Tech stocks take a big hit, American Nasdaq down about 5 percent

Global tech stocks are facing significant declines, with Nasdaq dropping five percent shortly after opening. Investors are particularly selling chip stocks, leading to concerns about the future growth of artificial intelligence and potential delays in data center construction. High valuations of tech companies are being adjusted downward, and if losses persist, it could mark the worst day for the U.S. stock index since April 2025. ASML's shares fell over 7.5 percent, while Nvidia's stock hit a six-month low, erasing nearly $400 billion in value. Tesla and SpaceX, both led by Elon Musk, also saw declines exceeding ten percent, coinciding with Musk's substantial campaign contributions to Republican candidates amid Democratic gains.