U.S. stocks dropped sharply on Thursday, with the Nasdaq off about 5% and the S&P 500 nearly 4%, a day after Wall Street had rallied following the Democratic sweep of Congress. Chip shares led the slide, with the Philadelphia Semiconductor Index down roughly 9.75% in a Reuters intraday snapshot and AMD and Micron each losing about 15%. The report says U.S. equities shed roughly $3 trillion in value by Thursday. The article suggests data center limits may have added pressure, as 41 ballot measures on slowing buildouts appeared and most passed, especially in Ohio. Democrat Gina Hinojosa, who favors pausing new data centers immediately, won the Texas governor's race over Greg Abbott, and according to Wells Fargo the state holds an estimated 27% of planned data center capacity in gigawatts.
Why it matters: The episode shows policy debates over data centers can quickly move AI and tech stocks, which matters to crypto readers tracking the same market sentiment.
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