AI Election Backlash Is Shaping Wall Street’s Stock Market Views

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Demonstrators hold up "Stop Data Centers" signs as President Donald Trump, not pictured, speaks in Milford, Michigan on July 27. The backlash against artificial intelligence and the data centers needed to run it is becoming such a touchy election issue that Wall Street is being forced to factor it into its stock market recommendations. Last week, strategists at Bank of America Corp. told clients that a strong showing by Republicans in November’s midterms would cause US equities to “rip.” The group led by Michael Hartnett put a particular focus on the reelection of Texas Governor Greg Abbott , cautioning that if Democrats gain control of the Senate and Texas governor’s mansion it would trigger a slump of more than 10% in the stock market next year, the technical definition for a correction.

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