Bay Area artificial intelligence companies saw major stock losses Thursday after voters around the country supported restricting and regulating data centers amid massive Democratic victories.
Nvidia, the world’s most valuable company, fell over 9% at the end of trading, wiping out roughly $400 billion in market capitalization. Rival chip makers AMD was down over 17% and Broadcom fell more than 10%, while data storage firm SanDisk plunged over 22%.
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The stock market was on pace to have its worst day since April 2025, when President Donald Trump announced sweeping new tariffs.
Investors were spooked following the triumphs of anti-data center ballot measures and candidates critical of the AI industry. Ohio voters approved 21 ballot measures, all opposing data centers, including a ban in the city of Piqua that could block Meta’s planned $1 billion data center in the city…