Stock indexes rallied hard today, but it was a rough day for semiconductor stocks.

Shares of Micron, Marvell and Sandisk all ended the day with losses of 7% or more. Nvidia and Broadcom also ended the day in the red.

One explanation: investors are betting that any restrictions on data-center construction resulting from last night's election will hit "picks and shovels" plays the hardest. Meanwhile, the companies steering the buildout - such as Amazon or Microsoft - could potentially benefit from a slowdown. Their shares were up more than 6% Wednesday.