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05.11.2026 02:41 PM
On Wednesday, shares of the largest US tech companies surged: Amazon, Microsoft, Alphabet, Meta, and Apple collectively added nearly $1 trillion in market cap. Investors interpreted recent political outcomes as likely to slow large-scale spending on data centers and AI, easing pressure on cash flows for companies that are already spending more on capex than they generate — notably Amazon, Alphabet, and Meta.
Asia's reaction was mixed: Samsung and SK Hynix fell by more than 7%, and Korea's Kospi dropped sharply, while Tencent and Alibaba gained, and the Hang Seng Tech index rose by over 5%. The market viewed the election results, with Democrats winning broader control at federal and local levels, as increasing the odds of restrictions on mass data-center construction. That's a tailwind for large cloud players and less favorable for equipment suppliers such as Nvidia. Follow the link for more details.
The US dollar index fell for a second straight day after the midterm results. Traders are pricing in not only a Republican defeat but also early Democratic signals that they would seek to de-escalate the conflict with Iran. Comments from Senate Democratic leader Chuck Schumer and other signals reduced the geopolitical risk premium and eased demand for safe havens that had supported the dollar.
In the forex market, EUR/USD has tested the resistance level of 1.1260 for a second day. In the energy market, oil continued to slide after yesterday's rout: Brent is trading around $93–95/bbl and WTI near $86–87/bbl. Lower oil prices are easing inflation expectations and putting further pressure on the greenback. Follow the link for more details.
WTI has halted its slide and is currently trading near $87.50 after forecasts that the geopolitical risk premium could ease, fueled by Democratic leaders' pledges in Congress to wind down the "Iran war," exerted downward pressure on prices. The decision by party leaders to use budgetary control to curb the conflict prompted investors to price in a lower escalation risk, and that showed up in oil quotes.
That said, the Strait of Hormuz and tanker attacks off Oman continue to pose a material supply risk: shipping disruptions could quickly restore a premium and send oil prices higher. At the same time, a softer dollar remains supportive for dollar-priced commodities and could mute some of the geopolitical impact on oil. Follow the link for more details.
Meta has acquired Conductor, a startup whose app runs multiple AI agents to write and test code. Meta confirmed the deal but did not disclose its terms. According to Conductor CEO Charlie Holtz, the team will join Meta Superintelligence Labs and will unveil "something new" soon.
As part of the integration, Conductor is winding down its service: new registrations and downloads were halted on November 4; Pro users temporarily have paid features unlocked for free; Conductor Cloud will be set to read-only on November 13 and fully shut down on November 20. After that, user data will be deleted, and refunds will be issued to subscribers. Follow the link for more details.
