Wall Street’s AI panic could be good news for these ASX tech stocks

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Wall Street's AI sell-off has rattled the big players, but a handful of ASX tech minnows could find opportunity in ... Read More The post Wall Street’s AI panic could be good news…

When the AI party turns sour, there’s only one button to press. Pic: Getty Images

The Nasdaq plunged 5.5% on November 5, its worst session in 19 months, as investors worried about the enormous cost of building AI and tighter regulation.

Democrats won control of both the House of Representatives and Senate, ending Republican control of Congress and dealing President Trump a major political setback.

The party also made significant gains in state elections, giving Democratic governors and lawmakers greater influence over decisions affecting energy infrastructure and data centre development.

That’s particularly significant because opposition to enormous, electricity-hungry data centres has been growing across America, with residents increasingly worried about rising power bills, water consumption and pressure on local infrastructure.

Investors now fear tougher approval conditions could force data centres to shoulder more of their electricity and water costs, or slow construction altogether.

That’s a headache for an industry already spending hundreds of billions on AI infrastructure, much of it financed through borrowing.

Chip giants Nvidia and AMD were hammered, falling around 10% and 17% respectively in one week, while specialist cloud operators also suffered heavy losses.

The Nasdaq 100 lost roughly US$2.5 trillion in market value in a single session.

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