SpaceX shares fall as tech and AI stocks slide on data centre scrutiny

Shares in Elon Musk's SpaceX plunged alongside broader tech and AI stocks as markets reacted to potential tougher scrutiny of data centre construction following the US mid-term elections. Musk had spent nearly $450m backing Republican campaigns, including at least $45m for Ken Paxton's Texas senate bid, but Texas turned blue in Tuesday's Democratic wave. Intel shares fell over 18% in five days, Nvidia dropped more than 10%, and the Philadelphia Semiconductor Index declined over 13%. OpenAI president Greg Brockman said the reaction to data centres surprised everyone, stressing that companies must engage with local communities rather than relying on social media announcements to build infrastructure in states like Texas and Georgia.