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Startups & Business2 min

Tech stocks have their worst day since 2020 as investors worry about AI after the midterms

Bloomberg reports that the Nasdaq 100 fell 6% on Thursday, losing a record $2.3 trillion in value. The Philadelphia chip index, which tracks chipmaker shares, fell 12%. Bloomberg says investors left the sector over concerns about the AI trade after Democrats won Congress.

Affects you: If you hold tech or index funds, your balance likely dropped. One bad day doesn't say where markets go next, so there is no reason to act in a hurry.