Nasdaq falls as chipmakers come under pressure

The Nasdaq Composite fell early Thursday as investors moved money away from chipmakers linked to artificial intelligence.

About 10 minutes after trading began, the Nasdaq was down 1.4 percent at 25,370.19. The S&P 500 fell 0.5 percent to 7,647.34, while the Dow Jones Industrial Average rose 0.5 percent to 53,606.70.

Analysts said Tuesday's US election results had added political obstacles to new data center development after investors had already begun questioning the economics of the sector. Nvidia, Micron and Qualcomm were among chipmakers under pressure.

Stephen Innes, an analyst at SPI Asset Management, said in a note that investors were selling semiconductor shares to free cash for other sectors.