Shares in Musk's SpaceX plunge as tech and AI stocks fall

Shares in Elon Musk's SpaceX have plunged as tech and artificial intelligence stocks more broadly plummeted a day after the Democrats swept to victory in the midterms.

Those losses dragged the tech-heavy Nasdaq Composite stock index down, which had fallen by more than 5% at one point in early trading.

The market has been reacting to possible tougher scrutiny of data centre construction and the artificial intelligence (AI) industry following Democrat wins in key data centre states including Texas.

Following the election, some tech leaders have acknowledged they need to improve their communication around data centres and the benefits of AI.