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Global tech stocks plunge as US midterms add to AI slowdown fears

Photo: BBC

Hundreds of billions of dollars in market value has been wiped from major tech firms in the US and Asia in a stock market rout after the US midterm elections sparked concerns of a slowdown in artificial intelligence development.

Shares in firms across the tech and AI sectors plummeted following Democratic wins after election campaigns run on slowing AI.

The tech-heavy Nasdaq composite index closed down by more than 5.5%, losing an estimated $2.5tn (£1.9tn) in market value, according to Dow Jones data, while other key US stock indexes also saw big losses in their worst days since 2025.

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USCBS News

FEMA backlog causes delays in California infrastructure projects

The Federal Emergency Management Agency is behind on approving major projects to protect Southern California totaling more than $191 million, a backlog that affects projects intended to reduce damage from floods, earthquakes, fires, and landslides, according to FEMA data. The projects are supposed to be funded by a FEMA program called Building Resilient Infrastructure and Communities — or BRIC. The Government Accountability Office has been studying the BRIC program over the last year.

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