US stock market crash: Nvidia, Tesla, SpaceX and other technology giants suffered massive losses in market value on Thursday, as Wall Street witnessed its steepest selloff in more than a year. Nvidia alone shed around $440 billion in market capitalisation, while Tesla and SpaceX together lost approximately $420 billion, as fears of tighter AI regulation following the US midterm elections triggered a sharp reversal in technology stocks.
The selloff wiped out as much as $1 trillion in combined market value from the Magnificent Seven technology stocks, while companies in the S&P 500 collectively lost approximately $3 trillion in market capitalisation.
The Nasdaq Composite plunged 5.52 percent to 24,315, its biggest one-day decline in 19 months, confirming a technical correction after falling more than 10 percent from its October 6 record closing high. The S&P 500 dropped 4.36 percent to 7,353.73, while the Dow Jones Industrial Average fell 3.44 percent to 51,523.06.
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