Nov. 5, 2026 | The Nasdaq 100 was on track to lose $1.8 trillion in market value on Thursday, Reuters reported, as investors worried that the Democratic midterm win could slow the buildout of AI infrastructure. The selloff put the Nasdaq Composite on course to confirm a correction, a 10% drop from its recent peak.
What Reuters Reported
The rout was a sharp turn from the previous session, when the Nasdaq 100 rose on hopes that the end of election uncertainty would help sentiment, Reuters said. The wire service reported the index was down 4.5% when it filed, and that semiconductor and neocloud stocks fell for a second straight day on concern that data center projects worth billions of dollars could be delayed.
The Philadelphia SE Semiconductor index fell 8.4% to its lowest level in more than six months, led by Nvidia and Broadcom, according to Reuters. Hyperscalers, which held up on Wednesday, also dropped: Amazon fell 2.5% and Alphabet 1.4%.
The Stocks That Fell Most
CoreWeave slumped 12%, and its five-year credit default spreads widened to a record high, per data from S&P Global Market Intelligence cited by Reuters. Nebius fell 15.2%. Quote boxes on the Yahoo Finance page later showed steeper declines for several names, including Nvidia (-9.06%) and Broadcom (-10.06%), but those are intraday readings that will change.
Separately, MT Newswires reported at 3:45 PM ET that the Dow was down 3.44%, the S&P 500 down 4.36% and the Nasdaq Composite down 5.52%. These are intraday figures, and the closing numbers may differ.
Why Data Centers Are at the Center of It
UBS analysts estimated that around 30% of expected US data center capacity additions in 2028 could be at risk from potential construction pauses, Reuters reported. Matthew Tuttle of Tuttle Capital Management said the market could now have "two years of nothing" under divided government.
The move adds to a trade that was already unsettled. Our AI bubble data guide covers the spending, revenue and debt numbers behind those worries, and our AI spending statistics page tracks how much Big Tech is putting into infrastructure.
Analysis: What the Numbers Imply
If the $1.8 trillion loss and the 4.5% decline refer to the same moment, the Nasdaq 100 was worth roughly $40 trillion before the drop ($1.8T ÷ 0.045). That is our arithmetic from Reuters' figures, not a number Reuters published, and it shifts with every tick of the market. The takeaway is scale: a move this large in one session shows how much of the index's value rests on the AI buildout continuing.
It is also worth noting how fast sentiment turned. Reuters described a mild reaction on Wednesday followed by a steep fall on Thursday, which suggests investors were reassessing the political risk to data center growth rather than reacting to new company news.
Frequently Asked Questions
What is a stock market correction?
A correction is a drop of 10% from a recent peak, according to Reuters. On Nov. 5, 2026, Reuters reported the Nasdaq Composite was on course to confirm one, with the Nasdaq 100 down 4.5% at the time of its report.
Why did AI stocks fall on Nov. 5, 2026?
Reuters reported that investors feared the Democratic midterm victory could stall the pace of AI infrastructure expansion. Semiconductor and neocloud shares fell on worries that data center buildouts could face delays.