00:00$2.5 trillion vanished in a single day. Wall Street just had its worst day in 19 months,
00:06and the AI boom is suddenly on trial. The numbers are brutal. The Nasdaq fell
00:135.5% to 24,315, its worst single day since April last year.
00:19The S&P 500 fell 4.4%. The Dow lost 1,833 points, wiping out its entire post-election rally
00:28in
00:28hours. The Nasdaq 100 alone lost $2.5 trillion of market value in one session. The S&P 500 lost
00:40$2.9 trillion. And the chip stocks were hit hardest of all. The Philadelphia Semiconductor Index fell
00:4712%, its second biggest drop ever recorded. NVIDIA fell 9%, AMD fell 17%, Micron fell 17%,
00:58almost nothing in tech was spared. So what set it off? Two days after the Democrats swept both
01:04houses of Congress, investors decided the rules of the AI game are about to change.
01:10The fear is regulation. A Democratic Congress and Democratic governors could slow the data
01:16center building boom that has driven the whole AI trade. And voters made their own verdict on Tuesday.
01:23In 39 of 45 local data center votes across the country, they backed limits on new data centers.
01:32In Texas, the new Democratic Senator James Tallarico put it bluntly in his victory speech,
01:38quote, we will end tax breaks for data center developers and we will definitely rein in data
01:43centers. Texas had already paused new data center permits. Now Senator Bernie Sanders has proposed a
01:50moratorium on new AI data centers nationwide. But this is not only about politics. The slide
01:57actually began back in June. Since its peak, NVIDIA has lost a quarter of its value and Micron has lost
02:03more than half. Oracle has seen its value cut in half. CoreWeave, the heavily indebted data center
02:10builder, has lost more than two-thirds of its market value.
02:14The question haunting Wall Street is simple. Companies are spending hundreds of billions
02:20building AI. But when does that spending start paying for itself?
02:26The day after the election, executives at OpenAI met to discuss whether the result would slow their
02:31plans. On Thursday, OpenAI promised to cover the power and infrastructure costs of its future campuses.
02:38Remember Wednesday? Markets jumped after the election, and the Dow had its best day in 18 months.
02:44Thursday erased every cent of that rally, and then some.
02:48The fear gauge tells the same story. The VIX volatility index spiked to 28, its biggest jump since
02:57December last year. The panic went global overnight. In Japan, the Nikkei fell below 60,000 for the first
03:04time since May. In South Korea, the Kaspi sank so fast, the exchange halted trading for 20 minutes.
03:11President Trump denounced the Democrats and insisted the country will rebound.
03:15But the market has already delivered its own verdict on the new Washington.
03:19And the earnings calendar will be brutal. CoreWeave reports on November 10.
03:24NVIDIA, the heart of the AI trade, reports on November 17.
03:29Here is the real question. Is this a correction? A healthy pause after a wild run? Or is the AI
03:36bubble
03:37finally bursting in front of our eyes? This is not just Wall Street's money. The S&P 500 sits inside
03:45millions of retirement accounts. When it falls 4% in a day, ordinary savers feel it.
03:53One election changed the rules for the biggest bet in business history. The AI boom is not over,
03:59but the easy money and the easy politics are gone.
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04:18Two and a half trillion dollars vanished in a single day. The question now is whether the AI boom
04:24survives what comes next.
