Big Tech Rallies $750 Billion After Democratic Midterm Win
Big Tech shares rose after Democrats swept the US midterm elections, adding about $750 billion in value. Apple jumped nearly 7% to a record high. Apple has stayed out of the heavy AI spending of its rivals, but rising memory chip prices driven by AI demand have hurt it.
Context
Context: Big Tech refers to the largest US technology firms, many of which have spent heavily on AI data centres and chips. Memory chips go into phones and computers, so higher prices affect device makers and buyers alike.
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