Shares of SpaceX and Tesla slipped in premarket trading Wednesday, down about 3.8% and 3.5%, after Democrats won a major victory in the midterm elections. Musk had spent $224 million in Texas backing Republican candidates, but Republican Senate nominee Ken Paxton and Gov. Greg Abbott lost, and Democrat Gina Hinojosa was projected to win the governorship over Abbott. AI stocks were mixed: CoreWeave fell 2.6%, Iren 2.8% and Oracle 1.3%, while Nvidia, Alphabet, Meta, Amazon and Microsoft rose about 1-2% and AMD jumped 6.8%. Wells Fargo said 27% of planned data center gigawatts are in Texas, and Hinojosa has backed a moratorium on AI data centers; the bank called a Democratic win there a potential “left-tail event” for the AI trade.
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TSLAElon Muskmidterm electionsdata centersartificial intelligence
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Related tickers and likely impact
TSLA
▼ Likely negativeTesla, Inc.
Relevance: high
| Market | US stocks |
|---|---|
| Sector | Consumer Discretionary |
| Industry | Automobile Manufacturers |
| Market cap | $1.6T |
| Close on 11/03/2026 | 398.22 |
| Change that session | -1.39% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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