Wall Street erased $3.2 tn in market value on Thursday, Nov-5. The Nasdaq Composite fell 5.52%, its worst day since April 2025, as investors dumped AI chip stocks. The market collapse stemmed from investor panic that a Democrat-controlled Congress will fundamentally slow down the highly leveraged AI spending boom. Goldman Sachs says short-term moratoria could affect about 45% of planned US data centre capacity. Midterm losses for data centres hit CoreWeave and other debt-funded GPU renters hardest. Fewer new data centers means fewer orders for the GPUs and memory that fill them, so chipmakers took the worst hit. Nvidia sank 9.3%, erasing its 2026 gains, and the Philadelphia Semiconductor index fell 12.3%, its worst day in about 6.5 years. SanDisk fell 22%, and Micron, Western Digital and AMD each lost 17%. Even Meta President Dina Powell McCormick said building data centers is “going to be harder” after the elections.