Shares of Elon Musk's Tesla and Qualcomm plunged nearly 10% at the open! The immediate trigger was the Democratic Party's sweep of the midterm elections, and the core blow was to Musk's bet on the future of AI. 1. Texas Headquarters Hit: Tesla's plans to expand its AI computing power in Texas may be permanently blocked. 2. AI Narrative Undermined: Without sufficient computing power, how can the AI story be told? 3. Merger Expectations Hindered: With the Democrats controlling Congress, the merger between Tesla and SpaceX will face stricter regulatory scrutiny.