U.S. stocks suffered a sharp artificial-intelligence-driven reversal after a post-midterm-election rally, with the CBOE Volatility Index (VIX) jumping 69.66% to 28.18, its third-largest one-day percentage gain since 1990, and the S&P 500 falling 4.36% to 7,353.73, its worst session since the April 2025 tariff shock. The Dow Jones Industrial Average dropped 1,833 points Thursday after rising 1,104 points Wednesday, while the Nasdaq composite fell roughly 1,422 points, or 5.5%, and the Nasdaq 100 lost 6.4%. Reports estimated that about $3.2 trillion in U.S. market value disappeared in one session, although other accounts attributed roughly $3 trillion to the Nasdaq 100 or S&P 500. Investors reassessed AI infrastructure spending, data-center construction, technology valuations and the possibility that Democratic control after the midterm elections could slow projects. On Friday, stronger-than-expected payrolls supported a rebound in technology and semiconductor shares, with Marvell Technology up 2.47% at $136.85 after falling 12% Thursday. Analysts said the debate concerned the pace and timing of AI investment rather than whether demand would disappear.