Democrats' midterm sweep fuels $750 billion Big Tech rally

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, US, November 2, 2026. REUTERS/Brendan McDermid

Nov ⁠4 (Reuters) - Democrats' midterm election sweep sent shares in US tech giants soaring on Wednesday as investors bet ⁠that potential curbs on new data-center construction could cement their grip on scarce computing power while ‌easing pressure on strained cash flows.

Shares of Amazon surged 7.4% to a three-month high while Meta Platforms, Alphabet and Microsoft gained between 2% and 6.3%, powering a rally on Wall Street after days of selling fueled by fears over the AI boom's soaring costs.

Apple, which has ​avoided Big Tech's massive AI spending but is feeling the sting of ⁠an AI-fueled surge in memory chip prices, jumped ⁠nearly 7% to a record high.

If the gains hold, the five companies are on course to add more ⁠than $750 ‌billion in combined market value.

The rally marks a sharp reversal for the battered cloud giants after their quarterly earnings showed how the AI infrastructure race was turning once cash-rich, debt-light companies into heavy spenders reliant on ⁠borrowing. Microsoft was the notable exception, with $18.6 billion in cash flow.

The ​gains followed landslide midterm victories for ‌Democrats who oppose data centers, including in Texas, likely accelerating a backlash against the power-hungry, water-intensive and ⁠noisy facilities that are ​at the heart of the AI boom but increasingly unpopular with local communities.

"Conceptually, post-election, there may be a bit of a slowdown or some bumps in the road for future data-center build-out," said Art Hogan, chief market strategist at B. Riley Wealth.

"The ⁠hyperscalers (large tech companies) already have data centers, so those assets are ​more valuable now because there's not going to be an overbuild of data centers. Also, if there's a slower pace of data-center build-out, then there's going to be a slower pace of CapEx spending. That certainly would impact the hyperscalers."

The ⁠tech giants have been building capacity at a blistering pace, with plans to spend more than $740 billion this year, up from roughly $400 billion last year. That far outstrips smaller AI cloud rivals such as CoreWeave and Nebius.

Shares of smaller players including Applied Digital and Iren plunged between 6% and 13% on fears that curbs on data-center construction could ​derail their debt-fueled expansion plans. The companies have been spending several times their revenue ⁠to meet a swelling backlog of orders.

"The biggest worry of the night for tech investors and the AI trade was ​around the state of Texas, where ~25%-30% of data-center gigawatts and capacity ‌will come from," said Dan Ives, senior managing director and ​tech analyst at Yorkville Ives.

"Now it will happen at a more measured pace, which is likely a good thing in the eyes of many investors."

(Reporting by Aditya Soni in Bengaluru; Editing by Sriraj Kalluvila)

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2026年11月2日，交易员在美国纽约市纽约证券交易所（NYSE）交易大厅工作。路透社/布伦丹·麦克德米德

11月4日（路透社）——民主党在中期选举中大获全胜，推动美国科技巨头的股价周三飙升，投资者押注，对新建数据中心的潜在限制可能会巩固它们对稀缺计算能力的控制，同时缓解紧张的现金流压力。

亚马逊股价飙升 7.4%，创三个月新高；Meta Platforms、Alphabet 和微软股价涨幅在 2% 至 6.3% 之间，推动华尔街股市在经历了数日因担心人工智能热潮成本飙升而引发的抛售后出现反弹。

苹果公司虽然避免了大型科技公司在人工智能领域的巨额支出，但却感受到了人工智能推动的内存芯片价格飙升带来的冲击，其股价上涨了近 7%，创下历史新高。

如果涨势能够保持，这五家公司的总市值有望增加超过 7500 亿美元。

此次反弹标志着此前遭受重创的云计算巨头们迎来了强劲的逆转。此前，它们的季度财报显示，人工智能基础设施竞赛正将这些曾经现金充裕、负债较少的公司转变为依赖借贷的巨额支出者。微软是个显著的例外，其现金流高达186亿美元。

此前，反对数据中心的民主党人在中期选举中取得了压倒性胜利，包括在德克萨斯州的胜利，这可能加速了人们对这些耗电、耗水、噪音大的设施的反弹。这些设施是人工智能繁荣的核心，但越来越不受当地社区的欢迎。

B. Riley Wealth 的首席市场策略师 Art Hogan 表示：“从概念上讲，选举后，未来数据中心建设可能会出现一些放缓或障碍。”

“超大规模数据中心运营商（大型科技公司）已经拥有数据中心，因此这些资产现在更有价值，因为不会出现数据中心过度建设的情况。此外，如果数据中心建设速度放缓，那么资本支出也会放缓。这肯定会对超大规模数据中心运营商产生影响。”

科技巨头们正以惊人的速度扩充其人工智能云服务能力，计划今年投入超过7400亿美元，高于去年的约4000亿美元。这远远超过了CoreWeave和Nebius等规模较小的AI云竞争对手。

由于担心限制数据中心建设可能会阻碍其以债务驱动的扩张计划，包括Applied Digital和Iren在内的小型公司的股价暴跌6%至13%。这些公司为了满足不断增长的订单积压，一直在花费相当于其收入数倍的资金。

“科技投资者和人工智能交易者当晚最担心的就是德克萨斯州，因为那里将占全球数据中心千兆瓦和容量的 25% 到 30%。” Yorkville Ives 的高级董事总经理兼科技分析师 Dan Ives 表示。

“现在这个过程将以更加稳健的速度进行，这在许多投资者看来可能是一件好事。”

（Aditya Soni 班加罗尔报道；Sriraj Kalluvila 编辑）

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