Hyperscalers and Apple surge after election results remove investor uncertainty

Major technology shares rose after Democrats won both chambers of Congress in the midterm elections, easing some investor uncertainty. The gains were strongest among large cloud providers, while concerns that local opposition and regulation could delay AI data centre projects weighed on other companies.

Amazon climbed 8%, Google more than 6%, Apple nearly 7%, Microsoft 4% and Meta 3%; Tesla fell 2%, Nvidia slipped just over 1% and smaller AI cloud provider CoreWeave dropped 10%. Voters opposed data centres in 40 of 41 local ballot measures, and 56% said the facilities were a major or crucial factor in their vote. Analysts said well-funded hyperscalers may be better placed than smaller providers if projects face higher costs or delays, though the results do not necessarily mean a nationwide construction slowdown.