U.S. Democrats' midterm sweep fuels $750 billion Big Tech rally

Democrats’ midterm election sweep sent shares in US tech giants soaring on Wednesday as investors ​bet that potential curbs on new data-centre construction could cement their grip on scarce ‌computing power while easing pressure on strained cash flows. Shares of Amazon ​surged 7.4% to a three-month high while Meta Platforms, Alphabet ⁠and Microsoft gained between 2% and 6.3%, powering a rally on Wall Street after days of selling fueled by fears over the AI boom’s soaring costs. Apple, which has avoided ‌Big Tech’s massive AI spending but is feeling the sting of an AI-fueled surge in memory chip prices, jumped nearly 7% ‌to a record high.

Nvidia's web of AI bets: smart strategy or bubble risk? Nvidia's web of AI bets: smart strategy or bubble risk? investments have raised a nagging question among some doubters on Wall Street: is Nvidia helping to inflate an AI bubble?

Nvidia's web of AI bets: smart strategy or bubble risk? storyline 1 If the gains hold, the five companies are ‌on ⁠course to add more than $750 billion in combined market value.