Tech stocks tumble as election rattles AI trade
Axios · Matt Phillips ·
AI-related shares led the sell-off
The big picture: The sell-off comes after Democrats notched historic gains in midterm elections, including taking the governorships of Texas and Ohio — areas of intense data center development.
- In Texas, Gov.-elect Gina Hinojosa promised to impose a moratorium on new buildouts until lawmakers enact stronger protections.
- In Ohio, Amy Acton called for conditional pauses requiring developers to cover their utility costs, provide community benefits and use union labor.