Nasdaq Plunges 5.5% as Midterm Election Results Spark AI Regulation Fears

U.S. stocks plunged Thursday after Democratic midterm election wins raised fears of stricter AI regulation. The Nasdaq fell 5.52% to 24,315.00, the S&P 500 dropped 4.36%, and the Dow lost 3.44%. The Philadelphia Semiconductor Index sank 12%. Nvidia fell 9% and AMD 17%. The VIX jumped 70%. Bitcoin fell over 6% to $75,300, and Ethereum dropped nearly 9% to $2,210.70.