According to CoinMeta, the sell-off in the S&P 500 index on Thursday resulted in a market value evaporating by about $3 trillion. Economists Peter Schiff and Gary Black, a partner at Future Fund, have vastly different views on the prospects for tech investors. Schiff expects further declines, arguing that the mid-term elections led to a shift in control to the Democrats in Congress, increasing the likelihood of higher taxes and more regulations, which puts pressure on corporate profits. Black, on the other hand, believes that investors have already anticipated the election results and notes that traders have set the probability of the Democrats winning both houses at Kalshi at 71%. He thinks that the valuations of Google ($GOOGL), Meta ($META), and Amazon ($AMZN) are reasonable, and that a slowdown in data center investments could benefit these companies. On Thursday, NVIDIA ($NVDA) fell by about 9%, while AMD ($AMD) and Micron ($MU) each fell by about 17%. Schiff sees this re-pricing as a warning to the economy, whereas Black believes there is room to buy into companies whose capital expenditures will drive a chip boom.