民主党在中期选举中取得压倒性胜利，本周震动了华尔街。与人工智能繁荣相关的公司股份受冲击最大，市场担忧民主党控制的国会将对数据中心的进一步发展踩下刹车。
The overwhelming victory by the Democrats in the midterm elections shook up Wall Street this week. The biggest tremors were felt in shares of companies tied to the boom in artificial intelligence on concerns that a Democratic Congress will put the brakes on further development of data centers.
达米安·特鲁瓦斯 纽约报道 —— 民主党在中期选举中取得压倒性胜利，本周震动了华尔街。
DAMIAN TROISE NEW YORK — The overwhelming victory by the Democrats in the midterm elections shook up Wall Street this week.
与人工智能繁荣相关的公司股份受冲击最大，市场担忧民主党控制的国会将对数据中心的进一步发展踩下刹车。
The biggest tremors were felt in shares of companies tied to the boom in artificial intelligence on concerns that a Democratic Congress will put the brakes on further development of data centers.
国防和石油公司股价下跌，市场预期民主党将推动结束美伊战争，这很可能会降低能源价格。
Defense and oil companies fell on expectations Democrats would push for an end to the U.S.-Iran war, which would likely lower energy prices.
与此同时，医院股份上涨，因多项政府项目的资金有望恢复或增加；酒类公司及其他受关税冲击的企业股价上涨，因市场期待减免。以下是特定股票和行业对中期选举结果的反应概览。
Meanwhile, hospital shares rose on the possibility that funding for several government programs could be restored or boosted, while liquor companies and others buffeted by tariffs rose on hopes for relief. Here’s a look at how certain stocks and industries reacted to the result of the midterms.
人工智能股票 为人工智能繁荣提供动力的数据中心疯狂建设，让芯片制造商、电力供应商、冷却系统生产商、云计算公司等众多企业获利丰厚。渴望分一杯羹的投资者蜂拥而入，推动部分股价翻倍甚至更多。但也有担忧认为人工智能股票估值过高。随后民主党横扫中期选举，夺得国会控制权。
AI stocks The frantic construction of data centers to power the AI boom has meant big profits for a wide array of companies — chip makers, power providers, cooling system producers, cloud computing companies and more. Investors hungry for a piece of those profits dove in, pushing some stocks up by double or more. But concerns grew that AI stocks got too pricey. And then the Democrats swept the midterms to take control of Congress.
英伟达、泛林半导体等与人工智能繁荣相关的股票本周剧烈波动，市场担忧民主党在全美各州议会获胜，可能意味着数据中心进一步建设放缓，尤其是在得克萨斯州。大规模云服务商（即为建设提供资金的公司），如亚马逊，表现相对较好。
Nvidia, Lam Research and others tied to the AI boom swung wildly this week on worries that Democratic victories in statehouses across the country could mean a slowdown in further construction particularly in Texas. Hyperscalers, or those funding the buildout, like Amazon, fared better.
国防和石油公司股价在全年波动，随美国与伊朗战争的局势变化起伏。
companies have been volatile throughout the year, rising and falling with the shifts in the U.S. war with Iran.
随着民主党在中期选举中大获全胜，结束战争的希望增加。战争结束可能意味着几家大型国防公司的生意会变清淡，不过战争也耗尽了武器库存，这可能导致美国政府产生补给需求。
Hopes for an end to the war increased following the Democrats’ sweep in the midterms. An end to the war could mean slimmer business for several big defense companies, though the war has also depleted stockpiles of weapons, which could result in demand for resupplies by the U.S. government.
周二之后，诺斯罗普·格鲁曼、洛克希德·马丁、RTX 和通用动力股价下跌 4% 至 12% 不等。
Northrop Grumman, Lockheed Martin, RTX and General Dynamics fell between 4% and 12% after Tuesday.
石油和天然气 石油勘探和炼油公司一直是美国与伊朗战争的最大受益者之一，这场战争自 2 月以来扼制了全球供应，推高了原油和汽油价格。几家大型能源公司在中期选举后失去涨幅，因为战争结束将降低油价并减少这些公司的利润。
Oil and gas Oil exploration and refining companies have been among the biggest beneficiaries of the U.S. war with Iran, which has stifled global supplies since February and raised the price of crude oil and gasoline Several big energy companies lost ground following the midterms because an end to the war would lower oil prices and reduce the companies’ profits.
埃克森美孚和菲利普斯 66 等公司今年以来仍显示出稳健涨幅。
Companies such as Exxon Mobil and Phillips 66 are still showing solid year-to-date gains.
埃隆·马斯克的公司 埃隆·马斯克斥资超过 4.45 亿美元，试图帮助共和党保持对国会的控制。不仅他的投资回报不佳，而且由于担心民主党控制的国会将调查马斯克 2025 年担任特朗普削减成本主管的工作，他的两家上市公司股价遭受重创。SpaceX（旗下拥有马斯克的 xAI 业务）和特斯拉（计划组建一支主要由自动驾驶车辆组成的车队）在中期选举后分别下跌 5% 和 10.1%。
Elon Musk’s companies Elon Musk spent more than $445 million in an attempt to help Republicans maintain control of Congress. Not only was his return on investment not very good but shares of his two publicly traded companies took a drubbing on concerns a Democratic Congress will investigate Musk’s work as Trump’s cost-cutting chief in 2025. SpaceX, which houses Musk’s xAI business, and Tesla, with plans for a fleet of mostly autonomous vehicles, fell 5% and 10.1%, respectively, after the midterms.
特朗普媒体集团 总统的社交媒体公司特朗普媒体科技集团在大选后三天内市值蒸发 33%。特朗普在该公司的持股 2025 年 3 月价值近 50 亿美元，现在不足 6 亿美元。该公司希望通过与核聚变公司 TAE Technologies 合并来改善命运。交易完成尚待敲定。
Trump Media The president’s social media company, Trump Media & Technology, lost 33% of its market value in the three days after the election. Trump’s stake in the company was worth nearly $5 billion in March 2025. Now, it’s worth less than $600 million. The company is hoping to improve its fortunes by merging with the nuclear fusion company TAE Technologies. Completion of the deal is pending.
电力公司 专注于风能、太阳能及其他可再生能源形式的公司，随着一个更亲产业的国会出现，前景可能更加光明。民主党将在1月接管国会后对资金拨款拥有压倒性影响力，令各类绿色能源公司燃起希望。
Power companies Companies focusing on wind, solar and other forms of renewable energy could see sunnier days ahead with a more industry-friendly Congress. Democrats will have overwhelming influence on funding when they take control of Congress in January, raising hopes for a wide range of green energy companies.
不过，那些为人工智能建设核心的数据中心供电的公司表现不佳，因为多名对数据中心持怀疑态度的人士当选为国会议员或州长。
Those companies involved in powering the data centers at the hub of the AI buildout didn’t fare as well, however, after a number of data center skeptics got elected to Congress or governorships.
医院 医院因希望多项政府项目的资金能得到恢复或增加而受益，这些项目包括医疗补助和《平价医疗法案》补贴。特朗普执政期间削减了医疗补助开支。针对《平价医疗法案》的增强税收抵免在未获续期的情况下到期，导致全国参保人数下降。这些项目获得更多资金最终将提振医疗服务提供商，包括医院。
spitals Hospitals gained ground over hopes that funding for several government programs could be restored or boosted, including Medicaid and subsidies for the Affordable Care Act Medicaid spending was reduced under Trump. Enhanced tax credits for the ACA were allowed to expire without being renewed, resulting in a decline in enrollment for insurance coverage nationally. More funding for those programs would result in an eventual boost to healthcare providers, including hospitals.
周二过后，HCA Healthcare上涨6.9%，Tenet Healthcare上涨6.2%，Universal Health Services上涨10.4%。
HCA Healthcare rose 6.9%, Tenet Healthcare gained 6.2% and Universal Health Services added 10.4% after Tuesday.
房屋建筑商和家居装修 房地产行业，包括建筑商，继续面临历史性高企的房价和抵押贷款利率的压力。
Homebuilders and home improvement The housing sector, including builders, continues to face pressure from historically high home prices and mortgage rates.
国会权力的转移可能意味着更加关注解决可负担性的政策，这是民主党的一个关键主题。削减关税和降低能源成本可降低供应链成本。这也可能通过缓解消费者压力来帮助家居装修零售商。
The shift in power in Congress could mean a greater focus on policies that address affordability, which was a key theme for Democrats. Cutting tariffs and lowering energy costs could lower supply chain costs. That could also help home improvement retailers by relieving pressure on consumers.
不过，抵押贷款利率对该行业来说是个更棘手的问题。美联储预计将再次加息以抑制通胀。这意味着包括抵押贷款在内的多种贷款利率可能将维持高位。
Mortgage rates, though, are a trickier issue for the industry. The Federal Reserve is expected to raise its benchmark interest rate again in an effort to cool inflation. That likely means that interest rates on many types of loans, including mortgages, will remain high.
D.R. Horton上涨4.9%，PulteGroup上涨4.4%，Home Depot上涨2.9%。
D.R. Horton gained 4.9%, PulteGroup rose 4.4% and Home Depot added 2.9%.
酒精饮料 随着民主党控制国会，啤酒、葡萄酒和烈酒公司可能会从关税中得到缓解，这些关税已经损害了它们在美国和全球的销售。人们希望民主党将采取行动结束全球关税冲突，该冲突推高了价格。标普500成分股Constellation Brands（拥有Corona和Modelo啤酒的美国进口权）和Brown-Forman（生产Jack Daniel’s等烈酒）股价均上涨。
Alcohol Beer, wine and liquor companies could see relief from tariffs that have hurt sales both in the U.S. and globally with Democrats taking control of Congress. The hope is that they will take action to end the global tariff conflict that has raised prices. S&P 500 members Constellation Brands, which has U.S. import rights for Corona and Modelo beers, and Brown-Forman, which makes Jack Daniel’s and other liquors, both had gains.
日用品 日常消费品的制造商和销售商股价上涨，因为投资者撤离风险较高的板块。他们还受益于这样一种预期：国会控制权的易手可能意味着出台有助于降温通胀的政策。取消或降低关税可能有助于降低企业成本。
Household goods Makers and sellers of everyday consumer staples gained ground as investors moved out of riskier sectors. They were also helped by hopes that a shift in control of Congress could mean policies that help cool inflation. Eliminating or reducing tariffs could help lower costs for businesses.
结束美国与伊朗的战争可能增加全球石油供应，从而降低油价，并降低从食品到服装等各类商品的运输成本。
Ending the U.S. war with Iran could boost global oil supplies, which would lower oil prices and costs for shipping on everything from food to clothing.
大选后，Costco Wholesale上涨3.4%，宝洁上涨2.1%，Dollar General上涨2.5%。
After the election, Costco Wholesale added 3.4%, Procter & Gamble rose 2.1% and Dollar General rose 2.5%.