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FirstFT: Wall Street sheds $3.2tn as Democratic midterm landslide upends AI bet

Financial TimesView source article

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AI data center stocks plunge as Democratic midterm sweep triggers regulatory fears

Following Democrats' sweeping wins in the 2026 US midterms, AI and data center stocks suffered a massive selloff, with Wall Street shedding $3.2 trillion in market value. Voters approved 40 of 41 ballot measures restricting data center construction, and newly elected governors including Texas's Gina Hinojosa pledged moratoriums.

Nov 4, 2026·8 sourcesWall StreetAI energy consumptionAI data center political backlashTexasElectionsAI bubbleUS midterm electionsS&P 500MicrosoftAI RegulationRepublican PartyAlphabetAI data centersGina Hinojosa elected Texas governor, ousting Greg AbbottDemocratic Party2026 U.S. midterm elections
AI data center stocks plunge as Democratic midterm sweep triggers regulatory fears
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Other sources for this story

Axios

"What we just witnessed was an AI earthquake": Voters revolt against tech at polls

Financial Times

Wall Street sheds $3.2tn as Democratic midterm sweep triggers brutal AI rout

The Verge

Data centers lost the midterms

Bloomberg

New Governors Set to Challenge Big Swath of Data Center Capacity

The Washington Post

Voters reject data centers across the country as the AI backlash grows

Reuters

Trump's midterm drubbing demonstrates the power of data-centre opponents | Reuters

Reuters

Companies most exposed to potential US data-center curbs after blue sweep | Reuters