Shares in Musk's SpaceX plunge as tech and AI stocks fall

SpaceX shares fell more than 9% and Tesla dropped more than 11% as tech and AI stocks sold off a day after Democrats swept the midterms, with the Nasdaq Composite down over 5% at one point in early trading. The market reacted to possible tougher scrutiny of data centre construction and AI following Democratic wins in key data centre states including Texas, where governor-elect Gina Hinojosa pledged a moratorium on new data centre construction. Chipmakers also fell, with AMD down more than 14%, Micron down as much as 17% before recovering slightly, Intel down more than 7% and Nvidia down nearly 9%, while the S&P 500 dropped 3.8% by lunchtime.