SpaceX Shares Tumble as Global Tech and AI Rout Spreads

Global equities slid as a tech-led selloff in the U.S. rippled across Asia and Europe on fears that tighter oversight could slow the buildout of artificial-intelligence infrastructure. The Nasdaq fell 5.5% Thursday, erasing an estimated $2.5 trillion in market value and pushing the index into correction territory. The “Magnificent Seven,” including Apple, Nvidia and Tesla, shed about $1 trillion in a day; Nvidia dropped more than 9%, Tesla nearly 11%, and privately held SpaceX was marked down roughly 8% in secondary-market trading. Investors are reassessing whether surging AI capital outlays will deliver returns, amid signals that a Democrat-controlled Congress may pursue stricter regulation and limits on data centers. The rout cascaded overseas: Japan’s Nikkei closed down 6%, South Korea’s Kospi fell 6% after a circuit breaker halt, and Europe opened lower with the FTSE 100 off 1.6% and Germany’s Dax down 1.3%. Market strategists said the AI trade’s momentum is vulnerable as policymakers scrutinize energy-hungry data hubs and communities push back on new facilities, adding another headwind to an already crowded, expensive bet.

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