SpaceX shares plunge as tech stocks fall after Democrats win

Tech stocks tumble after Democrat wins

SpaceX shares fell more than nine percent by lunchtime Thursday as tech and AI stocks plummeted following Democratic victories in the midterms, particularly in key data centre states.

Musk's spending failed to stop Texas turning blue

Musk spent nearly four hundred fifty million dollars backing Republican campaigns, including at least forty five million supporting Ken Paxton for Texas senate, but Texas turned Democratic on Tuesday night.

Data centre regulation fears drive market losses

Markets reacted to possible tougher scrutiny of data centre construction following Democrat wins. Texas governor-elect Gina Hinojosa campaigned against data centres, pledging a moratorium on new construction.

Chipmakers and broader indices hit hard

AMD dropped more than fourteen percent, Micron fell as much as seventeen percent, Intel fell more than seven percent, and Nvidia fell nearly nine percent.

Tech leaders acknowledge communication failures

OpenAI president Greg Brockman said the industry had been surprised by backlash against data centres and needed to work with communities. Meta president Dina Powell McCormick agreed the industry must improve storytelling about AI benefits.

“You can't just tweet and say: 'This is going to be good.' You need to be in those communities.”