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Wall Street, AI stocks tumble as voter backlash threatens data center expansion
Investors questioned whether AI infrastructure can keep expanding as ballot measures and elections backed limits on new data-center construction.
- Wall Street saw a sharp selloff Thursday, with all three major stock indexes falling as investors questioned whether the AI-related boom powering the U.S. economy is running out of steam.
- The selloff came just two days after voters across the country delivered a setback to data center expansion, with Ballotpedia reporting that voters from rural Florida to urban California sided with greater restrictions in 46 out of 47 ballot measures this year.
- Economists at Morgan estimate AI-related investment accounted for nearly a quarter of America's economic growth over the past year, though critics raised concerns about environmental impacts and rising electricity costs despite data centers generating more than $2.6 billion in Virginia tax revenue.
- President Donald Trump warned that communities rejecting data centers risk becoming "backwards and poor," while Secretary Doug Burgum told Hearst Television the administration is exploring building data centers on "vast amounts of federal land" for national security.
- Incoming Democratic majorities in Congress could advance proposals ranging from construction moratoriums to cost-sharing legislation, though Trump would still need to sign any restrictions into law or lawmakers would need override votes.
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Wall Street, AI stocks tumble as voter backlash threatens data center expansion
Wall Street's AI selloff follows election victories for candidates promising to restrict data centers. As investors question the economic stakes, the Trump administration is exploring building facilities on federal land to address growing opposition.
·Oklahoma City, United States
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