The Nasdaq 100 rose approximately 0.9% on November 4, 2026, while the Philadelphia Semiconductor Index fell 3.1%, creating a gap of about 460 basis points. Large technology platforms added more than $750 billion in market value, led by Amazon, Apple, Microsoft, Alphabet and Meta. Nvidia, Broadcom and Micron weighed on semiconductor stocks, while the SMH and SOXX funds each lost nearly 3%. Investors anticipated stronger regulatory scrutiny under a Democratic Congress, potentially slowing the construction of new data centers. The divergence highlights the sensitivity of the artificial intelligence market to government decisions on land, power and permits.
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