CEOs need a new playbook after a midterm rebuke of Trump

In today’s CEO Daily: Democrats’ rout may change how leaders operate in Washington.

The big leadership story: A new hire illustrates OpenAI’s push into defense work.

The markets: U.S. stocks look set to rally as investors weigh the election results.

Plus: All the news and watercooler chat from Fortune.

Good morning. It’s official. While the final tally will take time to work out, the Democrats came charging back into Congress yesterday, winning back control of both the House and the Senate in the midterm elections. This was a vote on the state of the economy, but it was also a vote on the state of democracy.

Left or right, the strong turnout for the midterm elections is a testament to Americans’ faith in democracy. While donors poured a record $12 billion into midterm campaigns, $446 million of which came from Elon Musk alone, the most powerful currency in the country remains one vote per citizen. Democrat James Talarico won the Senate seat in Texas, where Musk spent about $200 million trying to defeat him. If anything, such excessive spending from the world’s richest man sparked a backlash and counter-campaign insisting Texas was not for sale.

On the economic front, it’s clear that policymakers need to now prioritize addressing the cost of living, from grocery and gas costs to housing and health care, not to mention that debt. The debate around AI and data centers is likely to become more intense. And on the governing front, voters have made it clear that they want a strong check on this president after two years of watching the legislative branch give him a free pass on everything from dismantling federal agencies........

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