Nasdaq loses $2.5 trillion as AI hardware suppliers take the hit
$2.5T has been wiped from US stocks
The Nasdaq slid into correction territory Thursday, shedding roughly $2.5 trillion in market cap. The hyperscalers writing the AI capex checks barely budged, but their suppliers got hammered: AMD fell 14.83%, Micron 14.18%, Dell 12.88%, and GE Vernova 11.88%. Alphabet posted -$9.1B in quarterly free cash flow, and midterm wins by Democrats in Texas, Georgia, and Ohio now threaten the data center permits those gigawatt buildouts depend on.
The hyperscalers have massive core ad and cloud monopolies that can absorb a capex slowdown or a pivot. Their suppliers don't.