Source publication time: November 6, 2026, at 10:23 a.m. UTC+8. This is a retrospective rewrite of that dated report, not a live market update.
PANews attributed a broad selloff in technology stocks and Bitcoin-linked equities to U.S. election results, concerns over AI infrastructure regulation and hedge-fund deleveraging. Its central argument: the investment narrative linking mining sites, electricity access and AI computing demand was running into questions about whether projects could actually get built.
Those causal explanations should be distinguished from the price moves the article reported. The report does not establish how much of the selling came from election concerns, project risks or leveraged positions being unwound.
Bitcoin and miners caught in the selloff
According to PANews, Bitcoin touched $75,558, Ether fell 6.93% over 24 hours, and marketwide crypto liquidations reached $1.05 billion, overwhelmingly affecting long positions.
The reported equity declines included:
- IREN: 16.95%
- CleanSpark: 16.47%
- Cipher Digital: 14.62%
- MARA: 14.48%
- Nebius: approximately 15%
- CoreWeave: approximately 10%
These moves accompanied a 5.52% decline in the Nasdaq Composite and a 12.25% drop in the Philadelphia Semiconductor Index. PANews estimated that S&P 500 companies lost roughly $2.9 trillion in market value during the session.
The AI infrastructure narrative meets permitting risk
PANews reported that Democrats had won control of both chambers of Congress and key gubernatorial races, prompting investor concerns about tighter oversight of AI infrastructure. It also said 40 of 41 relevant local referendum votes that week supported restrictions on data-center construction.
Citing Bloomberg, the article said Microsoft was tightening oversight of some data-center projects involving Nebius, IREN and Nscale, abandoning projects it considered risky and internally discussing whether to sign new cloud-service agreements. An IREN project in Texas could face delays of weeks or months because of wiring problems, according to that account.
Microsoft characterized the oversight as normal management of large infrastructure projects—a qualification that matters when assessing whether the report signals a broader retreat.
PANews also cited Morgan Stanley as flagging Texas exposure for Cipher, Galaxy and MARA following Democrat Hinojosa’s election victory. Bernstein, it reported, lowered price targets for seven Bitcoin mining companies.
The article interpreted these developments as a challenge to valuations built around AI computing rentals and access to permitted power capacity. That is its investment-narrative assessment, not proof that every affected company faced the same operational problems.
Leverage and legislative uncertainty
Citing Goldman Sachs data, PANews said hedge funds had net-sold approximately $20 billion in technology stocks over two weeks. It also cited Yahoo Finance’s interpretation that funds were rushing to lock in 2026 gains.
Crypto-finance shares fell alongside the miners: Bullish lost 10.46%, Robinhood 10.32%, Coinbase 9.69%, Strategy 9.29% and Circle 8.72%. PANews cited CNBC as saying the CLARITY Act could be shelved until 2028 following the Democratic congressional sweep. That was a reported possibility, not a confirmed legislative outcome.
After-hours trading complicated the picture: IREN rebounded 10.54% after reporting a quarterly loss and lower revenue. A rebound following a sharp decline does not, by itself, resolve the project and financing questions described in the report.