Technology stocks plunged after the 2026 U.S. midterm elections amid fears that a Democratic victory would delay U.S. artificial intelligence data center projects. The Nasdaq Composite fell 5.5%, its worst single-day performance since April 4, 2025, when it lost 5.82% following President Donald Trump’s unveiling of his tariff policy. Dan Ives, senior partner at Yorkville Ives & Co., said the rout resembles those of March 2020 and April 2025 and represents an opportunity to buy technology leaders. He expects Big Tech companies to allocate more than $1 trillion to artificial intelligence in 2027, while total spending tied to the sector could reach $3 trillion to $4 trillion over the next few years. Ives said data centers already permitted or under construction will not be stopped and that most projects planned for the next 18 months will still be built.
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