The decline in chip stocks has intensified, and investors are evaluating the possible impact of the Democratic Party's sweeping of Congress on AI transactions. The AI theme has been an important driving force for the US stock market until now. An index measuring the performance of chip giants is down 35% cumulatively from the record high set in June. The performance forecasts released by Qualcomm and Arm Holdings failed to satisfy Wall Street. The Nasdaq 100 index fell 3.5%. Apple plans to raise about 7 billion US dollars by issuing investment-grade bonds to support stock repurchases, adding another amount to the recent intensive issuance of bonds by US tech giants. Tesla shares fell 10%. As capital rotates to more defensive industries, most constituent stocks in the S&P 500 index rose. Before the US employment report was released, investors flocked to safe-haven assets, driving US Treasury bonds higher. Brent crude rose to $97 per barrel. After the US midterm elections, oil prices fell sharply in the last trading day, and traders are currently re-evaluating the market situation.

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