Return of the Granger

详细摘要

The Nasdaq just had its worst day in 19 months as voters turned on data centres. The build-out will slow, and the indebted builders could fold. But history suggests the trend will survive.

Wall Street just had its worst day in 19 months, and the AI trade was at the centre of it.

Over US$2.3 trillion evaporated on Thursday’s US session as the Nasdaq Composite fell ~5.5%, its steepest drop since the tariff shock of April 2025.

That puts the tech-heavy index in correction territory, more than 10% below its October high.

Nvidia sank 9.3%, erasing its gains for the year. The Philadelphia Semiconductor Index lost more than 12%. Meanwhile, cloud operator CoreWeave fell around 12% for a second heavy loss in two days.

This quarter has already been shaky. What started as debt concerns amid earnings season turned into panic as expectations of data centre growth had its wings clipped.

The central blame for last night’s sell-off is political. Democrats took both chambers of Congress and a string of governorships in a blue wave this week.

In the immediate aftermath, markets rose with their best day in three months.

In hindsight, that now looks like a volatility-crush starter pistol that many took as a signal that the uncertainty was over.

But then investors looked at what the new governors had promised to do about data centres.

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