Morning Scan

The midterms are over, and the biggest loser was apparently a gray box full of GPUs, with Democrats taking Congress on a promise to slow AI build-outs. Elsewhere, the money kept flowing: Revolut is worth more than most banks, Sequoia is cleaning house, and Apple is posting records like it's a hobby.

$474M — The record Elon Musk reportedly spent as an individual donor trying to elect Republicans in a US election, and it didn't land. (The Hollywood Reporter)

The Midterm Hangover

The midterms' biggest loser wasn't any particular candidate, but instead, the hulking, grey data center.

Democrats rode promises to pump the brakes on AI development and data center build-outs into control of the House, the Senate, and key governorships. (Euronews)

A very expensive night for Big Oil

The money didn't buy much. (Heated)

WLFI Slides 11% on Election Night, Lags Bitcoin's Recovery

World Liberty's token was still 5.1% below its early-evening level by 5 a.m. ET, even as bitcoin recovered its losses. (The Defiant)

California fights "preposterous" Trump admin demand to scrap state broadband laws

California will take the $1.42 billion in broadband grants but not the strings the administration attached. (Ars Technica)

Valuations, Reorgs, and Layoffs

Revolut confirms $115BN valuation, after completing secondary sale

More than double its valuation of two years ago, a lot of growth for a company that started as a travel card. (Tech.eu)

EXCLUSIVE: Sequoia Parts Ways With Half-a-Dozen Partners, Shuts European Office Amid AI-Era Reorg

At least three US-based partners are out and the London office is closing, as the storied firm rethinks its playbook for the AI era. (Newcomer)

Canva is announcing changes and layoffs affecting 22 percent of its staff

That's 1,271 people, a big cut at a company that's supposed to be a design-tool success story. (The Verge)

Salesforce Cresta acquisition fills an important gap in its customer service AI story

Voice agents, real-time agent assist, and conversation intelligence get bolted onto Salesforce's service stack. (Forrester)

Earnings and Hard Numbers

Apple announces record $114.5B fourth-quarter results

Revenue is up 12% year over year, unusual for a maturing hardware company. (Six Colors)

AMD rides data center riches to 'largest and most profitable' quarter in history

Lisa Su's superlative of choice, and the data center line is doing the heavy lifting. (The Verge)

Novo Nordisk Hikes 2026 Outlook Again

Third raise of the year, powered by the Wegovy pill beating third-quarter sales expectations. (The Business of Fashion)

Booking Takes $1 Billion Hit Over Possible FTC Settlement, Sees 'Mixed' Travel Market

The Middle East conflict and higher airfares are hitting the industry across the board. (Skift)

The Lighter Side

JetBlue Raises Bag Fees for the Second Time This Year

A live test of how much more travelers will absorb before checking a carry-on becomes a lifestyle choice. (Skift)