Wall Street's main averages heavily declined on Thursday after scoring big wins a day before. Investors resumed a tech rout that had the Nasdaq shed more than 5%.
Now, here are four news stories that broke in the morning to watch out for:
Semiconductor and AI stocks slump amid data center spending concerns: The Philadelphia Semiconductor Index 
SOX fell about 7% on Thursday as investors pulled back from technology stocks amid concerns over the outlook for data center spending following the midterm elections. Chipmakers bore the brunt of the declines, with Advanced Micro Devices falling about 15%, Qualcomm dropping 13% on track for its worst session since 2020 after smartphone chip revenue tumbled 26% in the fourth quarter, and Arm Holdings shedding 12% despite quarterly results and guidance that exceeded expectations.
VIX surges as tech rout erases post-election gains: The Cboe Volatility Index 
VIX surged as much as 70% in Thursday morning trading, abruptly wiping out Wednesday's 20% drop and climbing to its highest level in seven months. Wall Street's fear gauge reached as high as 28.09, unraveling the initial post-midterm election relief rally and on track for its largest percentage jump since February 2018. A renewed selloff in technology stocks sent the S&P 500 into a sharp slide, down 3.5%, erasing trillions in market value and reversing gains from the previous day's rally.
Bitcoin drops as risk aversion hits digital assets: Bitcoin lost approximately 5% over the past 24 hours, trading at $76,300 as of Thursday morning, erasing the 4% bump it saw on Wednesday. The setback came as investors appear to be spurning risk as they digest the implications of the midterm elections, and so far, the aspiration that Bitcoin would provide a safe haven when more traditional risk assets falter has not materialized. Other digital assets also tanked, including Ethereum down 6% to $2,280 and Solana down 6% to $90.58. Crypto-linked stocks slid sharply, with MARA Holdings falling 15%, Riot Platforms dropping 13%, and Coinbase declining 11%.
Apple taps debt markets with seven-part offering: Apple 
AAPL disclosed on Thursday that it is tapping the debt markets in a seven-part offering, with the company offering floating rate notes due in 2028 and 2029 and fixed rate notes due in 2028, 2029, 2031, 2033, and 2036. Bloomberg reported the company could raise $7 billion from the offering. Goldman Sachs, Bank of America, Deutsche Bank, and J.P. Morgan are acting as joint book running managers. Apple shares rose 1.2% in early trading.
