Global stocks tumble amid AI panic; US adds 165,000 jobs
The gist
The Nasdaq 100 fell 6.3% Thursday and South Korea's Kospi dropped over 8% Friday, halting trading.
Investors fear AI spending is a bubble, and anti-data-center election wins add pressure.
How it unfolded
- Oct 29, 2026Caterpillar shares sank 9% after it stuck to its annual sales growth forecast despite strong data-center demand for its power equipment.
- Oct 30, 2026The S&P 500 fell 1.8% and the Nasdaq Composite 2.9%, dragged down by tech and AI stocks; Intel tumbled nearly 29% after its report.
- Nov 3, 2026Democrats swept the midterms, including in key data-center states; Gina Hinojosa, who pledged a moratorium on new data-center construction, was elected governor of Texas.
Key terms
- midterms
- US general elections held near the midpoint of a president's four-year term, when all House seats and about a third of Senate seats are contested.
- Nasdaq 100
- A stock market index of 100 of the largest non-financial companies listed on the Nasdaq exchange.
- Kospi
- The representative stock market index of South Korea, covering all common stocks traded on the Korea Exchange.
Source: Wikipedia