The Nasdaq 100 erased a record $2.3 trillion in market capitalization, its largest notional loss on record. The sell-off in artificial intelligence-related stocks, which began on October 7, accelerated as the VIX volatility index surged more than 70% in a single session. US-listed equities shed more than $3.2 trillion, while market-wide circuit breakers halted trading in South Korea. Investors were also spooked by the Democratic Party’s midterm election sweep, which raised concerns about data center approvals and changes to artificial intelligence oversight. The Nasdaq 100 rebounded by 1.5% on Thursday morning, helped by a report of 165,000 US job openings.
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