Blue Wave, Red Ink: Election Impacts on the AI Trade ETF Zoo Podcast Thu, November 12, 2026 at 5:39 PM EST AMZN +0.46% MSFT +0.10% GOOGN +2.08% NVDA -4.10% AVGO +5.48% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
The day after the midterms, ETF.com's President & Director of Research, and Sumit Roy, Senior Analyst at ETF.com, were joined by Aniket Ullal, Head, ETF Research and Analytics at CFRA Research, and Jeffrey Ptak, Managing Director of Morningstar on ETF Zoo. They unpacked a market reaction that was calm on the surface but turbulent underneath. The crew also covered the election's impact on AI and data centers, the state of the bond market, and the latest crop of ETF products.
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The election split Big Tech in two. Hyperscalers like Amazon, Microsoft, and Google rallied in the immediate aftermath of the election while chipmakers including NVIDIA, Broadcom, and Intel slid on fears of a slower data center buildout. All but one of more than 50 data center referendums went the restrictive way. Roy noted that fewer new data centers could make existing ones more valuable to the companies that already own the most of them.
Hyperscalers are better positioned than neoclouds. Ullal said data center construction won't stop in states like Texas and Ohio, but governors will press companies for concessions. The big hyperscalers have more negotiating power than smaller players like CoreWeave, which fell 16% on the day. He also flagged Oracle as the most strained AI-related debt issuer.
Bonds are finally paying for duration. Ptak said higher yields and shorter durations have improved the risk-reward trade-off in intermediate Treasuries. Ullal added that AI debt flowing into corporate bond ETFs adds diversification and higher yields, though it can double up on exposure for investors who also own the stocks. However, this wave of issuance may be competing with sovereign debt for capital and helping push rates higher.
The Zoo crew was skeptical of new ETF products. The group doubted that newly filed credit default swap ETFs or 56 long-call option ETFs would find much of an audience, since institutions and options traders can already access those markets directly. Ptak's research showed that leveraged single-stock ETFs lose much of their edge over longer holding periods. Roy argued these funds will still thrive among short-term traders.
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