One tweet sent the entire U.S. stock market and crypto market crashing.
On the evening of November 4, Arizona Democratic Representative Yassamin Ansari posted on X: The top priority on the first day Democrats take office should be to pause advanced AI development, regulate this out-of-control industry, and ban artificial superintelligence. The post racked up 6.46 million views.
Musk replied with a repost and a one-liner: 'It's a brave new world.' Ansari shot back: 'See you soon.'
The next day, the markets voted with their feet: The Nasdaq plunged 5.5% to close at 24,315, its worst day since the tariff-driven crash on Liberation Day in April; the Philadelphia Semiconductor Index fell 12.3%, its worst showing since March 2020. AMD dropped 17.6%, Micron 16.8%, SanDisk 22%, Nvidia 9.3%, and Tesla 10.8%, while Musk's net worth shrank by more than $40 billion in a single day. UBS estimates that around 30% of the additional data center capacity planned in the U.S. by 2028 could face the risk of construction being halted.
Crypto got dragged down too: BTC fell below $76,000, Coinbase and Strategy both lost about 10%, and more than $1 billion in positions were liquidated across the market in 24 hours.
One caveat: Ansari was speaking in her personal capacity, not stating the Democratic Party's official position. And the bill to pause advanced AI development proposed by Sanders and others is still just a proposal, a long way from becoming law. But markets can't wait—the uncertainty itself is the biggest headwind.
Now that AI is on politicians' radar, will crypto get a place in the next rebound? Let's talk in the comments.
#AI #U.S.Stocks
On the evening of November 4, Arizona Democratic Representative Yassamin Ansari posted on X: The top priority on the first day Democrats take office should be to pause advanced AI development, regulate this out-of-control industry, and ban artificial superintelligence. The post racked up 6.46 million views.
Musk replied with a repost and a one-liner: 'It's a brave new world.' Ansari shot back: 'See you soon.'
The next day, the markets voted with their feet: The Nasdaq plunged 5.5% to close at 24,315, its worst day since the tariff-driven crash on Liberation Day in April; the Philadelphia Semiconductor Index fell 12.3%, its worst showing since March 2020. AMD dropped 17.6%, Micron 16.8%, SanDisk 22%, Nvidia 9.3%, and Tesla 10.8%, while Musk's net worth shrank by more than $40 billion in a single day. UBS estimates that around 30% of the additional data center capacity planned in the U.S. by 2028 could face the risk of construction being halted.
Crypto got dragged down too: BTC fell below $76,000, Coinbase and Strategy both lost about 10%, and more than $1 billion in positions were liquidated across the market in 24 hours.
One caveat: Ansari was speaking in her personal capacity, not stating the Democratic Party's official position. And the bill to pause advanced AI development proposed by Sanders and others is still just a proposal, a long way from becoming law. But markets can't wait—the uncertainty itself is the biggest headwind.
Now that AI is on politicians' radar, will crypto get a place in the next rebound? Let's talk in the comments.
#AI #U.S.Stocks
