Nvidia's stock price rose against the trend, and the Democratic victory has not yet shaken AI chip demand.

Nvidia shares rose on Wednesday even after Democratic election wins raised the prospect of tighter restrictions on data center construction, as strong results from major chip industry players signaled that demand for AI hardware remains intact despite uncertainty over where future capacity will be installed. Republican governors in Texas and Ohio lost their races, a shift that could invite greater scrutiny of AI infrastructure buildouts. UBS Global Wealth Management CIO Mark Haefele wrote that increased congressional oversight would not necessarily derail the AI investment cycle, since sweeping federal limits face legislative and executive constraints while state and local rules have more influence over data center timing and siting. The key question for investors is whether chip demand stays strong enough to offset the weaker recent stock performance and any future construction delays tied to stricter oversight.