On Wall Street, Democrats' midterm victory bursts the AI bubble

The recent US midterm elections have impacted the tech market, leading to a significant drop in the Nasdaq index. Despite initial gains due to political clarity, a downturn in chip stocks, particularly from Intel's disappointing results, revealed underlying issues in the tech sector. Investors had previously assumed that the AI boom would shield semiconductor companies from market cycles. Companies supplying essential components for AI technologies are now profiting from increased demand and supply shortages, reminiscent of the Gold Rush era.