- The Philadelphia Semiconductor Index rose 4.2% on Nov 6, after its biggest one-day drop since April 2025.
- Nvidia rose nearly 3% after its worst day since January 2025, when DeepSeek's low-cost AI model hit markets.
- AMD, Intel and Micron Technology closed up between 5% and 11%.
- The S&P 500 rose 0.31% and the Nasdaq Composite gained 1.1%, while the Dow fell 0.46%. All three indexes posted weekly losses.
- The selloff followed fears that Democratic election victories would bring tighter US regulation of the AI industry.
- Japan's Nikkei and South Korea's KOSPI each fell about 6%, and Europe's STOXX 600 lost 1%.
- US nonfarm payrolls rose 165,000, above forecasts, and wage growth held at 3.1%. The 10-year Treasury yield ticked up to 4.86%.
Quotes
“Most of the disruption of the AI buildout will not probably occur but it's just the uncertainty of the change in government from Republican-led to Democratic-led, not only at the federal level but the state, local levels,”