Apple shares jumped nearly 7% to an all-time high after Democrats won both chambers of Congress in the US midterms. Data-center operators IREN and Hut 8 fell, as investors weighed limits on new facilities.
Apple shares jumped nearly 7% on Wednesday and hit a record high. The catalyst was a Democratic sweep in the US midterm elections.
The midterms handed Democrats control of both the House and the Senate, and tech giants rallied the next day. Apple's climb lifted its market capitalization above $5 trillion, according to the report.
Amazon and Microsoft also posted notable gains. Five major tech companies were on track to add more than $750 billion in combined market value, assuming the gains held through the session.
Data-center limits drive the split
The research behind the rally points to a sizable scope for disruption. Democratic gains at the state level could affect approximately 45% of planned US data-center capacity. The figure reflects local opposition to new facilities, with residents and officials raising concerns about environmental impact and the strain on utilities.
Firms that depend on building new capacity took the losses. IREN fell 14%, and Hut 8 dropped 22.7%. Hyperscalers that already own capacity rose, while operators hoping to expand it sold off.
The 45% figure describes capacity that could be affected, not projects that have been canceled. The $750 billion gain also holds only if the stocks keep their gains.
Source: Crypto Briefing
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