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Оксана СтепураMoney
4 November 2026, 09:44
2026-11-04
Democrats win US election, sending tech stocks down. What are AI investors afraid of?
The results of the US midterm elections have spooked investors in artificial intelligence. After the Democrats' victories, US stock futures fell, and in Asia, technology stocks began to fall. This was due to concerns that the new political alignment could slow down the construction of data centers and the development of artificial intelligence. Against the background of these concerns, shares of chip manufacturers and other companies related to AI began to fall.
The results of the US midterm elections have spooked investors in artificial intelligence. After the Democrats' victories, US stock futures fell, and in Asia, technology stocks began to fall. This was due to concerns that the new political alignment could slow down the construction of data centers and the development of artificial intelligence. Against the background of these concerns, shares of chip manufacturers and other companies related to AI began to fall.
In the November 3rd election, the Democratic Party won a majority in the U.S. Senate and is projected to gain control of the House of Representatives. Democrats also won gubernatorial elections in several states previously controlled by Republicans, including Texas and Georgia.
For technology companies, gubernatorial races are particularly important, as state governments can influence permits and rules for building data centers, in which billions of dollars are currently being invested.
The fact is that some newly elected governors oppose the construction of new data centers.
For example, Georgia's newly elected governor, Keisha Lance Bottoms, promised during her campaign to halt the construction of new data centers, citing concerns that such facilities would increase residents' electricity bills.
Gina Hinojosa, who won the gubernatorial election in Texas, has a similar position. She advocates a temporary ban on new data centers until the government establishes rules for their water and electricity use.
This is a particularly sensitive issue for the AI industry, as Texas and Georgia together account for about a third of the spending and projects related to AI data centers in the U.S., according to Moomoo ANZ analyst Tapas Strickland. If their construction slows, it could also hit chipmakers and other companies that make money from AI development.
On the night after the election, Nasdaq 100 futures, which show investors' expectations for the value of shares of the largest non-financial companies on the Nasdaq exchange, were down about 2.1%. By morning, the decline had narrowed to about 0.8%.
And on Asian exchanges, shares of Japan's SoftBank, a major investor in OpenAI, fell by about 10% at one point. Chipmakers Samsung and SK Hynix also fell by 6.5%.
However, Democrats may find it difficult to pass new restrictions on data centers at the federal level without the support of President Donald Trump, who could veto them.
In addition, tech stocks began to fall even before the election. Investors have been wondering for months whether AI companies will be able to make enough money to recoup their huge infrastructure costs. Now, political risk has added to those concerns.
Earlier, dev.ua wrote that China's technology market lost about $480 billion amid fears of an AI bubble. In four months, the STAR50 index, which includes shares of Chinese technology companies, collapsed by 40%. Among the reasons are the overvalued value of shares, doubts about the demand for AI and the threat of new US restrictions on Chinese data center equipment.
