What CEOs should actually take away from the Democrats’ midterm sweep

In today’s CEO Daily: Are leaders rejoicing, lawyering up, or lying low?

The big leadership story: Elon Musk’s big spending yielded little at the ballot box.

The markets: Mixed globally after a post-midterms rally.

Plus: All the news and watercooler chat from Fortune.

Good morning. I called several sources at crisis communications firms yesterday, wondering how their clients in tech, crypto, manufacturing, health care, law, and other policy-sensitive sectors might be reacting to the Democratic sweep of Congress. Are they rejoicing? Lawyering up? Trying to stay off camera during presidential press conferences that reference ballrooms and meme coins?

Astute business leaders have long understood the need to stay neutral amid demands for political loyalty and largesse because no party lasts forever. One communications leader said they’re telling clients to “start talking about 530A accounts,” as Trump Accounts are also known. Another said their health care client is “breathing easier” in the hope that insurance subsidies might be restored. But the election also revealed the depth of concern around issues that business has to deal with head-on.

First is the data center debate. Tech companies have poured billions into building out AI infrastructure in once reliably red states like Texas and Ohio. Voters on Tuesday supported efforts to block data center development in all but one of the 38 local ballot contests with completed counts. That will affect the amount of planned capacity that comes online, potentially slowing down AI adoption and development. Business leaders need to address the real and perceived costs of data centers, but such facilities are also a surrogate for........

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