Midterm Meltdowns: 3 Top Tech Stocks Down Big Since the Election Results
Last week, the midterm elections shook up the markets. Many stocks have been falling since the news hit that the Democratic Party would be taking control of Congress. It’s created uncertainty about how strong demand will be for data centers and whether there will be a slowdown in the artificial intelligence (AI) build-out that’s been a boom for many tech businesses.
Three top tech stocks that have been falling sharply of late include Nvidia (NVDA -6.35%), Micron Technology (MU -3.57%), and Palantir Technologies (PLTR -2.63%). Are these stocks worth buying on the dip?
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Nvidia
A slowdown in AI spending could make Nvidia one of the most vulnerable stocks to own, as its AI chips are seen as essential for many companies investing in the latest opportunities in tech. Just prior to the midterms, Nvidia’s stock was trading at over $206. But on Tuesday, it fell to below $170 — a level it hasn’t been at since March.
Nvidia’s problems, however, aren’t all due to the midterms. CEO Jensen Huang has been making news for all the wrong reasons of late, reportedly being involved in a romantic relationship with a Chinese spy. The company has launched its own investigation, and it begs the question of whether Huang will stay on as CEO.
NVDA – Nvidia
$167.33-$11.35 (-6.35%)
NASDAQ · As of 1:03 PM ET 11/10/26
There are now tremendous question marks around Nvidia, but ultimately, none of the recent developments likely change any of the company’s impressive fundamentals. As long as there isn’t a full-blown reduction in AI spending, which doesn’t appear probable at this stage, the company is likely going to generate strong growth for the foreseeable future.
At just 21 times trailing earnings, Nvidia’s looking like a bargain buy, and the stock may be too good to pass up at its current valuation.
Micron
Micron’s stock was trading at over $855 on the eve of the midterms, and last week it fell below $700. While it’s bounced back from those lows, it’s still not far from those levels now.
In Micron’s case, it’s a much riskier stock to own than Nvidia, simply because so much of the bull case hinges on there being a continued shortage of memory and storage products. If there are any signs of that coming to an end, such as slowing demand for AI-related infrastructure, Micron’s impressive growth could quickly stall, and the stock may be due for a deeper decline.
MU – Micron Technology
$707.00-$26.15 (-3.57%)
NASDAQ · As of 1:04 PM ET 11/10/26
Micron’s only a cheap stock based on earnings if investors believe that its growth rate is going to remain high. Otherwise, its low earnings multiple will inevitably rise.
Personally, I’d avoid such a volatile stock. While it’s been scorching hot over the past year, the danger is that if investors become concerned about its future growth prospects, there may be even more of a rush for the exits. It’s historically been a cyclical investment, and it may only be a matter of time before its growth rate comes down.
Palantir
Another top AI stock that has been falling sharply is Palantir. Despite posting strong earnings numbers recently, the stock hasn’t been doing well lately. Heading into the midterm elections, the stock was trading north of $175, and it’s now down to around $166. Its decline may seem modest, but it likely would have been more significant if not for it already falling weeks before; in October, it hit a high of more than $212. It’s down more than 20% from that peak.
Palantir’s growth has been exceptional, coming in at 96% for its most recent quarter, which ended on Sept. 30. Investors may, however, be concerned about greater scrutiny and oversight of government contracts and Palantir’s role moving forward. While the company has been diversifying more, with its commercial business taking off of late, government customers still account for about half of the company’s overall revenue.
PLTR – Palantir Technologies
$164.75-$4.46 (-2.63%)
NASDAQ · As of 1:03 PM ET 11/10/26
Any slowdown in its business could wreak havoc for the stock, which currently trades at well over 100 times its trailing earnings. Being priced to perfection, there’s plenty of room for Palantir’s stock to fall lower, which is why I’d avoid it, even despite its steep decline over the past month.
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Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.