US voters have turned on the AI build-out, and export hubs such as Singapore will feel it.
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A trader reacts on the floor of the New York Stock Exchange as stocks tumbled on worries that the US midterm election results could derail the data centre investment boom.
PHOTO: AFP
Vikram Khanna
Published Nov 06, 2026, 04:00 PM
Updated Nov 06, 2026, 04:24 PM
Democratic victories in US elections, presidential or midterm, are rarely greeted warmly by financial markets. The party is seen as favouring higher taxes, tighter regulation and bigger government, and as softer on inflation. This time investors found something more alarming: a political backlash against the artificial intelligence (AI) build-out that has powered stock markets for three years.
The first reaction to the sweeping Democratic gains in the Nov 3 midterms was euphoric. On Nov 4, the S&P 500 rose 1.6%, its best session since August, and the Dow jumped 3%, its biggest post-midterm gain since 1982. Treasury yields fell across the curve, gold and Bitcoin rallied, and Brent crude fell almost 9%, to below US$95 a barrel.
AI/artificial intelligence
US politics
Singapore economy
