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Chip Stocks Lead a Thursday Rout That Erases the Post-Election Rally

The Nasdaq fell into a correction as chip and data-center shares sold off for a second day. Investors are weighing whether the vote can slow the AI buildout.

By Marcus Ell, Markets Columnist

New York3 min read

Mentioned: NVDA, AVGO, MU, ARM, QCOM, ORCL, CRWV, NBIS, IREN

A silicon wafer with a grid of iridescent microchip dies under shallow focus
A silicon wafer patterned with microchip dies.Photo by Laura Ockel on Unsplash

Wednesday's rally was read as a verdict on divided government. Thursday's selloff is being read as a verdict on artificial intelligence.

On Thursday, November 5, the Nasdaq Composite fell 5.52 percent to close at 24,315.00, more than 10 percent below the record it set in October, which puts it in correction territory, CNBC reported. The S&P 500 fell 4.36 percent to 7,353.73. The Dow Jones Industrial Average fell 1,833.06 points, or 3.44 percent, to 51,523.06, more than its 1,569-point gain on Wednesday. The small-cap Russell 2000 fell 4.45 percent and also entered a correction. All three major indexes had their worst day since April 2025, CNBC reported. The AP put the S&P 500's drop, rounded, at 4.4 percent.

What was sold

The selling started in chips. The iShares Semiconductor ETF fell more than 12 percent, its worst day since March 2020, according to CNBC. Broadcom fell 10 percent, Nvidia 9 percent and Oracle almost 7 percent. Micron, Western Digital and AMD each fell 17 percent and Sandisk 22 percent, NBC News reported. Debt-funded data-center operators known as neoclouds fell too. CoreWeave lost almost 10 percent, Nebius about 15 percent and Iren almost 17 percent, CNBC reported.

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