According to Jin10, U.S. midterm election results indicated voter opposition to data center construction, with 40 of 41 local ballot measures seeking to restrict it expected to pass. Despite investing heavily in data centers, Microsoft (MSFT.O) and Amazon (AMZN.O) were down about 2.5% and 1.5%, respectively, less than stocks in AI cloud computing, data center equipment, and power supply. The market considers data center capital spending, chip costs, and supply-chain costs too high, with investment returns not yet sufficient to justify continued expansion. A slowdown in construction could ease capital-spending pressure and improve free cash flow. Investors will monitor the AI and data center regulatory agenda after Democrats take control of Congress, as well as how the new Democratic governors of Texas and Ohio implement their campaign pledges to restrict data center construction.