Don't be led by what appears to be obvious.
The Mamdani victory is historic for him, a dreamy American journey for an immigrant rising to the top, and, along with the governor victories in New Jersey and Virginia, it undoubtedly represents a gear shift for the Democrats who have been lost in a Trumpian vortex since Joe Biden's disastrous presidential debate 18 months ago.
All of this is true. And in that sense, it was of course a very good night for the Democratic Party. Winning is clearly better than losing.
But what if Mamdani is actually a poison chalice for the Democrats? They are drinking this socialist's champagne now because they finally have some momentum.
But he isn't a champagne socialist. He is a purist socialist; proudly one.
Explainer: Who is Zohran Mamdani?
With his skilful communication skills and his apparent authenticity, he has energised New York City. And no wonder. The alternative was the flawed, compromised Andrew Cuomo. Mamdani offered hope for a deeply liberal city that's lost in Trump World.
Trump endorsed Cuomo not because he agrees with Mamdani's own tagline: "I am Trump's worst nightmare..."
Trump endorsed Cuomo because he knew that it would probably increase Mamdani's share of the vote - and it did.
Why would Trump do this? Maybe because he thinks Mamdani is the perfect foil for him.
What Trump can get out of apparent defeat
Mamdani's victory gives Trump and his allies two things.
First, they can sit back and watch the Democrats squabble about whether Mamdani's leftward Democratic socialism is the future of their party. And be in no doubt, they will.
Second, they can warn centrists and right-leaning folk: 'Look, the Democrats really are socialists...'. The president continues to frame him as a "communist".
The Democrats may choose the Mamdani lane and stick with it, especially if he is successful in New York. But the Big Apple is not remotely representative of America.
Beyond New York City, Mamdani is, history would suggest, off the spectrum when it comes to electable Democratic Party candidates - America remains a conservative society; political spectrums here naturally tack right.
Team Trump knows all this, so they'll relish the prospect of the Democratic Party machine (which has form in picking the wrong candidate) being lured by Mamdani-mania.
Cost of living a key issue
Beyond that, there is a vital takeaway for Trump from this mini and not wholly representative referendum on his presidency so far.
Many ordinary Americans are still hurting economically, big time.
The Democrats won in New York, New Jersey and Virginia because their candidates all focused on kitchen table issues.
The president clearly recognises this, to an extent. "Day by day, we're going to make America affordable again," he said after the Mamdani victory.
But he was speaking not to the people who are feeling the squeeze. Instead, he chose to mark a year since he was elected with a speech to a wealthy business crowd in Miami. Safe crowd, safe state, safe space.
JD Vance's telling reaction
Maybe the most telling thing to come out of the past 24 hours in American politics was from the vice president.
In a social media post, JD Vance first warned followers not to overreact to the results.
He then went on to offer his own notable interpretation of the Democratic Party victories.
"We need to focus on the home front." he wrote. "The president has done a lot that has already paid off in lower interest rates and lower inflation, but we inherited a disaster from Joe Biden and Rome wasn't built in a day.
"We're going to keep on working to make a decent life affordable in this country, and that's the metric by which we'll ultimately be judged in 2026 and beyond."
Read more: Mamdani can't expect easy wins
My interpretation of his interpretation?
Two points: first, that Vance thinks that Trump needs to get back to his base. Ten months of presidential jet-setting and global-conflict-solving may have been necessary, but it won't spell victory in the midterms next year or beyond.
The second point - Vance is so clearly in it for the long game. The "beyond" he talks about has him at its centre.
I'm not sure Vance would have chosen a Miami arena full of business leaders to mark a year since the election. The business and investment community is happy and wealthy.
I think Vance would have been with the other America, where people are feeling the squeeze still.
Read more from Sky News:
Trump renominates billionaire Musk ally to lead NASA
US government shutdown is now longest in history
Trump continues to talk about the economy being "Biden's economy". Vance seems to be hinting at the inevitable - that at some point they need to own it and to fix it. They need to make people feel better off.
Vance wants to run and to win in 2028, and that fight begins now.
(c) Sky News 2025: JD Vance may have had the most telling reaction to a big 24 hours for US politics

One of two prisoners mistakenly released hands himself in, Sky News understands
Expensive, noisy and delayed - but is the Army's new fighting vehicle any good?
Pirates firing machine guns and rocket-propelled grenades board tanker off Somalia coast
Collins Word of the Year 2025 revealed - do you recognise it?