SpaceX and Tesla shares fell 3.9% and 3.6%, respectively, in premarket trading after Democrats won significant victories in the midterm elections. Artificial intelligence-related stocks were also under pressure, including CoreWeave (-4.2%), Nebius Group (-1.5%) and Oracle (-2.4%). The projected defeat of Republican Texas Governor Greg Abbott in favor of Democrat Gina Hinojosa weighed particularly heavily on the sector, with Texas accounting for 27% of planned US data center gigawatts. Hinojosa supports a moratorium on AI data centers, raising concerns about expansion and companies financing their development with borrowed money.
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