Nasdaq 100 Plunges 6.4% as AI Hardware Selloff Erases $3.2T in Market Value

The trigger here is local, not macro: data-center referendums failing in 38 of 44 measures reframes AI infrastructure buildout as a permitting and political risk, not just a capex line item. That hits memory and chip names hardest because their demand outlook is most directly levered to server construction. The after-hours rebound and bitcoin's parallel slide suggest a broad risk-off move rather than a verdict on AI economics. Whether the referendum results prove a durable constraint on buildout timelines, or a headline shock that fades, is the open question.