Intel Corporation (NASDAQ:INTC) stock is down 7.3% as of 1:43 p.m. ET on Thursday, Nov. 5, after Democrats' sweeping midterm victory set off a sell-off in chip stocks. The S&P 500 (SNPINDEX:^GSPC) and the Nasdaq Composite (NASDAQINDEX:^IXIC) are down 4% and 5.2%, respectively. Investors are dumping chipmakers two days after the election as investors try to anticipate the impacts of Democratic control of Congress as well as governorships in states essential to the AI infrastructure buildout like Texas, Georgia, and Ohio. Many Democrats, including the newly elected governor of Texas, promised to pause data center construction once in office.
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