The shares of US technology giants led the market higher on Wednesday as investors bet that a Democrat-controlled Congress will slow the massive spending on artificial intelligence that’s eating up free cash flow.
Amazon.com Inc. was up as much as 8.3%, Microsoft Corp. gained 7%, Alphabet Inc. jumped 5.9% and Meta Platforms Inc. advanced 3.6%. Together with Apple Inc., which has avoided heavy AI spending and leaped more than 6%, the five tech behemoths are on pace to add nearly $1 trillion in market value on Wednesday.