Investors sell the companies that need new sites and keep the ones that already have them
CoreWeave and SpaceX fell about 7%, Iren 6%, Oracle 4.3% and Nebius 3% this morning, CNBC reports, while Alphabet, Meta and Microsoft mostly rose and Nvidia slipped. Tesla was also lower. Asian tech stocks fell overnight and Reuters reports renewables rose. These are early moves, and none of them is a closing price.
The split follows permits. Wells Fargo strategist Ohsung Kwon called a Democratic win in Texas a possible " to the AI trade," and Dan Ives called it the "biggest worry" of the night. Ben Thompson's argument at Stratechery explains who is exposed: can rebuild the sites they hold, while need new land and new permits and carry less political weight. He adds a consequence nobody voted on: China has abundant power and builds quickly, can offset weaker chips with more electricity, and could turn that into an edge that lasts. SourcesBBB
Sources
- BAI stocks slide as Texas governor result raises data center risk (CNBC)cnbc.com
- BAI data center stocks dip, renewables surge after Democrat sweep (Reuters, read via Techmeme summary)reuters.com
- BAI on the ballot (Stratechery)stratechery.com
This story ran in the Morning Brief of November 4th 2026.