Amazon and Microsoft added close to $445 billion in combined market value in a single morning, one day after the US midterm elections. Both stocks traded near intraday records as investors appeared to weigh the election results and cloud demand.
Amazon and Microsoft added close to $445 billion in combined market value in a single morning on November 4, 2026. The move came the day after the US midterm elections, in which Democrats won control of both the House and the Senate.
Investors appear to have looked at the results and decided the two cloud giants were among the winners.
Microsoft takes the larger share
Amazon shares climbed between approximately 7% and 7.7% during the session, while Microsoft rose by about 5% to 7%. Both stocks traded near intraday records.
Microsoft added around $250 billion in market value on its own, and the rest of the near-$445 billion total came from Amazon. Microsoft has seen a gain like this before: in late July 2026, it posted a record $450 billion market-cap increase after a strong earnings report.
Election results and data centers
The election results went beyond Congress. Democrats also won key gubernatorial races in Texas, Ohio, and Georgia, and local voters in several states approved restrictions on building new data centers.
The expectation embedded in the rally is that a Democratic-controlled Congress could introduce regulatory measures favoring large tech companies that already operate extensive data-center networks.
Cloud earnings were already strong
Both companies came into November off strong earnings tied to cloud computing. Amazon Web Services, the company's cloud division, grew by 39%. Microsoft anticipated growth in Azure exceeding 45% for the next quarter.
Each has responded by spending heavily, and Amazon raised its 2026 capital expenditure forecast to $220 billion.
Source: Crypto Briefing
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