저자: Firstpost · 외국인
요약 보기
미국 중간선거 이후 민주당 승리와 데이터센터 건설 규제 우려가 겹치면서 월가에서 하루 약 2조 5천억 달러의 시가총액이 증발했다. 나스닥은 2025년 4월 관세 발표 이후 최악의 하루를 기록했고, 엔비디아는 9.3%, 테슬라는 11% 하락했으며 VIX는 약 70% 급등했다. 충격은 아시아로 번져 한국 코스피와 일본 닛케이는 각각 6%, 대만 지수는 4.5% 하락했다. 텍사스가 미국 계획 데이터센터 용량의 약 4분의 1을 차지하는 만큼, 새 주지사의 건설 모라토리엄 공약이 투자자들을 불안하게 했다.
다듬은 글
Artificial intelligence can be a revolutionary technology. But the stock market's reaction is entirely human. First panic, then questions. We are told that AI will solve some of humanity's biggest problems. But now he has a much more pressing problem. He needs to live somewhere. And building data centers to house AI is becoming a political headache in the United States.
Democrats won big victories in the elections. Some want to limit the construction of data centers. And investors fear that America's AI splurge could lose momentum. The result was a massive collapse on Wall Street. Approximately $2.5 trillion in market value was wiped out in a single trading session on Thursday.
The sell-off was not limited to just a handful of technology stocks. He dragged the entire market with him. The Nasdaq suffered its worst day since April 2025, when Donald Trump announced massive global tariffs. The S&P 500 and Dow also recorded their worst sessions since then. And the victims were some of the biggest names on Wall Street.
Nvidia shares fell 9.3%, wiping out all of its gains for the year. Elon Musk's Tesla fell 11%, while SpaceX fell 9%. Wall Street's fear indicator, the VIX, jumped nearly 70% in a single day. The VIX measures how high volatility investors expect in the market. Simply put, when it takes off , it means investors are nervous about the future.
The consequences of the American markets have spilled over to Asia today. Stock markets in Asia have collapsed rapidly . South Korea's Kospi and Japan's Nikkei closed down 6%, while Taiwan's benchmark index fell 4.5%. The Wall Street crash came right after an extraordinary election rally. On Wednesday, the Dow rose 1,569 points, while the Nasdaq added 1.44%.
So what changed overnight? Politics, to be more precise. The politics of artificial intelligence. The reason was the convincing victory of the Democrats in the US midterm elections, in particular the stunning result in the race for the position of governor of Texas. Why Texas? Because this state has become one of the main destinations for America's ambitions in the field of artificial intelligence.
Google, Meta, Oracle, and OpenAI are just a few of the companies investing billions of dollars in data centers there. And data centers are the physical backbone of artificial intelligence. They house thousands of powerful computers that process huge amounts of information and train AI models . Their construction requires huge investments in semiconductors, electricity, cooling systems, and infrastructure.
But for years, investors have been betting that these costs will continue almost indefinitely. However, newly elected Texas Governor Gina Hinojosa campaigned on the slogan of introducing a temporary moratorium on the construction of data centers and eliminating certain tax breaks for companies building these facilities.
And that made investors worried. According to Goldman Sachs, Texas accounts for about a quarter of planned data center capacity in the United States. By January, Democratic-controlled states that support expanding or extending moratoriums on the construction of AI facilities will account for 45% of planned data center capacity in the US.
This does not mean that 45% of American data centers have suddenly stopped. Donald Trump is still president. He can use federal powers , including the veto, to oppose certain restrictions. And state governments can't just stop every private infrastructure project. But the election changed the political equation.
And this is a problem for investors. But while the global market was in a fever, something quite unusual was happening in India. There was a real excitement in the Indian market . Sensex and Nifty managed to stay in the positive zone. Why? There are three reasons. First, foreign investors have returned after a long period of selling off Indian stocks.
Foreign institutional investors, or FIIs , are back with a strong buying momentum. On November 5, they bought Indian stocks worth nearly Rs 15,000 crore in the cash market. Why is this important? Because foreign investors are bringing large amounts of money to the market. When they buy stocks, it increases demand and can support their prices.
Hence, their return provides an important “ safety cushion” for Indian stocks. Secondly , India is less dependent on trade related to artificial intelligence. Much of the recent growth in the global market has been driven by a handful of expensive technology and semiconductor companies. Indian benchmark indices have a relatively lower concentration of such companies.
This means that when investors start to question AI's estimates and spending plans, Indian markets appear to be comparatively less vulnerable to this shock . And finally, large-cap stocks keep the market afloat. Recent gains have been driven largely by heavyweight companies. Large-cap stocks are stocks of well-known companies with a relatively large market value.
Since these companies have significant weightage in the underlying indices, even a few strong players can help keep the Sensex and Nifty in positive territory. But that doesn't mean everything is cloudless. Risks lurk beneath the surface. Brent crude oil is trading around $100 per barrel. For India, which imports a significant portion of its oil, higher commodity prices could mean higher import costs, rising inflation and higher costs for businesses.
Volatility is also increasing. India VIX jumped more than 8% in early trading. If the global sell-off continues, it will become increasingly difficult for Indian stocks to stay out of the picture . But for now, remember: when Wall Street sneezes, Dalal Street doesn't always catch a cold. Sometimes she can enjoy the sunshine .
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