Elon Musk Spent $366M On The Midterms — Will It Work?

Despite a chip stock sell-off, earnings and guidance across the AI value chain keep improving, though CoreWeave's high-leverage debt is a standout risk.

• Musk's $366M bet: Elon Musk has spent $366M total this cycle (incl. $276M in the last three months) on Republican PACs; Tusk calls the ROI mostly political protection and perception, not persuasion.
• Money's diminishing returns: Tusk notes Trump outspent by Harris/Clinton still won, and Mamdani beat Cuomo ($17M vs $70M) in NYC, arguing broadcast TV and mail ads are increasingly ignored.

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