WS #16830

The Democratic midterm sweep continues to drive a broad market rally, with the dollar selling off and safe-haven assets like gold and silver surging as traders price in a shift toward more dovish fiscal and monetary policy. This macro shift is supporting risk assets, particularly in the technology and industrial sectors, where AI infrastructure buildouts remain resilient despite broader political headwinds for specific names like Tesla and Elon Musk. In the technology sector, AMD's record Q3 revenue reinforces the bullish AI demand narrative, while Nvidia-related developments in open-source video generation highlight ongoing innovation. However, regulatory risks persist, with Meta facing legal challenges in Brazil over AI training data and Canva announcing significant job cuts as growth slows, signaling a divergence in the tech sub-sectors between high-growth AI enablers and consumer-facing platforms facing saturation or regulatory pressure.