Nasdaq Sheds $2.5 Trillion in Market Value: Analyzing AI Hardware Supply Chain Plunge and Power Approval Headwinds

The Nasdaq fell into correction territory as roughly $2.5 trillion in market value vanished in a single day, with AI hardware, memory, and grid equipment suppliers tumbling far more than hyperscale cloud providers. While Alphabet and Amazon saw their free cash flow turn negative, their core businesses provided a solid financial cushion. In contrast, suppliers such as AMD, Micron, Dell, and GE Vernova are directly bearing the brunt of stalled grid interconnection approvals for 500MW-class data centers. Furthermore, the shift of wafer capacity toward HBM has pushed up prices for conventional memory and dampened smartphone demand, subjecting upstream semiconductor makers to dual pressures.