Tech/AI selloff deepens Thursday: Nasdaq slides ~3% toward correction as chips plunge; Tesla tumbles ~9.5% (Nov 5)
What happened
U.S. stocks reversed Wednesday's post-midterm rally sharply on Thursday, with the tech-heavy Nasdaq Composite falling about 3.1% intraday to 24,941 and the Nasdaq-100 down roughly 2%, putting the Nasdaq on course for correction territory a day after the Dow posted its best day since April 2025. The Philadelphia Semiconductor Index extended Wednesday's 3.1% drop, with AMD down about 11%, Qualcomm down 9.7%, Marvell down 8.1%, Micron down 7.9%, Intel down 6.5%, Broadcom down 4.7% and Nvidia down about 4%. Tesla tumbled 9.5% and SpaceX eased 6.7%, while Meta slid 3.4% and Microsoft fell about 2.2%. The Dow fell roughly 0.7% to 53,004 and the S&P 500 lost about 1.7%, as money rotated into defensives, healthcare, staples and energy.
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Start your free 14-day trialWho’s affected
- Nasdaq Composite and Nasdaq-100 (broad tech weakness, correction territory)
- Philadelphia Semiconductor Index constituents — AMD (-11%), Qualcomm (-9.7%), Marvell (-8.1%), Micron (-7.9%), Intel (-6.5%), Broadcom (-4.7%), Nvidia (-4%)
- Tesla (-9.5%) and SpaceX (-6.7%) on political/regulatory scrutiny of Elon Musk, who spent nearly $500 million backing Republican candidates
- Meta (-3.4%), Microsoft (-2.2%), Amazon and Alphabet (slightly lower) as the hyperscaler rally faded
- Dell (-7.5%) as part of the hardware selloff; defensives, healthcare, staples, energy and regulated utilities absorbing the rotation.