US Nasdaq futures fell more than 1% amid renewed concerns over AI spending and data centre projects. (EPA Images pic)HONG KONG: Tech firms tumbled Thursday as investors contemplated the outlook for the AI boom after Democrats swept the US midterms, partly on the back of growing anger over the rapid building of data centres across the country.
However, broader markets mostly rallied and oil plunged after Donald Trump's Republicans were dealt a historic defeat that was blamed on high prices, tariffs and the Iran war.
The result stoked hopes that he will look to wind down the Middle East conflict, which would help temper inflation and even soften his stance on trade.
However, AI-linked firms came under the cosh amid fears for planned data centre construction projects as well as renewed scrutiny from newly installed Democrats on Capitol Hill.
