JPMorgan's Cembalest: 37.5 GW of US data centre capacity due in 2028 may face a pause after the midterms, and 15 GW more may face conditions
What changed
Moneycontrol reported on 9 November on an estimate from Michael Cembalest of J.P. Morgan Asset Management (Eye on the Market, 4 November) that 37.5 GW of the 96 GW of US data centre capacity expected in 2028 may be subject to a pause by state governors after the midterm elections, and another 15 GW to conditions such as paying grid costs, water limits, onsite backup power, labour rules and the loss of tax incentives. Of the roughly 37 GW expected in 2027, about 75% is already under construction, so JPMAM sees little risk to it. Moneycontrol also reports that in the first week of November memory chip shares fell 18.4%, optical networking 17.7%, AI chips 16.6%, neoclouds 13.8% and data centre names 13%, while the S&P 500 excluding AI stocks fell 0.3%. These are a bank strategist's estimates and reported basket moves, not new state rules. Our state-by-state chart is on the Investment page.
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