Tuesday’s Democratic sweep of Congress became the AI trade’s newest risk: a 3.03% Dow relief rally gave way to Thursday’s 4.36% S&P 500 drop as chip stocks sank 12.25% on fears of curbs on the data-center build-out. Dell (-22.57%) and Micron (-22.01%) led the week’s losers despite strong AMD results. Brent fell 12.78% on Iran diplomacy, yet 165,000 payrolls lifted the odds of another Fed hike to 77%. The Nasdaq 100 lost 4.91%.
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