Nasdaq Falls Into Correction as Midterm Results Spark Worry Over AI Data Center Buildout

The Nasdaq Composite fell about 5.1% on Thursday, Nov. 5, entering correction territory and closing more than 10% below its October record, as investors worried that Democrats' sweeping midterm victories could slow the AI data center buildout. The Dow Jones Industrial Average dropped 1,097 points, or 2.1%, a day after its best session in 18 months, and the S&P 500 fell 3.2%. Reuters reported that Qualcomm slid 9% after missing Wall Street estimates for fourth-quarter smartphone chip sales, and the semiconductor index was down 7.1% at one point. CoreWeave and Nebius fell 14.6% and 18%, Iren and Applied Digital fell 20% and 19.7%, and GE Vernova fell 9.2%. Swissquote Bank analyst Ipek Ozkardeskaya said the AI buildout could face scrutiny. Meta President Dina Powell McCormick said data centers were front and center in exit polls and that buildouts will be harder. Of 50 data-center referendums, at least 46 went against new projects. OpenAI pledged to work with local communities and reduce power usage.

CNN, the left-leaning outlet, leads with the Nasdaq's drop of as much as 4.85% and frames the story as a question: whether Democratic gains could slow the data center buildout. Its available text carries no company-by-company losses, referendum counts or industry voices. The New York Post, on the right, uses a more forceful headline about Democratic wins threatening data centers and AI giants rushing to limit fallout. It supplies closing figures, the referendum tally, McCormick's comments and OpenAI's pledge. Both tie the selloff to the midterms and the AI buildout. They differ in certainty and sourcing: CNN stresses uncertainty, while the Post describes a data-center reckoning backed by voter rejection. Reuters, via Investing.com, adds a distinct angle: Qualcomm's earnings miss and an analyst's view.