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Top story Tech stocks log worst day since 2020 as AI selloff wipes trillions off Wall Street

A broad AI-driven rout sent the Nasdaq sharply lower and erased an estimated $2.9 trillion in S&P 500 market value, the largest one-day loss on record, with Asian chip stocks falling in the follow-on session.

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Democrats call for data center limits after midterm wins, rattling AI infrastructure trade

Newly elected Democrats and progressive lawmakers are pushing for tougher restrictions on data center construction, prompting investor concern about the AI buildout that has powered US equities.

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Tesla and SpaceX lose over $420 billion in combined market cap after midterms

Shares of Elon Musk's Tesla and SpaceX fell as investors weighed how a divided Washington could affect data center and merger prospects tied to his companies.

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Asian markets battered as Wall Street AI rout spreads; Nikkei falls below 60,000

Asian benchmarks fell sharply, with the Nikkei 225 dropping below 60,000 points and Seoul's Kospi under 5,000, as AI-related selling spread from Wall Street.

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Oil prices rise as investors weigh renewed US-Iran conflict risk after midterms

Crude prices gained as traders assessed the possibility of renewed US-Iran military escalation alongside diplomatic efforts led by Qatar to broker an interim deal.

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Thinking Machines Lab nears $5 billion funding round at $40 billion valuation

The AI startup founded by former OpenAI executive Mira Murati is set to close a new round that would value it at $40 billion.

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Union Pacific CEO threatened merger opponents with rate hikes, released video shows

Federal regulators ordered Union Pacific to make the CEO video public, in which he warns shippers he would raise rates if they oppose the railroad's proposed Norfolk Southern merger.

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Equinix points to smaller data centers as US scrutiny of AI infrastructure grows

Equinix said smaller facilities may be less exposed to US restrictions as scrutiny of data center construction intensifies after the midterms.

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Bank of England raises rate for first time since Iran war, warns inflation near 5%

One policymaker voted to lift the Bank of England's key rate to 4.25%, with the central bank warning inflation could approach 5%.

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Canva CEO Melanie Perkins apologizes to staff over layoffs, drawing unusual praise

Canva's chief executive called the job cuts the hardest moment in company history and outlined a severance package that drew attention as tech layoffs continue across the sector.

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Cloudflare beats estimates as sales surge fastest in nearly four years

Cloudflare posted quarterly results beating estimates by $0.04 EPS, with rising demand for automated AI protection lifting its stock after a broad selloff.

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Nvidia's Huang asked to brief Congress on reported Chinese spy relationship

President Trump was briefed about the intelligence findings about a year ago, according to The New York Times.

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IRS announces 2027 federal income tax brackets and higher standard deductions

The IRS released inflation-adjusted 2027 income tax brackets, with steeper adjustments than this year reflecting rekindled inflation.

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IREN says $4 billion in annualized revenue delayed at customer request

The neocloud company said some revenue is shifting from 2026 to early next year, while announcing a new cloud-computing deal and noting much of its backlog is tied to investment-grade counterparties.

full coverage →earningsdatacentersai
India's Nifty 50 seen as AI hedge as global tech-exposed markets tumble

India's Nifty 50 has gained nearly 9% over the past month while markets with heavy AI exposure, including the US, Japan, South Korea and Taiwan, fell into the red.

full coverage →marketsindiaai
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