🌊 Chip stocks priced in a data center slowdown within a single session, with the Philadelphia Semiconductor Index down 12.3% and the Nasdaq 100 down 6.4% after Texas flipped Democratic and voters backed restrictions in 46 of the 47 local ballot measures decided so far. Our estimate of what those restrictions actually touch today is far smaller than the selloff implies. More than 300 local moratoriums and bans, plus New York State’s executive order, cover about 2.3 GW, or 6% of the roughly 38 GW expected to come online in 2027, and 22 GW of that 2027 capacity is already in its main construction phase. Most restrictions apply to new permit applications, which places the exposure on projects that have yet to break ground. Texas, home to about 30% of planned expansion, just elected a governor who campaigned on regulating data centers, and Georgia, New Mexico and Ohio are leaning the same way. 📥 Our latest research sizes the exposure state by state for the year when it bites, tracks how the S&P 500, 10-year Treasuries, the dollar and gold performed in the 12 months after each of the 14 midterms since 1970, and lays out two positioning themes for a power-constrained AI buildout. 🔗 Full report: https://t.co/XFO6ho0k14