infrastructure. Data centers have faced opposition from voters across the political spectrum, and many midterm winners had pledged to curb construction. The scale of any resulting slowdown, and its contribution to the market declines, was not established by the reported figures....