Wednesday was a busy day across politics, global trade, tech, and crypto.
Democrats scored several noteworthy election wins that are giving the party fresh momentum heading into 2026.
Meanwhile, the Supreme Court is weighing how far presidential power goes when it comes to tariffs, a debate with big implications for trade policy.
China is tightening its control over AI hardware, and Ripple is riding a wave of investor confidence with a major new funding round.
Here’s a glance at the major developments on Wednesday.
Democrats score key wins
Democrats had a big night on November 5, 2025, picking up wins in several closely watched elections and giving the party a burst of energy after a tough year.
One of the headline victories was in New York City, where Zohran Mamdani won the mayoral race.
Democrats also came out on top in the governor races in both New Jersey and Virginia, two states that are often seen as bellwethers.
On top of that, California voters approved a new congressional map that leans more Democratic, which could help the party gain additional House seats in the next election cycle.
Party leaders and supporters framed the results as a clear pushback against President Trump’s policies, even as national public opinion remains deeply divided.
While the wins are encouraging for Democrats, there’s still plenty of work ahead as they look toward the 2026 midterms.
Supreme Court weighs Trump tariffs
The US Supreme Court recently heard arguments on whether President Trump had the authority to impose certain tariffs under the International Emergency Economic Powers Act (IEEPA), and the justices didn’t seem entirely convinced by the administration’s stance.
Trump’s lawyer, Solicitor General D. John Sauer, tried to argue that the president has wide leeway to put tariffs in place during national emergencies.
But several justices pushed back, questioning whether that power should really extend so far without Congress signing off.
Critics, including Democrats and many small business owners, say the tariffs have caused real financial damage, with some businesses taking heavy losses because of higher import costs.
The stakes here are significant: the Court’s decision could affect billions of dollars in tariff revenue and potentially redefine how much control presidents have over trade policy.
Trump, for his part, warned that if the Court rules against him, it could weaken the US in future trade negotiations and even pose national security risks.
A final decision isn’t expected for months, so the debate will likely continue for a while.
China mandates local AI chips
China has rolled out new rules saying that any data centers funded by the government must use only Chinese-made AI chips, according to sources who spoke with Reuters.
If a project is still early in development, less than 30% finished, it now has to remove any foreign chips it planned to use or scrap those purchases altogether.
For projects that are already further along, the government will decide what happens on a case-by-case basis.
This is a major blow to companies like Nvidia, AMD, and Intel, which have relied heavily on the Chinese market.
Even Nvidia’s specially designed, limited-performance AI chips, which were created to comply with US export restrictions, are affected.
The move is meant to strengthen homegrown chipmakers like Huawei and Cambricon, and it comes as trade tensions between China and the US continue to escalate.
It’s also part of China’s broader push to become more self-sufficient in key tech sectors.
Ripple’s $40B momentum
Ripple, the company behind the XRP token, just closed a $500 million strategic funding round, and it’s a big one.
The round was led by Fortress Investment Group and Citadel Securities, with support from investors like Pantera Capital and Galaxy Digital.
With this raise, Ripple is now valued at around $40 billion, which signals some pretty strong confidence from major players.
What’s interesting is that Ripple isn’t just focusing on cross-border payments anymore.
The new funding is going toward expanding into crypto custody, stablecoins, prime brokerage services, and tools for corporate treasury management.
Basically, they want to be a broader financial and infrastructure provider in the crypto space.
CEO Brad Garlinghouse even described the raise as the “cherry on top” of what he says has been a record year for the company.
Ripple says it has processed over $95 billion in payment volume so far, and with more favorable crypto regulations emerging in the US, they are looking to double down on product development and growth.
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