Wall Street feared a Democratic sweep in the midterm elections. Instead, the sweep has pushed Microsoft Corp. (NASDAQ:MSFT) to an all-time high.

Shares jumped as much as 7% to $558.05 on Wednesday. That beat the previous intraday record of $555.45 set on July 31, 2025. The stock was trading 6.5% higher at $555.07 in the afternoon, which added roughly $250 billion in market value.

It is Microsoft's biggest one-day gain since late July. The stock is now up nearly 60% from its 2026 low of $349.20.

Democrats won both chambers of Congress, along with the governors' races in Texas, Ohio and Georgia.

Leaders in those states have pledged tighter oversight of data centers. Investors are betting that a slower AI buildout will help the incumbents that already own capacity. They would keep their pricing power and face less pressure to keep spending. Neocloud challengers would lose the most.