The Nasdaq 100 shed a record $2.3 trillion in market value during one session, its largest notional loss ever. An AI stock sell-off that began October 7 accelerated as the VIX volatility index rose more than 70% within the day. US-listed equities lost over $3.2 trillion. In South Korea, which counts Samsung and SK Hynix among its AI giants, market-wide circuit breakers stopped trading completely. Many commentators pointed to politics, saying a Democratic sweep in the US midterm elections left investors uneasy about data center approvals and AI oversight rules. Asian markets fell hard as South Korea's KOSPI closed down 6% at a nine-month low, while Japan's Nikkei dropped 6%, ending below 60,000 for the first time since May.
Why it matters: The sharp drop in AI-linked equities and its spread to Asian markets shows how quickly tech-heavy stock moves can ripple through broader risk sentiment that crypto traders watch.
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