After suffering one of its worst routs in years, tech stocks are recovering on Friday. It appears that some investors are trying to calm the waters slowly and steadily by buying the tech stock dip.
After falling 6.3 percent on Thursday, the tech-centric Nasdaq 100 rose 1.9 percent on Friday. It may not be much, but it’s certainly a welcome sign after its worst single-day performance in six years.
As Mashable reported on Thursday, Tuesday’s U.S. midterm election results have sent shockwaves through the tech sector. Many tech leaders, such as Elon Musk, have backed President Donald Trump and the Republican Party in recent years. With Democratic candidates racking up resounding victories across the country, there is fear of blowback from Democratic politicians, many of whom ran AI-critical campaigns.
For example, Senator Bernie Sanders called for a national data center moratorium on Wednesday, just one day after the Democratic Party’s midterm wins.
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Two of the biggest AI-adjacent companies, Nvidia and SpaceX, also saw their share prices rise by 7 percent and 6.1 percent, as of this writing. Although the stock price is trending in the right direction, neither has recovered from Thursday’s losses yet.
However, despite concerns about the incoming Democratic majority and the future of the U.S. AI industry, investors are looking to course correct on Friday, with stocks like Intel up 8.9 percent and Airbnb up 11.7 percent.
Chipmakers and other tech stocks more closely adjacent to the AI industry are still struggling a bit more, as previously mentioned, but they are up today as well.
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Topics
Artificial Intelligence
Politics
