Texas Governor-elect: All data centers currently approved for construction will be allowed to complete construction.

The approval options for new supply have been discounted, while the grid connection rights for existing data centers have instead appreciated.

On November 3, referendums in multiple US locations opposed the construction of new data centers, while tech giants like Microsoft saw their stock prices hit historic highs, adding nearly $1 trillion in combined market value. Meanwhile, Neocloud and transitioning mining companies experienced sharp stock declines. The market believes that higher regulatory thresholds have solidified the position of incumbents, reduced capital expenditures by major players have improved cash flow, and emerging cloud providers are facing financing difficulties.

Democratic candidates are more inclined to pause new construction, while electricity and grid cost regulation garner bipartisan support.