Veytics Intelligence
2026-11-04 · CNBC

SpaceX, Tesla fall around 4% on Democrats' big win; AI data center stocks slide

Shares of Elon Musk's SpaceX and Tesla fell in premarket trading Wednesday, as the Democrats won a significant victory in the midterm elections . SpaceX was down 3.9% and Tesla dropped 3.6% amid big losses for Republican candidates Musk had backed. Artificial intelligence stocks came under pressure overnight as Democrats — seen as proponents of data center moratoriums — won big in midterm elections in key data center hubs. Futures on the tech-heavy Nasdaq-100 were flat. The State Street Technology Select Sector SPDR ETF (XLK) was up 0.7%. The more direct plays were slightly down. Neocloud CoreWeave — which uses borrowed money to build data centers — fell by 4.2%. Peer Nebius Group dropped 1.5%. Oracle was off 2.4%.

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