Quilter sees US midterm results raising regulatory risks for tech industry
QQQ•Quilter Cheviot's Ben Barringer warned that Democratic gains in the November 4, 2026, midterms could increase technology regulation and constrain data center expansion in Texas, but urged against panic. The brief also cited AMD's 45% revenue growth, 75% profit increase and guidance for revenue growth of 66% in the fourth quarter of 2026 and 80% in 2027.
1. Regulatory outlook
Quilter Cheviot's Ben Barringer warned that Democratic gains in the November 4, 2026, midterms could increase regulatory risks for technology companies, while urging investors not to panic. The party's Texas governorship win could constrain data center expansion in the state, described in the brief as a key market.
2. AMD growth figures
AMD's revenue rose 45% and profit increased 75%, driven by data center demand. The brief said that demand underpins AMD's guidance for 66% fourth-quarter revenue growth in 2026, accelerating to 80% in 2027, and cited market-share gains and improving supply as supporting its position as hyperscalers' second chip source alongside Nvidia.
