Billionaires clash over midterm spending and AI's future as markets rally

Billionaires clashed over record political spending and AI's future after Democrats swept the midterm elections, while Wall Street rallied on the outcome. The Dow surged 1,569 points as investors welcomed gridlock. Richard Branson criticized the billions spent on campaigns, while Elon Musk saw his $224 million Texas investment fail as Republicans lost. Reid Hoffman accused Musk of funding "authoritarian clowns," and Alex Soros celebrated a "generational victory" after his family's $103 million in donations. Billionaire investors warned the Democratic sweep could slow AI growth, citing Texas Governor-elect Gina Hinojosa's proposed data-center moratorium. Analysts estimated 10% of planned U.S. data centers may be canceled, though markets found opportunity in the potential slowdown.