For stock trading, rely on Jin Qilin analyst research reports — authoritative, professional, timely, and comprehensive, helping you uncover potential thematic opportunities! Source: Guotai Haitong. Last night, the U.S. AI sector suffered another sell-off, triggered by a single line from Morgan Stanley: "45% of data centers face a freeze." Our assessment: the actual impact on data center construction is far smaller than what the market is currently pricing in.

First, the new Texas governor said "pause new permits," not "halt projects under construction." Enochosa made it clear that data centers already being built will not be stopped. Gavin Baker judges that projects under construction essentially cover all of 2027 and very likely most of 2028 capacity, and Musk quickly reposted this view. JPMorgan strategists likewise believe the risk is concentrated in 2028: of the projected 96GW of new capacity, roughly 37.5GW could be "paused." This is delay and added conditions, not shutdown.

Second, campaign manifestos are not legal commitments. A governor's executive order can only pause permits; canceling about $1.3 billion in tax breaks, giving local communities a voice, and addressing grid costs all require state legislature action, and Republicans still hold leverage in the state legislature.

Third, the alignment of interests dictates that no one will flip the table. Data centers and Texas's energy endowments are naturally complementary, backed by blue-collar jobs, property taxes, and a vast array of stakeholders. What Democrats want is tax payments, no upward pressure on residential electricity prices, no competition for residents' water, and the use of union labor — this is about redistributing the pie. Do not interpret this in an extreme way as Democrats being anti-data center; the only thing they are fundamentalist about opposing is the Republican Party led by Trump.

Fourth, the power of technological progress does not shift with election cycles. AMD CEO Su Zifeng said bluntly that "the market is sometimes a bit short-sighted": computing in many respects equals intelligence — the more compute power, the smarter the enterprise and the faster the business runs; if you agree with this, you must invest now for three to five years or even longer ahead. She is looking "beyond the horizon," where AI and superintelligence will permeate every aspect of life and business. Regional construction delays do not equal a decline in AI compute demand; the market conflated the two, which led to the mistaken sell-off over the past two days. Peter Lynch said: "Every once in a while the market believes this time it's really over, with reasons changing round after round, but no one has ever made money betting on doomsday." Sina statement: This message is reposted from a Sina partner media outlet. Sina publishes this article for the purpose of conveying more information and does not mean it agrees with its views or confirms its description. The article content is for reference only and does not constitute investment advice. Investors who act on this do so at their own risk.