Apple shares surge nearly 7% as Democrats’ midterm wins boost Big Tech

Investors are betting that tighter limits on new data centers could protect the giants that already own the computing power 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. Tech giants rallied hard the next day. Apple led the headlines. Its climb of nearly 7% pushed the stock to an all-time high and lifted its market capitalization above $5 trillion. Amazon and Microsoft also posted notable gains. Taken together, five major tech companies were on track to add more than $750 billion in combined market value, assuming the gains held through the session. 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. That figure reflects growing local opposition to new facilities. Residents and officials have raised concerns about environmental impact and the strain these projects place on utilities. Data centers consume enormous amounts of electricity and, in many cases, water. The losers on the other side of the trade Not ...