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For months, investors have been worrying about a long list of risks to the gravy train of artificial intelligence spending. This week, they hit the panic button.

Fears of the worst-case scenario for the AI trade kicked in after the US midterm elections on Tuesday, in which Democrats secured majorities in the Senate and House of Representatives and won control of state houses and governor’s mansions across the country. Many of the winning candidates ran on anti-AI platforms, raising the possibility that the development of data centers could grind to a halt in many places. For more, we speak with Sarah Frier, Bloomberg News Big Tech Team Leader.