Silicon Valley is losing its political power
The midterms showed that the political bill for the AI boom is falling due. The Democratic sweep intensified fears over runaway spending, mounting debt and resistance to datacentres, sending tech shares tumbling. Last Thursday, Wall Street suffered its worst day since the pandemic as $3.2tn was wiped from markets. Anthropic, developer of the Claude chatbot, is hoping to float within the next fortnight for $1.5 trillion (£1.1tn), but it may not now get even a trillion dollars. The dominant AI chipmaker Nvidia saw its value crash by more than $400 billion. The world’s richest man, Elon ...