Global Stock Markets Lose 3.5 trillion dollars
Global equity markets shed 3조5천억달러 in a single session on November 5, wiping out nearly five quadrillion won in market capitalization as artificial intelligence-related stocks faced severe selling pressure, the Hankyoreh reported.
The losses followed regulatory concerns surrounding data centers after the Democratic Party secured decisive victories in United States midterm elections. The post-election political shift triggered an immediate reassessment of valuations across technology sectors that had previously expanded rapidly following the November 2022 release of OpenAI’s ChatGPT.
Wall Street Tech Shares Suffer Record Declines
Companies tied to artificial intelligence development drove a steep contraction across the board, reducing the market capitalization of Nasdaq index components by approximately 2조5천억달러. The drop marked the largest single-day decrease in history for the index. Despite the severity of the sell-off, buyers returned quickly to acquire discounted technology shares. By the close of trading on November 6, the Nasdaq Composite index rebounded 264.43 points, or 1.09 percent, to finish at 24,579.42. The S&P 500 index recovered 23.13 points to close at 7,376.86, while the Dow Jones Industrial Average continued to decline by 0.46 percent to 51,285.73.
Asian Exchanges Plunge Across Tokyo and Taipei
Asian markets absorbed similar shocks as selling spread westward through international trading desks. The Tokyo Stock Exchange Prime Market lost 77 trillion yen in value on November 6, while Chinese and Taiwanese markets experienced sharp contractions during the same session.
The Taiwan Weighted Index recorded its largest intraday drop in history, plunging 3,736.67 points, or 8.99 percent, directly at the opening bell. Taiwan Semiconductor Manufacturing Company, the island’s largest firm and the world’s leading semiconductor foundry, watched its share price fall 9.82 percent near its daily limit, extending its consecutive losing streak to seven sessions.
South Korean Indexes Drop Below Five Thousand Points
Korean markets mirrored the regional downturn as benchmark shares retreated alongside major global technology equities. The Kospi index plummeted more than eight percent on November 6, falling below the 5,000 threshold during intraday trading. Samsung Electronics and SK Hynix both suffered steep declines during the session.
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