● Chip Selloff Wipes Out $2 Trillion, Nasdaq Sinks 5%

A chip-stock selloff erased roughly $2 trillion in market value on Thursday, sending the Nasdaq Composite down 5% and wiping out the entire post-election rally from a day earlier. The Dow Jones Industrial Average tumbled more than 1,200 points, or 2.2%, as investors weighed what the Democratic sweep could mean for AI infrastructure spending and regulation. Qualcomm's results added to the pressure on chipmakers, with AMD ($AMD) among the names caught in the rout.