SpaceX, Tesla fall around 4% on Democrats' big win; AI stocks mixed
What happened
Shares of SpaceX fell about 4% and Tesla about 5% in morning trading on Wednesday after Democrats won big in the midterms, including the Texas governor's race, CNBC reported.
Democrat Gina Hinojosa, who wants an immediate moratorium on data centers in Texas, beat Republican incumbent Greg Abbott.
Wells Fargo puts 27% of planned U.S. data center gigawatts in Texas, and analyst Dan Ives called the Texas result the night's "biggest worry" for tech investors.
Musk spent at least $474 million on the midterms, $224 million of it in Texas, where Republican Senate nominee Ken Paxton also lost.
AI cloud firms CoreWeave and Iren fell 4%, while Alphabet, Amazon, Meta and Microsoft rose between 2% and 7%.
Ukrinform put the premarket drop at about 5% for Tesla and 6.9% for SpaceX, and cited analysts who said a Democratic Congress could slow a possible merger of the two companies.
“Data centers in space looking pretty appealing right now”
CNBC
Summary written by AI from 3 independent sources (CNBC, Укрінформ, Ars Technica) and checked automatically against them for copied text and numbers that are not in the sources. How we work
Open on the live globe →Who reported it
- 2026-11-04 10:24 UTCCNBC · cnbc.com ↗
- 2026-11-04 11:06 UTCBusiness Insider · businessinsider.com ↗
- 2026-11-04 13:41 UTCMarketWatch · marketwatch.com ↗
- 2026-11-04 13:53 UTCУкрінформ · ukrinform.ua ↗
- 2026-11-04 20:36 UTCArs Technica · arstechnica.com ↗
- 2026-11-05 07:30 UTCKathmandu Post · kathmandupost.com ↗
- 2026-11-05 10:08 UTCEl País via Bloomberg · cincodias.elpais.com ↗
- 2026-11-05 11:00 UTCGuardian · theguardian.com ↗
- 2026-11-05 15:00 UTCSCMP · scmp.com ↗
- 2026-11-05 16:44 UTCBBC · bbc.co.uk ↗
- 2026-11-05 19:18 UTCCNA · channelnewsasia.com ↗
- 2026-11-05 22:18 UTCWired · wired.com ↗
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