BlockBeats News, November 6: U.S. stocks were brutally battered overnight, with the S&P 500 falling 4.4%. The Nasdaq 100 plunged 6.4%, its biggest one-day drop since March 2020, wiping out about $2.3 trillion in market value in a single day. The semiconductor index plunged 12%, while the VIX surged 70%.

On the news front, Democrats won both chambers of the U.S. Congress in the midterm elections, stoking market fears that the new legislative majority would tighten regulations on AI-related spending and data center construction. The political shockwave hit the stock market with a delay. Goldman Sachs' trading desk noted that if supplies of land, power, and data center racks fail to keep pace in 2028 due to permitting constraints, chip capacity could become relatively excessive, while prices of memory chips—which have risen on supply-demand imbalances—would lose their support.

Among individual stocks, according to data from the BIT stock platform, Nvidia fell 9% in a single day, wiping out all its gains for the year, while Micron fell 17.46%; storage stocks were “routed,” with SanDisk plunging 22% and Western Digital falling 17%.

Previously strong optical communications stocks fell even more sharply: AAOI dropped 20.89%, LITE 18.68%, and MRVL 16.43%.

Among neocloud stocks, NBIS fell 14.95% and SHAZ fell 19.9%.

Among high-profile stocks, Tesla fell 10.77%, SPCX 9.05%, and Apple 1.53%.

Among crypto-related stocks, MSTR fell 9.29%, BMNR 12.56%, COIN 9.69%, and CRCL 8.72%.

HTX market data also showed that Bitcoin fell rapidly after the U.S. stock market opened, then stabilized at $76,000. It is currently trading at $76,292.00.