WALL STREET ADDS A TRILLION DOLLARS OVERNIGHT

Democrats won the House and the Senate on Tuesday. On Wednesday, Amazon, Microsoft, Alphabet, Meta and Apple were on pace to add close to $1 trillion in market value in a single day, because investors decided a hostile Congress might finally stop these companies from spending every dollar they own on buildings full of GPUs. Amazon rose as much as 8.3%, Microsoft 7%, Alphabet 5.9%, Meta 3.6%. Apple, which has mostly skipped the AI spending race, jumped more than 6%. Read that again. Five of the biggest companies on earth got rewarded for the possibility of being told no. Amazon, Alphabet and Meta have all pushed free cash flow negative, which means they are borrowing to keep the buildout going. Robert Pavlik of Dakota Wealth Management told Bloomberg that "the brakes are being applied to their spending, not by the companies, but by the government." That is a grown man describing a hostage situation as good news. Voters were blunter than the market. There were 41 local data center measures across 10 states, and the industry went 1 for 41, the lone win coming in Harwood, North Dakota. Ohio alone had 21 of them. Nvidia and Tesla fell, the neocloud names got hit, and the Dow finished up nearly 1,600 points for its biggest gain of the year.

Why you should give a shit: Wall Street added almost a trillion dollars in a day celebrating the idea that politicians might take Big Tech's credit card away, which tells you the people funding the AI boom stopped believing the pitch before you did.