民主黨橫掃國會引爆美股賣壓 那斯達克100市值蒸發2.5兆美元、費半暴跌12%
民主黨橫掃國會席次導致美股5日重挫。以科技股為主的那斯達克指數創下2025年4月「解放日」以來最大單日跌幅。由那斯達克市場中市值最大企業組成的那斯達克100指數下跌6.4%，市值蒸發2.5兆美元（約83兆新台幣）。
民主黨勝選引賣壓 主要原因為何？
路透社報導，投資人擔心，民主黨在期中選舉取得壓倒性勝利可能阻礙AI基礎設施擴張，並迫使規模較小的企業面臨嚴峻考驗。這些企業原本就因利率走高、金融環境趨緊，融資能力受到限制。那斯達克綜合指數因此下跌5.5%。這是AI類股連續第二個交易日遭到拋售，也是那斯達克自10月中旬以來第5次單日下跌超過500點。過去幾週備受追捧的AI投資題材受到越來越多檢視。
瓊斯交易（JonesTrading）首席市場策略師歐洛克（Michael O'Rourke）表示：「這次選舉最重要的結果，尤其是民主黨拿下許多州長職位，將使資料中心建設放緩成為持續受到關注的核心議題。」那斯達克綜合指數目前已進入修正區間，較10月6日創下的收盤歷史新高下跌近12%。一般而言，指數從近期高點下跌10%，即被定義為進入修正區間。
🚨 BREAKING: President Trump says the stock market suffered one of its worst days in HISTORY because of the Democrats' win — but he's going to swoop in and fix it GOOD! "The Stock Market suffered one of the Worst Days in History based on the results of the Election. Such a sad thing to watch! It took so much work to get us to a level that no one has ever seen before, and then this. Your 401(k)s have, therefore, dropped. Remember, it wasn’t Republicans, it was Dumocrats. Do not fear, however, we will soon, one way or the other, be BIGGER AND STRONGER THAN EVER BEFORE. MAKE AMERICA GREAT AGAIN!" Americans realized they voted blue and their accounts crashed. And now, they'll be seeing Trump clean it up, with gas prices! This is JUST a sneak peak of Democrat rule. 47 is still in office and can actually take action 🇺🇸
— Eric Daugherty (@EricLDaugh) November 5, 2026
亞洲股市出現賣壓 AI基建投資過熱
許多分析師表示，股市跌幅之大顯示後續可能還會出現更多賣壓，預料6日亞洲市場開盤後就可能開始反映。日本日經指數和南韓KOSPI指數今年以來均上漲超過20%，但4日資料中心類股遭到大舉拋售後，兩大指數也明顯下跌。
分析師與投資組合經理人表示，半導體及AI基礎設施等先前熱門領域的股價下跌並非完全出乎意料，原因在於許多股票先前漲幅驚人，而且自夏末美國利率攀升以來，Nebius和CoreWeave等新興雲端運算業者一直面臨融資疑慮。
OVER $3 TRILLION WIPED OUT OF US STOCKS TODAY. One of the biggest one-day wipeouts in history. And it is about to hit South Korea. Seoul opens in 2 hours. Nasdaq 100: -6.4%. Over $2 trillion gone from it alone. Nvidia: -9.3% today. US chip stocks: -12.3% today. Korea's biggest ETF in New York: -12.6% today, more than double Seoul's own -5.3% close. KOSPI: already -42.6% from its June record of 9,385. SK Hynix: -58% from its high. Samsung: -46%. Korean retail did not buy this market with spare cash. They bought it with margin loans, 2x leveraged ETFs on Samsung and SK Hynix, their savings and their retirement money. In the July crash, 1.2 million leveraged accounts got margin calls. 360,000 were forcibly liquidated (Citi). Today KOSPI closed at 5,383, its lowest close since April. Seven months of gains, gone. Strip out the noise and one thing is left: Korea has 3 circuit breakers. -8% stops trading for 20 minutes. -15% stops it again. -20% shuts the market for the day. Three breakers. One morning. The moment those accounts cross their liquidation price, the broker sells for them, at any price. That selling pushes the next account under. A 10% dip doesn't bounce. It cascades. I personally know people at hedge funds in South Korea. They are sitting right next to their liquidation price, and I have heard the rumors: millions to billions in forced selling at the open. Jed Ellerbroek, portfolio manager at Argent Capital, said today: "This feels like the capitulation phase for the data center capex beneficiary stocks, especially the semiconductors." My call: multiple circuit breakers and a 15% drop, minimum. KOSPI's worst day ever is -12.06%. A 15% day beats 9/11, the dot-com crash, 2008 and COVID. Every person who reads this before the Seoul bell is one less person calling it a dip. Send it around.
— Taegun Lee (@TGLetter) November 5, 2026
晶片與新興雲端運算類股週四跌幅最為顯著，反映市場擔憂價值數十億美元的資料中心建設計畫可能延宕。費半指數下跌12%，觸及逾6個月來最低水準。輝達下跌9%，超微半導體（AMD）則重挫17%。
被視為華爾街恐慌指標的VIX波動率指數，5日創下2024年12月以來最大單日漲幅。4日未受AI類股拋售潮影響的超大規模雲端服務業者（hyperscalers），5日股價也告下跌。亞馬遜（Amazon）與Alphabet均下跌2.2%。
這波賣壓顯示，投資人開始將美國地方政府與居民對資料中心建設的反對聲浪升高納入考量。部分分析師表示，市場尚未充分評估資料中心建設對美國各地社區造成的成本。瑞銀（UBS）分析師估計，美國預計在2028年新增的資料中心容量中，約有30%可能因潛在的工程暫停而面臨風險，這將威脅到仰賴快速興建新設施來推動成長的產業。
這股政治不確定性正衝擊原本就已動搖的AI投資熱潮。市場早已擔憂，投入這項技術的龐大資金能否帶來相應的投資報酬。新興雲端運算業者CoreWeave股價重挫10%。該公司已成為投資人衡量AI巨額支出與借貸風險的風向球。
根據標普全球市場財智（S&P Global Market Intelligence）數據，CoreWeave的5年期信用違約交換（CDS）利差擴大至創紀錄的1267.9個基點，這項指標反映市場對企業可能違約的預期。英特爾（Intel）5年期信用違約交換利差也升至創紀錄的149.7個基點。
另一家新興雲端運算業者Nebius股價下跌15%。自那斯達克綜合指數10月6日創下歷史新高以來，CoreWeave與Nebius兩家公司的股價均已下跌至少一半。資料中心營運商Applied Digital、Cipher Digital及IREN股價均重挫逾14%。