American tech companies are heating up for the upcoming elections with blood baths

The American tech sector faced a disastrous week, losing hundreds of billions in market value, with Intel alone down $250 billion. The Nasdaq index hit a 1.5-year low, and October losses are expected to reach $2 trillion. Analysts cite uncertainty from the upcoming U.S. midterm elections and overextension in AI investments as contributing factors. Major companies like Meta and Amazon have committed $800 billion to AI this year. The sector is also grappling with infrastructure chip shortages, leading to rising computer prices. While some view the downturn as a natural correction, others fear it signals deeper issues in the AI market. Additionally, a significant hack on a leading crypto exchange resulted in a $6.3 billion theft, raising concerns about security in the sector.