The idea of a divided government appeals to tech. They get to keep the tax cut and less chance of government antitrust measures.
Apple up 300B over night.
Google up 10% since its insane quarterly report at the end of October.
Facebook up 8% yesterday.
Amazon up.
Microsoft up.
Zoom and Docusign way up.
Uber and Lyft are up to with the passage of Prop 22.
Qualcomm and Nvidia up.
Tesla up.
Note: I should invest in Tesla stock. Not for the EV, but for the battery sector. It has several large battery projects in California and Australia right now.
Seven new unicorns in the Bay Area in October.
All in all if you are heavily invested in tech, you are happy.
How good is tech? Well, unlike other states, CA revenue is based on income tax, corporate tax and sales tax. Right now, despite high unemployment, CA income tax and corporate tax withholdings are crushing it. The two graphs below tell the story about CA income tax withholding.