𝐁𝐞𝐧 𝐂𝐚𝐡𝐧

The idea that the US midterms will somehow derail the AI data center buildout strikes me as another deeply flawed narrative A few reasons why: 1. These elections were about an unpopular, seemingly endless war in Iran, soaring energy prices, tariff chaos, ICE confrontations and the broader cost of living squeeze. Hardly a referendum on AI infrastructure And here’s a useful reminder: Virginia, America’s largest data center market by far, is governed entirely by Democrats. Political affiliation is clearly not the determining factor 2. AI infrastructure investment has become one of the most important engines of US economic growth. We’re talking hundreds of billions in capital spending, construction jobs, manufacturing demand and substantial tax revenues With elections behind us, the incentives change. Campaign rhetoric is cheap. Governing means delivering investment, jobs and revenues 3. Remember how capitalism works: capital is mobile, and jurisdictions compete for it If Texas overplays its hand, another state will gladly take the investment. If enough US states make themselves unattractive, other countries will compete for it The demand for compute doesn’t disappear because some politicians dislike the infrastructure required to supply it 4. A substantial pipeline of projects is already permitted, financed, contracted or under construction. These are multiyear commitments involving utilities, construction companies, equipment suppliers and customers Changing the political landscape doesn’t magically unwind those commitments 5. There’s also a national strategic dimension. AI compute is increasingly critical infrastructure, and the US is competing with China for technological leadership Ofc some projects will face delays, additional costs or tougher requirements around electricity, water and local infrastructure. Some probably deserve it. And some projects may relocate But that’s a very different proposition from a nationwide collapse in AI infrastructure spending Bottom line: The economic incentives, competitive dynamics and strategic imperatives behind this investment cycle are vastly more powerful than the political noise surrounding the midterms Data centers will get built. Now that the elections showdown is over, time to get back to work and build