Shares of major US technology companies climbed on Wednesday as investors BET that a Democrat-controlled Congress would slow the industry’s large investments in artificial intelligence, which have been consuming free cash flow.
Amazon rose as much as 8.3%, while Microsoft gained 7%, Alphabet advanced 5.9% and Meta Platforms added 3.6%. Apple, which has avoided heavy AI spending, climbed more than 6%.
Together, the five companies were on track to add nearly $1 trillion in market value during the session.
Sources: Bloomberg Markets.