Nvidia, Micron, and other AI stocks take a dive after elections

Some air was let out of the AI bubble this morning as tech stocks took a dive. After seeing gains on Wednesday, the S&P 500—the index which tracks big companies including Nvidia, Oracle, and other bettors on the AI buildout—has dropped by around 3.9% as of 2:30 pm EST.

Nvidia shares are now trading lower than they were at the start of the year. Memory and storage company Micron is down about 15%.

Democratic victories in the US midterms, and country-wide votes to curb data center expansion, have contributed to the reduced confidence in AI stocks.

Speaking to CNBC, One Point BFG Wealth Partners chief investment officer Peter Boockvar said that investors are now "questioning" the $1.2 trillion in AI-related capital expenditure Wall Street has forecast for next year. "Well, maybe that's not going to happen," he said.