US stocks suffered a sharp drop last night, with the S&P 500 falling about 4.4%, the Nasdaq about 5.5%, and the Dow Jones about 1800 points, marking its worst day since the tariff shock in April 2025. Bitcoin also fell from around 81,000 to around 76,000. 1. AI and chip stocks suffered the most, with Nvidia falling over 9% in a single day, and the semiconductor sector once falling over 10%. The Nasdaq officially entered a technical correction. 2. Following the midterm elections, the market is beginning to re-price whether the Democratic administration will put a brake on the expansion of AI data centers and related policies. 3. Bitcoin did not exhibit independent price action; within two hours of the US stock market opening, it erased all of the previous night's rebound, moving in close tandem with the Nasdaq.