NEW YORK (AP) — Another wipeout for stocks tied to the buildout of AI data centers is overwhelming Wall Street on Thursday and more than erasing all its gains from the day before, which was its best in three months.

The S&P 500 fell 3.9% after opening with a loss that accelerated through the morning. It’s on track for its worst drop since President Donald Trump shook markets worldwide in April 2025 after announcing his “Liberation Day” tariffs.

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The Dow Jones Industrial Average was down 1,656 points, or 3.1%, as of 1:46 p.m. Eastern time.

The Nasdaq composite was 5.2% lower and is now more than 10% below its all-time high set in October. That’s a steep enough drop that professional investors have a name for it: a “correction.”

Stock markets worldwide felt pressure from continued drops for companies that benefited from the boom in the artificial-intelligence technology industry, and South Korea’s Kospi index tumbled 5.3%. Such stocks have been swinging for months on worries that the construction of further AI data centers may slow because of how expensive it’s become to borrow money.

Tuesday’s U.S. midterm elections added another challenge. The........

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