Democrats took the House and the Senate, though the final margins will take weeks to settle. Futures fell about 1.5% on the news overnight, then spent the small hours climbing back, and as I write they are up. Dow futures about 1.3%, S&P and Nasdaq near 0.9%. A six-hour round trip to slightly better than where it started. Everybody is reading the wrong ballot. While the networks counted Senate seats, voters in roughly fifty local referendums across thirteen states were voting on whether to allow data centres in their towns. They mostly said no. Of the thirty-five decided ballot votes tracked by one count, limits were leading in thirty. And in Texas, which accounts for more than a quarter of all planned US data centre capacity through 2030, voters elected a governor who campaigned on halting new data centre construction. That is the thing that changed last night. Read my analysis of election results on AI buildout here: https://cycledesk.substack.com/p/the-ai-buildout-just-lost-its-first?r=7unzzg&utm_campaign=post&utm_medium=web&showWelcomeOnShare=true
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