The $3 trillion Thursday: what it means for AI builders

More than $3 trillion in market value left the Nasdaq by midday, with Nvidia down about 9%, AMD and Micron each off roughly 15%, Broadcom 10% and Arm 12%, while GPU-cloud lender CoreWeave fell about 9% on top of Wednesday's losses. The VIX jumped more than 60% to around 27, the Dow lost over 1,800 points and the Russell 2000 joined the Nasdaq in correction territory, about 12% below its October record. The article's author, who works in product and engineering at an AI company, argues the market repriced the money and concrete behind AI infrastructure while demand evidence held steady or improved. What to watch next is whether the election-driven spending cap proves durable and whether credit conditions at leveraged compute providers worsen.