The three major stock indexes were falling sharply Thursday as investors pulled back from technology stocks, sending the Nasdaq Composite down more than 5%.

Chip stocks, in particular, were getting hammered.

Nvidia slumped 8.7% to $182.78. Shares have traded around $200 as midterm election results casted doubt on the artificial-intelligence buildout.

Micron Technology tumbled 15%. The company's market share in DRAM, or short-term working memory that computers and AI hardware use to manage active data and running processes, dropped to 21% in the third quarter from 26% for the same period a year ago.

Intel declined 7.4% and was on course to slump more than 50% in a month following a weak outlook, supply setbacks, and weakness in its PC business. Shares of Advanced Micro Devices dropped 15%.

Two artificial-intelligence stocks have been particularly battered since the midterm elections results handed Democrats control of Congress, reigniting concerns over the pace of the AI data-center buildout.

Sandisk plunged 19%. The company has been one of the poster children of the AI trade and a blue wave in Congress has sent shares slumping.

Another stock at risk was Vertiv Holdings, which dropped 15%. The company supplies data center cooling and power systems, and the unwinding of the AI trade won't be good news for Vertiv.

Bloom Energy tumbled 18% after the Democrats took control of Congress. The stock decline, however, could be an overreaction since CEO KR Sridhar has said Bloom Energy can benefit from data-center backlash.

Palantir Technologies declined 9.6% and was heading for its worst single-day percentage drop since Feb. 4, according to Dow Jones Market Data. The company recently reported better-than-expected third-quarter earnings.

Qualcomm tumbled 11%. The semiconductor maker posted better-than-expected fiscal fourth-quarter revenue but warned of weaker margins ahead for its chip-design segment.

AppLovin was the S&P 500's best performer, surging 28%. The advertising tech platform's third-quarter earnings beat analysts' estimates, which could help ease worries about artificial-intelligence disruption.

Snap dropped 15%. The Snapchat parent missed Wall Street's third-quarter revenue targets, which CEO Evan Spiegel said was in part down to slow advertising sales growth.

Coherent declined 15%. The optical networking company's fiscal first-quarter earnings beat expectations, which could ease investors' nerves after the midterms sparked fears of slowing data-center development.

Arm fell 12%. The British chip blueprint designer posted solid fiscal second-quarter earnings, but those were overshadowed by soft royalty revenue as soaring memory-chip prices hit the smartphone market.

Unity Software jumped 12% after reporting stronger-than-expected third-quarter earnings and 32% revenue growth, thanks to a greater number of users creating games on the platform.

Expedia tumbled 13%. The company reported better-than-expected third-quarter earnings and boosted its full-year outlook, but investors were more concerned about the potential for slower fourth-quarter growth.

Zillow fell 9.9%. The company posted a third-quarter loss and issued weaker-than-expected guidance.

Dutch Bros slumped 22%. The coffee chain cut its full-year guidance for adjusted earnings before income, taxes, depreciation, and amortization to at least $380 million, down from a prior outlook of $385 million to $390 million.