Stock prices plummet, hitting Trump hard as results fade and holdings also fall

[Washington Current Affairs] The plunge in stock prices following the crushing defeat of the ruling Republican Party in the US midterm elections is a blow to President Trump. His own stocks, including those related to artificial intelligence (AI), and stocks of companies acquired by the administration have fallen. Given that the government has been emphasizing the strong performance of stock prices since the inauguration of the government as an achievement, it seems to be a big shock to see the high prices disappear.

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"Even the stock market, which has been rising like a rocket, has lost $3 trillion." On the 8th, Mr. Trump lamented on social media the sudden drop in stock prices following his crushing defeat.

The Democratic Party, which made great strides in the midterm elections, is increasingly opposing the data centers promoted by the administration. Concerns that the AI ​​boom is set back due to a slowdown in construction have led to a chain reaction of stock market declines around the world.

According to the Office of Government Ethics, many of Trump's stock holdings have fallen in value. The stock prices of semiconductor giants Nvidia and Advanced Micro Devices (AMD) fell by 10-20% before and after the vote was counted.

With the historic defeat, the stock price of Trump Media and Technology Group, which operates Trump's social networking service ``Truth Social,'' also plummeted by more than 30%, hitting an all-time low. US media blames the decline in political influence.

The stock price of semiconductor giant Intel, which the US administration acquired last year, has plummeted to about half its value compared to last month. Semiconductor manufacturing companies such as GlobalFoundries also slumped across the board.

Mr. Trump has grown closer to the tech companies that have pushed up stock prices, and boasted that the record highs were his own accomplishment. However, it is unclear whether these stocks will recover significantly now that the Republicans will lose their majority in Congress. Trump said, ``With the election results, the United States has taken a huge step backwards in history.'' Asked about his stock holdings on CNBC TV, Hassett, chairman of the National Economic Council (NEC), said sparingly, saying, ``I know they are struggling.It's been talked about (within the administration), but nothing has been communicated.''