After the Democrats’ sweeping midterm victory, the Dow Jones rose 1,569 points, or 3%, while the S&P 500 gained 1.6% and the Nasdaq Composite added 1.4%. Billionaires focused their debate on record election spending: Elon Musk spent $224 million in Texas but saw his preferred Republicans lose, while the Soros family contributed roughly $103 million to Democratic efforts. Investors including Bill Ackman, Chamath Palihapitiya and Brad Gerstner warned that a slowdown in artificial intelligence development could threaten America’s technological edge. Gerstner estimated that 10 to 15 gigawatts of planned data-center capacity might not come online in 2027, while analyst Dan Ives said 10% of U.S. projects could be scrapped, contributing to a surge of more than $750 billion in market value for Big Tech stocks.
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