The Guardian view on the AI backlash: American voters want a say in their future | Editorial
Tech stocks have lost trillions while voters have rejected the industry’s political champions.
Key points
- The Democratic sweep intensified fears over runaway spending, mounting debt and resistance to datacentres, sending tech shares tumbling.
- On Thursday Wall Street suffered its worst day since the pandemic as $3.2tn was wiped from markets.
- While a few very rich people may be a little less wealthy, the sell-off may not be a bad thing.
Anthropic, developer of the Claude chatbot, is hoping to float within the next fortnight for $1.5tn (£1.1tn), but it may not now get even a trillion dollars.
The billionaire-led boom is facing a democratic reckoning This week’s midterms showed that the political bill for the AI boom is falling due.
Additional details
- The dominant AI chipmaker Nvidia saw its value crash by more than $400bn.
- The world’s richest man, Elon Musk, lost $113bn in two days.
How this summary was made: extractive summary — built from the sources' own reporting. It is drawn only from the reporting of the sources listed below — read the originals for full detail. How we summarize →
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