US sell-off

On Thursday, the American S&P 500 index lost 4.36 percent, its biggest one-day decline since April 2025 (Wall Street po największej przecenie od kwietnia 2025 roku. S&P 500 stracił 4,36 proc. – managerplus.pl). The Nasdaq Composite fell 5.52 percent, with semiconductor producers and companies linked to AI losing the most. The VIX volatility index rose nearly 70 percent ("Bańka AI już pękła". Rekordowa wyprzedaż na rynkach w USA. "Właśnie byliśmy świadkami prawdziwej rzezi" – Onet). All three major indices recorded their worst performance since April 2025 that day (Indeksy Wall Street dołują z powodu obaw o przyszłość AI. Nasdaq z największym spadkiem od 19 miesięcy – Puls Biznesu).

Concerns over regulation and data centers

Investors feared that the new majority in Congress would tighten artificial intelligence regulations and halt the construction of data centers, and with it investment in AI. The Nasdaq 100 was about 14 percent below its autumn peak (Rynek zanurkował. Takie scenariusze kreślą amerykańscy eksperci – Business Insider Polska). Some experts warn that, in the worst case, the bursting of the AI bubble could push the American market as much as 30 percent lower.

Impact on global markets

The sell-off spread to Asian exchanges, where Japan's Nikkei 225 lost more than 6 percent on Friday (Tąpnięcie na rynkach. Indeksy spadają pod presją obaw o koniec hossy w obszarze AI (RELACJA) – Puls Biznesu). Germany's DAX, which had recently set records, also felt the strain (Giełdowy wstrząs przez AI, cyberataki na sklepy, Trump grozi Iranowi (Najważniejsze informacje dnia) – Puls Biznesu).

Rebound

On Friday, before the session, futures on the main American stock indices began to rise, and investors returned to buying shares of chip producers (Przed sesją na Wall Street: próba odbicia po załamaniu spółek AI. Ważne będą dane z rynku pracy – Puls Biznesu). Demand allowed the Dow Jones to gain more than 1,000 points, and more than 60 percent of companies on the American market recorded gains. A weaker dollar supported gold, which rose above $4,000 per ounce.

What's next

The market will be waiting for the October U.S. employment report, which is meant to show the state of the economy. Whether the rebound holds will depend on how the new majority in Congress turns its announcements into concrete technology regulations.

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