A Democrat won the Texas governorship for the first time in decades. But Republicans still control the Texas House and Senate.

What I think is the biggest news from election night for markets: * A Democrat won the Texas governorship for the first time in decades. But Republicans still control the Texas House and Senate. * Texas will host 25% of all data centers coming online between now and 2030. * Incumbent Republican governor Greg Abbott put a moratorium on data center construction on September 21st. The hope was that he would win and lift the moratorium. The fear is that the moratorium won't be lifted. NDX (NASDAQ 100) is down more than 2%.

— Jim Bianco (@biancoresearch) November 4, 2026