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Switchgear & Transformers

Big Tech shares rally after the Democrats' midterm sweep, as investors bet that curbs on new data centres make existing capacity scarcer

. Source published 4 Nov 2026. Original reporting: Reuters via StreetInsider (opens in a new tab).

What changed

Reuters reports that shares of Amazon rose 7.4% to a three-month high on 4 November, with Meta, Alphabet and Microsoft up between 2% and 6.3%, a day after Democrats who oppose data centres won landslide victories, including in Texas. Investors bet that potential curbs on new construction could make the hyperscalers' existing data centres more valuable and ease pressure on their cash flows, Reuters says. Smaller AI infrastructure companies including Applied Digital and Iren fell between 6% and 13% on fears that curbs could derail their debt-funded expansion. Reuters puts the large tech companies' planned spending at more than US$740 billion this year, up from roughly US$400 billion last year. Share moves are intraday figures as reported, not closing prices.

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Read the original: Reuters via StreetInsider: Big Tech shares rally after the Democrats' midterm sweep, as investors bet that curbs on new data centres make existing capacity scarcer (opens in a new tab)
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