The Magnificent Seven shed more than $1 trillion in combined market value in a single session Thursday. That’s the kind of number that stops being abstract when the damage shows up in your 401(k). The Nasdaq Composite fell 5.5% to close at 24,315 (its worst day since April 4, 2025) and slid into correction territory, more than 10% below its October record.

The damage was serious. The S&P 500 dropped 4.4% to 7,354 and the Dow lost 1,833 points, or 3.4%. All 11 S&P sectors finished lower, led by information technology, down 7.3% in its worst day since March 2020. Nvidia fell 9.2%, erasing over $440 billion in value and turning negative for the year.

And, yeah, the trigger was the midterms. Democrats took the Senate and the House and picked up governorships, and voters in several places approved local ballot measures restricting AI data centers—the physical plumbing the entire trade depends on. Investors did the math on a slower buildout and sold.

Analyst Dan Ives now expects tech capital spending growth to peak next year rather than 2028 or 2029, a four-year haircut to the boom's runway. Fortune framed it as investors pricing in a premature end to the data center build.

CBS News reports that Anthropic’s IPO, expected this month at a valuation up to $100 billion, could slip. The larger question is whether Thursday was a repricing or just the start of one.

California Gov. Gavin Newsom commuted the death sentences of all 548 people on the state’s death row Thursday, converting every one to life without the possibility of parole. He announced it in an open letter, say it’s “incompatible with California’s values.” It’s the largest single act of clemency of its kind in the country, and it lands in his final year in office.

The group includes 529 men and 19 women, and it’s the biggest death row in the Western Hemisphere—roughly a quarter of all death row prisoners in the United States. California also hasn’t executed anyone since 2006. But it’s not an official repeal. California remains one of 27 states where the death penalty is legal, and only the legislature or voters can change that.

There’s also a catch on the back end. The commutations need court sign-off, and the sourcing conflicts on how much. The Guardian reports review applies to cases involving multiple felony convictions. BBC News, citing CalMatters, says at least four of the seven California Supreme Court justices must approve all of them.

Hollywood studios and production companies are moving to stop their own employees from betting on prediction markets like Kalshi and Polymarket, according to The A.V. Club.

Prediction markets like Polymarket and Kalshi came crashing onto the scene during the 2024 presidential election and have since expanded beyond sports and politics into entertainment. Even actors like Timothée Chalamet have stooped as low as to cash Kalshi checks for promoting what is undeniably a gambling service. But the issue in Hollywood goes beyond placing bets on who will take home the Oscar for Best Actor (sorry again to anyone who put money on Timmy last year). Rather, we’re talking about betting on the outcomes of business decisions made behind closed studio doors—you know, insider trading.

“You now have, essentially, an explosion in the number of employers who have to think about insider trading rules from an ethical standpoint,” one law professor at Columbia University tells The Hollywood Reporter. “And totally apart from the question of criminal prosecution, is just the compliance problem — educating your employees on what’s allowed.”