9 November 2026 · 5 slides
Photo: Getty Images via CNN
2 · What happened
Forty-one towns voted on data centres. Forty said no.
On 3 November, data-centre restrictions were on local ballots in ten US states. Voters sided with the industry once. Governors who promised to pause new builds won Texas, Georgia and Ohio.
3 · The number
US$2.3 trillion wiped from the Nasdaq 100 in one day, 5 November
The chip index fell 12.3%, its worst day since March 2020. Nvidia lost more than US$440 billion. Seoul opened 8% down the next morning.
Photo: blogs.microsoft.com
4 · Quote
“I think it's an AI bubble losing some air very, very rapidly.”
Ed Yardeni, Yardeni Research, to NBC News, 5 November 2026
Photo: texastribune.org
5 · Bottom line
Plan on today's compute prices, not cheaper ones.
Building AI capacity now needs permission from the people who pay the electricity bills. Expect it to be slower and dearer. The discount many are waiting for may not come.
Photo: texastribune.org