As Democrats gain momentum ahead of the upcoming midterm elections, defense and technology companies that cultivated close relationships with former President Donald Trump’s administration are increasingly anxious about potential political repercussions. Many such firms, particularly in Silicon Valley, have begun seeking guidance from Democratic strategists on how to navigate a shifting political landscape marked by the prospect of a Democratic-controlled Congress.

Cooper Teboe, a Democratic strategist based in Silicon Valley, has reported a surge in calls from executives at these companies in recent weeks. According to Teboe, many reached out seeking advice on which Democratic candidates to support or individuals to appoint to their corporate boards in an effort to realign their political connections. “They essentially made the cardinal sin of forgetting that pendulums reliably do one thing — and it swings back most of the time,” Teboe remarked, suggesting these companies may face a difficult period ahead.

The backdrop to this unease is the notable decline in Trump’s approval ratings, prompting business leaders who had closely aligned themselves with his administration to reassess their positions. The potential shift in congressional power has raised concerns about increased scrutiny and investigations into industries that enjoyed favorable treatment or regulatory leniency during Trump’s tenure.

Sources familiar with the matter, including congressional staffers, lobbyists, lawyers, investors, and corporate executives speaking on condition of anonymity, indicate that Democrats plan to target certain defense technology firms, as well as manufacturing and mining companies integral to the military supply chain. This focus is driven by growing public concern over unregulated advances in artificial intelligence, autonomous weapons systems, and expansive data center projects.

Brandon Rios, who co-leads a congressional working group on technology policy, noted that multiple committees are preparing to probe the intersection of national security and emerging technologies. “Every committee is going to want a piece of this,” he said, underscoring the wide-ranging interest and the likelihood of comprehensive oversight efforts.

The anticipated investigations would mark a significant shift for firms that benefitted from a less aggressive regulatory environment under Trump. As the political pendulum appears poised to swing back toward Democratic control, companies that once sought to capitalize on their government ties now face the challenge of mitigating potential fallout and rebuilding relationships across the political aisle.