Global Markets Tumble As Democratic Midterm Sweep Triggers AI Sell-Off (Image Source: iStockphoto)
\n\nGlobal stock markets tumbled on worries that Democrats' midterm victory in the US could result in a slowdown in the AI boom. US stock markets lost over 3 trillion dollars and Asian markets plunged over 3 percent in early trade. The Dow Jones Industrial Average closed lower by over 1,800 points, NASDAQ over 1,400 points and S&P 500 over 300 points. Stocks erased the sharp gains from the rally seen in the wake of the US midterm elections, as investors quickened their shift away from technology stocks on fears of a data-center buildout slowdown. South Korean chip stocks also tumbled, triggering circuit breakers shortly after the market opened. Trading was suspended for 20 minutes as the benchmark Kospi Composite index tumbled 8.5 per cent and fell below the 5,000 mark.
\n\nDr. Jaijit Bhattacharya, President, C-DEP Research told Times Now Digital, "the global market sell-off reflects growing investor concerns over the future regulatory environment for artificial intelligence in the United States. A Democratic sweep in the midterm elections could lead to greater congressional scrutiny of Big Tech, particularly around AI governance, data centre energy consumption, competition policy and…
Original source: https://www.timesnownews.com/business-economy
