Wall Street tech selloff: Nasdaq 100 falls over 6% on Thursday as AI worries and election results hit chip stocks
As of the evening of 6 November: outlets agree on the S&P 500's 4.4% fall but give different Nasdaq figures, describe the worst-since benchmark differently and cite several triggers, including chipmaker earnings and the midterm results.
US stocks fell sharply on Thursday, 5 November, with the technology-heavy Nasdaq 100 down more than 6% and the S&P 500 down 4.4%, according to Mint and Hindustan Times. This piece is as of the evening of 6 November.
The numbers
Mint reports that all 30 Dow Jones Industrial Average companies fell, Nvidia tumbled over 9% in its deepest slide since January 2025 and erased the last of this year's gains, and a closely watched semiconductor index dropped 12%, its worst day since the start of the pandemic. Investors rushed into Treasuries as a haven, it adds. NBC News puts the Nasdaq's fall at 6.3%, or $2.3 trillion of market value, and the S&P 500's at $2.8 trillion; it does not say which Nasdaq index it means. Hindustan Times gives 5.5% for the Nasdaq Composite and 6.4% for the Nasdaq 100, so the Nasdaq figures differ across outlets.
How the day ranks differs by outlet. Mint says the Nasdaq 100's drop was its worst since March 2020. NBC News says the Nasdaq and S&P 500 had their worst single-day losses since April 2025, and Hindustan Times likewise reports the steepest decline since April 2025.
What outlets say caused it
NBC News says two weak earnings reports on Wednesday night, from Qualcomm and Arm Holdings, triggered the selloff, and that it was partially tied to Democratic wins in Tuesday's midterm elections; it says some of those elected have pledged to slow or halt AI data-center construction. Mint and Hindustan Times attribute the drop mainly to the prospect that the Democratic victory could slow the industry's growth, and the billions going into AI infrastructure. Hindustan Times quotes President Donald Trump, who blamed Democrats on Truth Social, calling it "one of the worst days in history based on the results of the election".
Reaction
Asian markets also fell, with chipmakers in Japan, South Korea and Taiwan affected, per Hindustan Times. NBC News says some economists are not worried, and argue that letting some air out of the AI bubble now could reduce the risk of a full-blown crash later.
Still open
- Whether the selloff continues; NBC News says some economists argue that letting air out of the AI bubble could lower the risk of a bigger crash later.
- How much the election results and how much the earnings reports drove the move; the outlets weight them differently.
The record 3 reports
The reports this article is built from; 3 were read in full for it. Each link opens the outlet's own page.
- MintreadAI bubble fears trigger $2.3 trillion Wall Street selloff as Nasdaq 100 plunges 6%, Nvidia falls 9%Nov 6, 2026
- NBC NewsreadStocks tumble as midterms fuel AI fears and judge halts Trump’s D.C. arch: Morning RundownNov 6, 2026
- Hindustan TimesreadHow Democrats' US midterm victory triggered a global tech stock rout over fears of AI slowdownNov 6, 2026
