The sweep made by Democrats across the House and Senate in the recently concluded midterm elections in the US may have triggered a sharp rally on Wall Street. But some sectors, stocks and pockets bore the brunt of the outcome too, most of which are linked either to US President Donald Trump, one of his biggest backers Elon Musk, or a theme that the administration has pushed significantly – Artificial Intelligence.
\n\nThe biggest loss did not come in any specific stock, it came in cryptocurrencies and the firms linked to the US President, which has been one of his biggest source of income in the past year as per his financial disclosures.
\n\nPrices of the WLFI token, promoted by World Liberty Financial, co-founded by Trump, fell 6%, while a memecoin named after him fell 19% in value, according to CoinGecko.com data.
\n\nShares of Trump Media and Technology Corp fell 25% after the election outcome, while an Exchange Traded Fund (ETF) coded DJTU, which offer leveraged exposure to Trump media shares, tanked nearly 50%.
\n\nThe other major loser were AI data center infrastructure providing companies, particularly those based out of Texas, a traditional republican state, which saw a democrat sweep. Fears…
Original source: https://www.cnbctv18.com/entertainment/
