According to Michael Cembalest of JPMorgan, 2028 will be the real test for the artificial intelligence build-out. After warning this summer about a risk to chip stocks, he highlights the new challenges associated with data center development. The November 2026 midterm elections, including gubernatorial races, will be decisive, as several Democratic winners have pledged to restrict data centers in Texas, Iowa, and Georgia. Local initiatives to restrict or pause data center development have also won overwhelming voter support.
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