Texas Win Sends Tesla, SpaceX, AI Stocks Lower — SkimNews
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- SpaceX fell 3.9% and Tesla 3.6% in Wednesday premarket trading after Democrats won a significant midterm victory and Republican candidates backed by Elon Musk suffered broad losses.
- CoreWeave fell 4.2%, Nebius Group dropped 1.5% and Oracle was off 2.4% as Democrats were projected to win or retain the governorships in Georgia, Pennsylvania and Ohio.
- Nasdaq-100 futures were flat and XLK was up 0.7%, showing the weakness was concentrated in more direct AI plays rather than the broader technology market.
- Gina Hinojosa was projected to defeat Republican Gov. Greg Abbott in Texas, and she supports a moratorium on AI data centers.
- Wells Fargo estimated Texas holds 27% of planned U.S. data-center gigawatts, Georgia 7%, and Ohio and Pennsylvania 5% each.
- Nasdaq-100 fell into correction territory at the end of October amid concern that data-center spending growth was slowing for hyperscalers and private AI companies OpenAI and Anthropic.
- Scott Ladner said an Abbott loss would leave Texas “largely barren” for data centers, centering the investment debate on where new facilities can be built.
Why it matters: The selloff was narrower than a general tech rout: Nasdaq-100 futures were flat and XLK rose 0.7%, while CoreWeave fell 4.2% and Oracle 2.4%. Texas still matters because it holds 27% of planned U.S. data-center gigawatts, so projected winner Gina Hinojosa’s moratorium stance directly bears on the buildout.
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