周三，许多最大的科技公司股价大涨，此前民主党在中期选举中取得了震撼性胜利，夺回了众议院和参议院的控制权。
Many of the biggest technology companies are surging on Wednesday, after Democrats scored a seismic victory in the midterm elections, flipping both the House and Senate.
摩根资产管理首席全球策略师大卫·凯利在“街头直击”节目中表示，周二的选举结果消除了市场的不确定性。周三上涨的许多科技股被称为超大规模云服务商，分析师称它们有望从加强监管中受益。
Tuesday's election results remove uncertainty in the market, David Kelly, chief global strategist at JPMorgan Asset Management, said on "Squawk on the Street." Many of the technology stocks rising on Wednesday are what are known as hyperscalers, and analysts say they are poised to benefit from increased regulation.
周三交易中，亚马逊飙升8%，谷歌上涨逾6%，微软上涨4%，Meta上涨3%，苹果——此前面临特朗普关税并最近获得退税——攀升近7%。
During trading on Wednesday, Amazon surged 8%, Google rose over 6%, Microsoft rose 4%, Meta was up 3%, and Apple — which faced Trump's tariffs and recently got refunds — climbed nearly 7%.
他说，分裂政府将导致“增长放缓、通胀放缓、不确定性减少，我认为这都在帮助股市今日上涨。”然而，一些股票，特别是与特朗普顾问埃隆·马斯克相关的股票以及AI数据中心建设相关的股票，周三下跌。
He said the divided government would lead to "moderation in growth, moderation in inflation, less uncertainty, and I think that's all helping the stock market move up today." However, some stocks, particularly those tied to Trump advisor Elon Musk as well as the AI data center buildout, fell on Wednesday.
随着结果在昨晚陆续出炉，一些观察人士认为这对大型科技公司是坏消息，因为它们押注建设大型AI专用数据中心。周二有41项地方投票提案旨在限制或为AI数据中心铺平道路，选民在其中40项中站在了反对数据中心的一方。在CNBC选民民调中，56%的选民表示数据中心是其投票决定的关键或主要因素。
As results came in last night, some observers saw bad news for big technology companies because of their bets to build large AI-focused data centers. There were 41 local ballot measures on Tuesday to place restrictions or clear the way for AI data centers, and voters sided against data centers in 40 of them. In a CNBC Voter Poll, 56% of voters said data centers were a crucial or major factor in their voting decision.
分析师表示，提出数据中心暂停令的民主党人在得克萨斯州、佐治亚州和俄亥俄州的州长选举中获胜，引发担忧，项目可能会陷入监管纠葛或被政客叫停。
Analysts said that Democrats who proposed data center moratoriums won gubernatorial races in Texas, Georgia, and Ohio, raising fears that projects could get snarled in regulation or blocked by politicians.
麦格理分析师保罗·戈尔丁在周三的一份报告中表示：“回顾一下，备用电源排放、分区规划、用水、互联/电网接入以及税收考量，通常由州监管机构负责监管。”
"Recall that backup power emissions, zoning, water, interconnect/grid, and tax considerations are often overseen by state regulators," Macquarie analyst Paul Golding said in a note on Wednesday.
特斯拉股价下跌2%，SpaceX下跌3%。为大多数AI数据中心项目提供芯片的英伟达股价微跌逾1%。
Tesla stock fell 2%, and SpaceX was down 3%. Nvidia, which makes the chips for most of these AI data center projects, slipped just over 1%.
周三上涨的许多科技股属于所谓的超大规模云服务商，即最大的云服务提供商，它们同时具备巨额资本性支出与强劲自由现金流，并在构建 AI 数据中心方面拥有最丰富的经验和能力。
Many of the technology stocks rising on Wednesday are what are known as hyperscalers, or the largest cloud providers that also pair massive capex spending with robust free cash flow and have the most experience and capability to construct AI data centers.
“我们认为，更高的监管门槛会巩固现有企业的地位，并增加新进入者的风险（并提高其所需的投入资本回报率），”Needham 分析师劳拉·马丁周三在研报中写道。“超大规模云服务商是 AI 领域的现有主导者。”规模较小的 AI 云服务商，通常被称为“新云服务商”，周三遭重创。CoreWeave 股价下跌 10%。Baird 分析师在研报中表示，选举结果给新云服务商带来了“情绪利空”。
"We believe higher regulatory barriers entrench incumbents, and increase risks (and raise required ROICs) for new entrants," wrote Needham analyst Laura Martin in a note on Wednesday. "Hyperscalers are AI incumbents." Smaller AI cloud providers, often called neoclouds, got whacked on Wednesday. CoreWeave stock fell 10%. Baird analysts said in a note that the election results create a "sentiment headwind" for neoclouds.
麦格理分析师戈尔丁写道，他对 AI 基础设施依然看好，资金雄厚、质量上乘的运营商若某些州的项目放缓，将获益最大。
Golding, the Macquarie analyst, wrote that he remains bullish on AI infrastructure, and that well-capitalized, high-quality operators stand to benefit the most if projects in some states slow down.
“新云服务商可能需要支付更高费用租赁已通电的机房外壳以履行 GPU即服务 承诺（并将成本转嫁），而超大规模云服务商/AI 实验室的产能需求可能加剧对本就有限供应的争夺，”戈尔丁写道。
"Neoclouds may pay more to lease powered shells for GPUaaS commitments (and pass on costs), while hyperscaler/AI lab capacity needs could intensify competition for even more limited supply," Golding wrote.
Axe Compute 首席执行官克里斯·米利诺在电子邮件中表示，周二的选举结果可能预示着某些州将限制新建数据中心项目，但这不一定意味着全国范围内的建设放缓。企业仍在融资，企业客户仍在支出，对更多产能的需求依然存在。
Tuesday's results could signal restrictions on new data center developments in some states, but it doesn't necessarily signal a nationwide slowdown in construction, Chris Miglino, CEO of Axe Compute said in an email. Companies are still raising capital, enterprises are spending, and there's still a need for more capacity.
米利诺表示，部分地区监管收紧可能促使投资者和客户更仔细地审视不同的云计算提供商，并选择那些具备交付产能能力、或向特定行业细分领域提供 AI 推理服务的提供商。
Miglino said that increased regulation in some regions could cause investors and customers to look more closely at different cloud computing providers, and opt for those with the capability to deliver capacity, or which offer AI inference to a specific industry niche.
“如果你已经锁定电力、资金到位，且懂得如何高效部署和运营算力基础设施，你的处境将比那些仍在摸索这些问题的公司强得多，”米利诺说。
"If you've already secured power, have the financing in place and understand how to deploy and operate compute infrastructure efficiently, you're in a much stronger position than a company that's still trying to figure those things out," Miglino said.