Trump’s Right About Your 401(k). But Hey, Thanksgiving Gas May Be Cheaper
Summary
U.S. stocks fell sharply after midterm election results and renewed investor concerns about AI spending and possible limits on data-center construction. Oil prices also dropped, raising hopes that fuel costs could ease, though the article says any change in U.S. policy toward the Iran conflict remains uncertain.Key Facts
- The Nasdaq fell 5.5 percent on Thursday, while the S&P 500 dropped 4.4 percent.
- Nvidia shares fell 9.3 percent, and the article estimated that the Nasdaq and S&P losses erased about $2.5 trillion in market value.
- Investors had already questioned whether AI companies could earn enough to justify the hundreds of billions of dollars being invested in infrastructure.
- Texas Governor-elect Gina Hinojosa has promised to pause new data-center approvals until stronger local protections are introduced.
- An October poll cited in the article found that 72 percent of Americans opposed new data centers in their communities, including 58 percent of Republicans.
- The article says data centers use large amounts of electricity and water, prompting concerns about local resources and utility bills.
- Oil prices fell about 8 percent on Wednesday; by Friday morning, Brent crude was on course for a 16 percent weekly decline.
- Investors reportedly hoped a Democratic-controlled Congress could pressure the Trump administration to wind down the war on Iran, but the article said the outcome was uncertain.
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