There's a post-election party in Wall Street but it seems that investors can't quite agree on the type of music to play. The Dow is dancing to one tune while the Nasdaq is moving to the beat of another. As for semiconductor stocks? Well, they've apparently decided to sit this one out altogether.The Dow surged higher by 3.0% yesterday, its strongest showing since April last year, while the Nasdaq posted a respectable advance of 1.4%. But semiconductor stocks clearly had other ideas, tumbling 3.1% even as the broader market cheered.Curiously, this doesn't seem to be shaping up to be a one-day affair. That divergence is carrying over into today's trading, with Dow futures up 0.5% while Nasdaq futures are down 0.8%. That's quite the contrast for a market that is supposedly enjoying the same post-election relief rally.So, what's really going on here?The Democratic sweep in the US midterms has given investors reason to cheer, especially amid hopes that political pressure might push US president Trump towards de-escalating the US-Iran war.Falling oil prices and Treasury yields are helping the broader market mood as such. And that translates to lower energy costs, easing inflation pressures and potentially lower borrowing costs; all of which are a welcome combination for investors in the bigger picture.That being said, there's another story that seems to be unfolding when it comes to the AI trade.The midterms also revealed growing political opposition towards data centre expansion and that is raising questions about whether the relentless pace of AI infrastructure spending can continue.On the one hand, investors might actually welcome greater spending discipline after all the intense scrutiny on whether all those billions being poured into AI will deliver meaningful returns. On the other, slower infrastructure expansion could mean slower demand growth for semiconductors and that threatens to challenge the lofty expectations supporting chip valuations. It's a glass half full versus a glass half empty sort of outlook.That brings us to the divergence that we're seeing in the market over the past few sessions.Perhaps this isn't so much about investors losing faith in Wall Street but rather a shift in where they're choosing to put their money. The Dow's outperformance, alongside the weakness in semiconductor stocks, suggests that the post-election rally may be taking on a different character.It could be one where traditional sectors and beneficiaries of lower energy costs are gaining favour while the AI trade faces greater scrutiny. That sounds a bit like a foreign concept but if anything, it speaks volumes as to how long we have been stuck in this one-directional AI trade over the past two years.As such, the question now is whether we're witnessing a temporary reshuffling of market leadership or the beginning of a more lasting rotation away from AI.Wall Street is certainly showing that it can hold up even without chipmakers leading the charge. But if that becomes the new normal instead, then we're very much going to have to rethink what exactly is going to drive the next leg of this bull market.Big tech again, anyone? Anyoneee? This article was written by Justin Low at investinglive.com.