BIG TECH SCRUTINY
Tech billionaires in Democrats’ crosshairs: Who could face congressional probes? Here’s the hit list
Elon Musk, Mark Zuckerberg, Jeff Bezos and other tech leaders could face congressional investigations as Democrats prepare to take control of Congress in 2027. Their scrutiny could focus on ties to Donald Trump, political influence, AI development, data center expansion and the industry's impact on American jobs and communities.
Stock markets down today: Dow Jones plunges 1,753 points, S&P 500 drops 4% and Nasdaq enters correction - why Wall Street reversed its post-election rally
Stock markets down today: Wall Street's post-election rally quickly turned into a major sell-off as the Dow plunged 1,753 points and the Nasdaq entered correction territory. Fears that Democratic victories could slow AI data-center expansion triggered heavy losses in Nvidia, AMD, Micron and other technology stocks, wiping out Wednesday's gains.
Elon Musk gambled $445 million to boost Republicans in midterms and came up short
Nobody may have suffered bigger losses Tuesday than President Donald Trump. But few others had more on the line than Musk, who gambled big and came up holding the midterm's worst return on investment. Democrats in Congress were already queuing to get their shot at Musk, with possible subpoenas and investigations.
Midterm results may slow US visa curbs, but no quick relief likely for IT
The opposition party’s takeover of both chambers of US Congress is expected to bring greater scrutiny of the administration’s policy decisions, potentially slowing further restrictions, industry experts told ET. However, any improvement in sentiment is unlikely to translate quickly into higher hiring or technology spending.
AI stocks retreat as Democratic sweep puts data centre boom in focus
AI-related stocks came under pressure on Wednesday despite a broader Wall Street rally following the Democratic sweep of Congress. Data centre companies CoreWeave, Iren and Nebius fell, alongside Nvidia and Marvell, as investors weighed concerns over rising power costs, job losses, political scrutiny and debt-funded AI spending.
US stocks today: US stocks rally after Democrats' midterm sweep as AI infrastructure stocks slide
US stocks rallied after Democrats secured control of both chambers of Congress in the midterm elections, easing concerns over major policy shifts. The Dow, S&P 500 and Nasdaq advanced, while data centre stocks declined amid AI regulation concerns. AMD gained on its upbeat 2027 growth forecast, while clean energy stocks surged.
US midterm election results: What Trump & Republicans' loss means for India
US midterms result: Indian industry and economy watchers were keenly looking at the polls to try and find out what direction US policy will take. In recent months, India's trade/export fortunes have swayed in lockstep with Trump's tantrums, making policymakers jittery over any new development in the US.
Sensex jumps 383 points, Nifty closes above 23,950 as benchmark indices scale 2-month highs. What lies ahead?
The Indian stock market has surged, with both Sensex and Nifty climbing to their highest points in two months. As investors keep a keen eye on outcomes from the US midterm elections, which could influence international exchanges, major sectors such as Realty and FMCG have thrived. There's a marked increase in buying from foreign institutional investors, suggesting renewed confidence in large-cap stocks.
Meta kicks off first euro bond sale in latest test for tech sector
Meta Platforms has initiated a significant bond sale, marking its first offering of euro-denominated bonds aimed at financing its investments in AI and infrastructure development. In addition, the tech giant plans to raise $15 billion through a US dollar bond offering this week. Despite ongoing concerns about growth in the AI sector and regulatory challenges, technology companies continue to pursue funding opportunities.
Democrats’ win rattles Trump trades from AI stocks to crypto
The recent Democratic majority in Congress triggered a downturn in global markets, most notably impacting technology stocks. Investors are now wary about President Trump’s policies and their implications for AI investments. Conversely, solar stocks saw an uptick, signaling potential changes to clean energy regulations. Additionally, Treasury yields dropped as heightened oversight dampens fiscal stimulus hopes, while cryptocurrencies also fell amid uncertainty surrounding upcoming industry regulations.
US midterm elections: Early Democratic wins rattle Wall Street
Early Democratic victories in key US Senate races have raised expectations of a potential shift in control of Congress, although the final outcome remains uncertain. The emerging results triggered a sharp reaction across financial markets, with US stock futures falling, Treasury yields declining and the dollar weakening as investors assessed the implications of a possible Democratic sweep.
Global markets were already fragile. Big AI bets could break them
Investors flocked to bonds. Yields, which move inversely to price, fell from multidecade highs, with the benchmark 10-year Treasury, which guides borrowing costs globally, falling almost 20 basis points on October 22, its biggest daily fall since early 2023.
American companies brace for a pivot as US midterm elections get underway
US midterms: Corporate America is anticipating a potential shifts in Washington's power dynamics. Analysts predict that a strong Democratic showing could benefit sectors such as clean energy, housing and healthcare. Conversely, AI and defence stocks may face increased scrutiny from lawmakers.
US stocks today: Nasdaq ends over 1% lower as AI worries persist
US stocks ended mixed on Monday, with the S&P 500 and Nasdaq closing lower as Apple shares slipped ahead of earnings and Oracle fell over plans to raise $20 billion. Falling oil prices amid US-Iran peace hopes offered some relief, while concerns over Big Tech's AI spending persisted.
Apple's new CEO John Ternus to face first earnings test as memory costs surge
Ternus, who took the reins from Tim Cook in September, has overseen the introduction of Apple's first foldable phone, smart home hub and Apple's first touch-screen laptops. All of those products began shipping during the company's current fiscal first quarter, amid what Cook had called a "100-year flood" of rising memory costs.
Besides the bubble, a big AI risk could be growing in the shadows
Investors are worried about potential financial risks linked to Big Tech's investments in AI infrastructure. The technology sector recently experienced a significant sell-off, indicating growing nervousness among shareholders. S&P Global predicts considerable expenses on data centres for major companies like Amazon and Microsoft through 2030.
Nasdaq faces $2 trillion wipeout in October as AI spending fears deepen
The wipeout would amount to slightly more than SpaceX's entire market value. The index has fallen over 5.8% so far in October as the AI trade ran into turbulence, with hyperscalers Meta Platforms, Alphabet and Amazon.com raising spending forecasts further as they race to expand AI infrastructure.
US stocks today: Nasdaq sinks 2.2% as Amazon, Intel fuel fresh fears over AI spending
Wall Street experienced significant losses as the Nasdaq fell to its lowest level in nearly three months. Concerns about rising capital expenditures at Amazon and cash burn warnings from Intel influenced the technology sector's downturn. Major technology stocks like Alphabet and Nvidia also saw notable declines due to investor scrutiny. Defensive sectors like consumer staples and healthcare gained some traction in response to the selloff.
Amazon burns cash, Intel flags weak PC demand as AI boom's costs ripple across markets
As Wall Street grows increasingly anxious about AI-related expenditures, major tech giants like Amazon and Intel display alarming financial outcomes. With soaring operational costs and waning consumer interest, both companies face challenging cash flow situations, resulting in borrowing to cover rising expenses. This situation has led to declines in semiconductor and AI cloud shares as investors question future profitability, sparking fears about the tech sector's growth sustainability.
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