Apple Hits Record High as Amazon Surges 7% in Big Tech Rally After Democratic Midterm Wins
Apple and Amazon led a rally in major technology stocks Wednesday as investors weighed what the election results could mean for data-center spending.
Apple climbed to a record high and Amazon surged Wednesday as major technology stocks rallied following Democrats' victories in the midterm elections.
In late-morning trading, Amazon was up about 7.4% at a three-month high, while Apple gained nearly 7%. Meta Platforms, Alphabet and Microsoft also rose, with gains ranging from about 2% to 6.3%.
At those levels, the five companies were on course to add more than $750 billion in combined market value if the gains held. These are intraday readings, not closing prices, and the size of the gains can change during the session. An earlier morning report had Amazon up about 7% and Apple and Microsoft up about 5%.
Investors were weighing whether election results could slow some planned data-center construction. Limits on new projects could make the computing capacity already controlled by the largest cloud companies more valuable, while easing pressure to keep increasing capital spending. That is an investor interpretation, not an announced nationwide policy change.
The rally was uneven across the wider AI industry. Some smaller data-center and computing infrastructure companies fell on concerns that new restrictions could complicate their expansion plans.
The trading session followed a difficult stretch for technology shares as investors questioned the cost of the AI build-out. Wednesday's gains offered a sharp rebound, but the final market-value change will depend on where the stocks finish.