Tech stocks plunge most since 2020, erasing a record $2.3 trillion as AI fears grow

Summary

Technology stocks plunged on Thursday, November 5, the most since 2020, as investors pulled out of the sector over concerns about the artificial intelligence trade after Democrats swept the US midterm elections. Bloomberg reported that the selloff erased a record $2.3 trillion in value. The S&P 500 suffered its worst daily decline since April 2025, and the tech-heavy Nasdaq entered correction territory, erasing a rally that had followed the midterm results. Investors questioned the durability of the A.I. build-out, and Bloom Energy shares were among the S&P 500's biggest losers as fears of data-center delays grew that the buildout could stall.

Timeline

1. Bloomberg

   5 Nov 2026, 12:54 UTCSource ↗

   Bloomberg reports that technology stocks plunged the most since 2020 on Thursday, erasing a record $2.3 trillion in value as investors exited the sector over AI trade concerns after Democrats swept the US midterm elections.

2. MarketWatch

   5 Nov 2026, 18:03 UTCSource ↗

   MarketWatch reports that Bloom Energy shares were swept up in the tech selloff Thursday, as investors feared the data-center buildout could stall in the aftermath of the midterm elections.

3. NYT

   5 Nov 2026, 21:21 UTCSource ↗

   The New York Times reports that the S&P 500 posted its worst daily decline since April 2025 and the tech-heavy Nasdaq entered correction territory, erasing the post-midterm rally as investors fretted about the durability of the A.I. build-out.