Tech stocks plunge on worries about AI and Democrats' midterm landslide

The Nasdaq 100 fell 5% in mid-morning trading Thursday to a five-month low, and the Nasdaq Composite entered correction territory. Mixed earnings from Qualcomm and Arm triggered the selloff (Qualcomm fell 9%, Arm about 15%), while Democrats' midterm wins on pledges to slow AI data-center construction in states like Texas, Ohio, Michigan and Georgia added pressure. Nvidia dropped 7%, its worst day since April 2025, and SanDisk, Western Digital, AMD, Seagate and Micron each slid around 10%.