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AI data center stocks and Musk's SpaceX decline as Texas governor result raises risks of a slowdown

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AI data center stocks came under pressure as Democrats — seen as proponents of moratoriums on the buildout — won big in midterm elections and in key technology hubs like Texas.

Markets were already anticipating the Democrats to win the House of Representatives and possibly take Senate control. But the Texas governor mansion going to Democrats was a big blow, analysts said. Democrat Gina Hinojosa, who wants to enact an immediate moratorium on data centers in the state, won over incumbent Republican Gov. Greg Abbott. According to Wells Fargo, 27% of planned data center gigawatts is in the Lone Star State.

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