Nearly $2tn shaved off Nasdaq value as worries of curbs to AI datacenters ripple across bourses

The Nasdaq share index had its worst day in 19 months after slumping 5.5% on Thursday amid growing signs that the artificial intelligence industry will face tougher regulation because of the midterm election results.

As Wall Street sustained widespread losses, the Nasdaq composite tumbled into “correction territory” – more than 10% below its recent record high – with more than $2tn shaved off its value by the end of trading Thursday. The tech-heavy index had its biggest one-day fall since Donald Trump announced his “liberation day” tariffs on US trading partners in April 2025.

Exclusive: Letter sent to department and agency heads signals Democrats will look to investigate Trump officials

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A group of Democratic lawmakers are asking leaders in the Trump administration to preserve records in accordance with federal law or risk criminal penalties after voters across the country gave Democrats control of Congress.

In a letter sent out to department and agency heads on Wednesday morning, Bobby Scott, the top Democrat on the House committee on education and workforce who is expected to become chair next year, noted the requirements to “collect, retain and preserve records that document the ‘transaction of public business’ or contain ‘informational value’ under the Federal Records Act of 1950”.