On November 5, John Luke Tyner of Aptus Capital Advisors noted in a report that following Democratic progress in gubernatorial elections, the market should watch whether AI capital expenditure and data center construction will be affected or simply relocate to states with more favorable policies. He suggested that related investment may slow, though the magnitude could be smaller than market concerns. Regarding Fed rate hikes, Tyner believes that if the primary inflationary pressure stems from energy prices and AI spending, a 25-basis-point rate hike in September is very likely to be the last of this cycle. He also noted that government gridlock typically weighs on GDP growth and may create room for a further decline in the yield curve.