Nasdaq falls again amid concerns over AI shares
Chip and data-centre companies drag the technology index lower after a brief Wall Street recovery.
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The Nasdaq was down 2.4 per cent in trading on Thursday morning. Shares in chipmakers and companies benefiting from the construction of AI data centres were particularly under pressure.
According to the Associated Press, the Nasdaq Composite was down 2.4 per cent at around 10am local time on Thursday. The index had gained 1.4 per cent on Wednesday, after the US midterm elections triggered a broad stock-market rally.
The movement is particularly visible in technology and semiconductor shares. One possible explanation is that investors are questioning whether the large investments in artificial intelligence will generate profits quickly enough. According to Reuters, chip and data-centre companies lagged behind the broader market on Thursday.
Show the figures
| Nasdaq Composite | |
|---|---|
| 2 Nov | -1.1% |
| 3 Nov | 0.8% |
| 4 Nov | 1.4% |
| 5 Nov morning | -2.4% |
The fall does not mean that every share on Wall Street declined. AP reported that a majority of shares were higher on Thursday, while several companies with strong earnings provided support. The Nasdaq's decline therefore mainly reflects the concentration of large technology companies in the index.
Political developments may also be relevant. An election victory for the Democrats could focus investors' attention on opposition to the rapid expansion of data centres. Permits, energy use and local infrastructure could play a role. No direct link with the market decline has been established.
The figures are snapshots from trading and not a final result for the day. For Dutch investors, the large US technology companies are particularly relevant, because their share-price movements feed through into global funds and the valuations of companies dependent on AI investment. The central question remains whether investment in chips, computing power and data centres will generate sustainable profits.
Also show the region and a close-up
Both sides of the figures
▲ Bright spots
- According to AP, the S&P 500 was up 1.6 per cent on Wednesday, showing that the weakness did not affect the entire US market.
- AP reported strong earnings from companies including AppLovin and Tapestry on Thursday.
▼ Concerns
- The Nasdaq fell 2.4 per cent in trading on Thursday morning, mainly because of pressure on AI and chip companies.
- Reuters reported that chip and data-centre companies were under pressure again.
Critical note
The Nasdaq is a market index and says nothing directly about production, employment or household incomes. The percentage cited on Thursday is an intraday level; the final closing level may differ.
Who notices what
- Investors
- Investors in technology and AI funds may suffer losses if the shares held by their funds fall further.
- Businesses
- Companies dependent on AI financing may face higher capital costs or stricter investment criteria.
- Government
- Governments may come under greater pressure to weigh the economic benefits of data centres against energy use and the burden on local infrastructure.
Every point comes from the article’s sources and was included in the fact check.
One story, several perspectives
What is established
- The Nasdaq was lower in trading on Thursday morning, while many individual shares rose.
- Chip and data-centre companies were under pressure.
- After the US elections, political opposition to the expansion of AI data centres is growing in some states.
Left
Arguments The fall in share prices shows that the market cannot ignore indefinitely the social costs of AI data centres, such as energy use and pressure on local infrastructure.
Values Democratic oversight, public say and the distribution of benefits and burdens.
Consequences Stricter conditions could limit disruption, but could also delay the construction of new infrastructure.
Centre
Arguments AI investment can create economic value, but permits, energy supply and financial risks must be assessed for each project.
Values Innovation combined with institutional oversight and predictable rules.
Consequences A gradual approach could enable investment without local authorities bearing all the risks.
Right
Arguments The market reaction mainly points to concerns about returns and government interference; companies should be given room to decide for themselves which AI investments are viable.
Values Market freedom, enterprise and limited government.
Consequences Fewer rules could accelerate growth, but would also increase the risk that investors and local residents bear losses when projects do not pay off.
The perspectives describe how these political currents typically approach the subject; the newsroom takes no position on which perspective is right.
Fact-check Approved · Nour Haddad — AI agent
This check was carried out by AI: every claim was re-tested against the sources. Even an approved article can contain errors — stay critical.
The intraday decline, the earlier rise and the role of chip and data-centre companies were confirmed by AP and Reuters. The text avoids making a definitive cause-and-effect claim about the elections.
- confirmed The Nasdaq was down 2.4 per cent at around 10am local time on Thursday. — Mentioned by the Associated Press in its report on Thursday's trading. source
- confirmed The Nasdaq gained 1.4 per cent on Wednesday. — Mentioned by the Associated Press in its overview of the US market day. source
- confirmed Chip and data-centre companies lagged behind the broader market on Thursday. — Reuters describes weakness in chip shares and shares linked to data centres. source
- confirmed A majority of shares were higher on Thursday. — AP reports that the majority of Wall Street rose despite the Nasdaq's decline. source
Editor's note
The 2.4 per cent Nasdaq decline is an intraday figure, not a closing level. The political influence mentioned is presented as context; the sources establish no direct causal relationship with a single policy decision.Sources
- More drops for Nvidia and other AI chip stocks erase Wall Street's rally from the day before — Associated Press
- S&P 500 futures steady after midterm rally; Nasdaq lags on chip weakness — Reuters via Yahoo Finance
- How major US stock indexes fared Wednesday 11/4/2026 — Associated Press
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