AI is no longer just a technology story. It’s quickly becoming a political and infrastructure issue too. As the U.S. heads toward the midterm elections, growing concerns around data centers, electricity demand and local construction are putting AI infrastructure under more scrutiny. Some states and local governments are already considering tighter restrictions. But the spending hasn’t slowed significantly. Projects that already have land and grid connections are continuing, while earlier-stage developments are facing more delays. Big tech companies are also looking for alternative ways to secure power, including nuclear energy deals. At the same time, competition with China is pushing both sides to build more efficient AI systems. The bigger question now is becoming whether all this AI investment can translate into sustainable earnings, not just better models. Long $NBIS