US tech stocks made a recovery on Tuesday afternoon after a selloff spooked investors over AI spending.

Tuesday’s midterm elections didn’t appear to have a huge impact on Wall Street, though investors are predicting Democrats get at least a majority in the House and potentially gain seats in the Senate, which could lead to more AI regulation.

The S&P 500 was up 0.37% at market closing on Tuesday, while the tech-heavy Nasdaq increased 0.83% for the day. The Dow dropped 0.38% following a 1.9% dip in Apple’s share price after the company released a worse-than-expected margin forecast due to the higher cost of memory chips.

Nvidia picked up a 2.3% gain after dropping over four sessions, while fellow chipmakers Advanced Micro Devices, Broadcom and Micron Technology also jumped on Tuesday.

A historical chart of the S&P 500 from January 205 to present.

Tuesday marked the end of a brief selloff of AI and tech stocks that started last week, with the Nasdaq in October experiencing its largest monthly decline…