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Shares of major U.S. technology companies surged after Democratic victories in the midterm elections, as investors weighed the possibility that data-center construction could slow, curbing capital spending and boosting the value of existing facilities. Amazon rose 7.4% and Apple nearly 7%, while Meta, Alphabet and Microsoft gained between 2% and 6.3%. If the gains hold, the five companies could add more than $750 billion to their combined market value. By contrast, smaller companies such as Applied Digital and Iren fell 6% to 13% amid concerns that their debt-funded expansion plans could falter. Major technology companies, meanwhile, plan to spend more than $740 billion this year, compared with about $400 billion last year.
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