寻求在得克萨斯州各地建设数十个庞大的人工智能园区的的数据中心开发商，本就已经在应对共和党籍得州州长格雷格·阿博特的审批暂停令。
Data centre developers seeking to build dozens of sprawling artificial intelligence campuses across Texas were already dealing with a suspension of approvals under Republican Texas Governor Greg Abbott.
在11月3日当选为三十多年来孤星州第一位民主党州长的吉娜·希诺霍萨领导下，他们正面临着最坏的情况。
Under Gina Hinojosa, elected on Nov 3 as the first Democratic governor of the Lone Star State in more than three decades, they are facing their worst-case scenario.
作为竞选活动的一部分，希诺霍萨多次呼吁立即暂停数据中心开发。她将阿博特限制数据中心运营商的誓言描述为“不过是一场选举年的噱头”，并指责开发商“推高了我们的公用事业费率，耗尽了我们的水资源”。
As part of her campaign, Hinojosa repeatedly called for an immediate moratorium on data centre development. She has described Abbott’s vows to rein in data centre operators as “nothing more than an election year stunt” and has accused developers of “raising our utility rates and depleting our water”.
她誓言要叫停审批，直至召开“把得州人放在首位的立法会议，这样我们在得州就不会再有任何社区在这些跨国公司面前无能为力”。
She has vowed to halt approvals until “a legislative session that puts Texans first so that we don’t have any more communities in Texas who are powerless against these global corporations”.
将希诺霍萨的胜利与从佐治亚州到俄亥俄州和宾夕法尼亚州赢得州长竞选的其他民主党人的胜利结合起来，可能会使全美拟议新增的人工智能数据中心有一半面临更严格的地方审查和抵制。
Combining Hinojosa’s victory with those of other Democrats who won gubernatorial races from Georgia to Ohio and Pennsylvania could leave half of proposed AI data centre additions across the US vulnerable to stricter local scrutiny and pushback.
他们所有人都将更具侵略性的数据中心监管作为竞选的核心部分，他们的胜利凸显出选民对为全球人工智能系统提供动力的这些场所的日益强烈的不满情绪。
All of them made more aggressive data centre regulation a central part of their campaigns, and their wins underscore the intensity of the growing voter backlash against the sites powering AI systems worldwide.
这些选举结果是11月3日民主党全面大胜的一部分，民主党借此从共和党手中夺取了美国国会众参两院的控制权，这股势头是由选民对生活成本和伊朗战争的不满所推动的。
The results were part of a broader Democratic rout on Nov 3 that wrested party control of the US House and Senate away from Republicans, propelled by voters’ frustration with the cost of living and the war in Iran.
民主党准备对硅谷利益集团实施更严格的审查，而这些利益集团在美国总统唐纳德·特朗普重返白宫后的前两年里基本幸免于难。
Democrats are poised to put closer scrutiny on Silicon Valley interests that had largely been spared during US President Donald Trump’s first two years in office.
在11月4日早盘交易中，市场已经开始消化监管审查增多的风险。标准普尔500指数期货下跌多达1.2%，而纳斯达克100指数期货下跌了2.2%。
Markets were already starting to bake in the risk of more regulatory scrutiny in trading early on Nov 4. Contracts on the S&P 500 Index fell as much as 1.2%, while futures on the Nasdaq 100 Index declined 2.2%.
韩国、台湾和日本的硬件供应商作为美国人工智能建设的关键参与者也随之下跌，其中韩国的三星电子和SK海力士跌幅高达4%，而英伟达的芯片代工厂台湾积体电路制造公司则出现下滑。
Hardware suppliers in South Korea, Taiwan and Japan, key players in the American AI buildout, also fell, with Samsung Electronics and SK Hynix down as much as 4% in South Korea, while Nvidia’s chipmaker Taiwan Semiconductor Manufacturing slid.
选举结果有可能掩盖人工智能芯片制造商超威半导体和服务器供应商超微电脑此前公布的乐观财报，这些财报曾一度引发与该技术基础设施建设相关的股票全面上涨。
The election results threatened to overshadow bullish earnings results from AI chipmaker Advanced Micro Devices and server supplier Super Micro Computer that had earlier touched off a rally across stocks tied to the buildout of infrastructure powering the technology.
GLJ研究公司的戈登·约翰逊在11月3日晚间的一份报告中表示，在得克萨斯州，大约13吉瓦的数据中心容量——在任何给定时间内足以为大约1000万户家庭提供电力——因伊诺霍萨的胜选而立即面临风险。
In Texas, roughly 13 gigawatts of data centre capacity – enough to power roughly 10 million homes at any given moment – is immediately exposed by Hinojosa’s win, Gordon Johnson of GLJ Research said in a note late on Nov 3.
“有电力、许可证和钢铁的项目会继续推进，”他表示，而那些有电力但没有州级环境许可证的项目则会推迟12至18个月。
“Projects with power, permits and steel keep going,” he said, and those with power but no state environmental permits slip 12 to 18 months.
约翰逊在报告中说，但那些“既没有电力也没有许可证的项目可能会转移到路易斯安那州、俄克拉荷马州或者无处可去”。
But those “projects with neither probably go to Louisiana, Oklahoma or nowhere”, Johnson said in the note.
研究公司SemiAnalysis在选举前表示，得克萨斯州占美国预计于2028年投入运营的数据中心容量的近30%，在所有州中占据迄今为止最大的份额。SemiAnalysis指出：“该市场损失几个月的时间可能会影响全国的数字。”
Texas accounts for nearly 30% of the US data centre capacity set to come online in 2028, representing by far the largest share of any state, research firm SemiAnalysis said ahead of the election. “A few months of lost time in that market can move the national number,” according to SemiAnalysis.
该公司表示，伊诺霍萨展现了一种明显“更偏向悲观的方法：她将实施暂停令，直到通过立法，让社区拥有话语权、保护家庭公用事业账单，并取消对数据中心的税收优惠”。“现在的问题是，停滞会持续多久。”杰富瑞已对美国各州进行“分级”，代表它们对新数据中心项目构成的“政治风险”。第一级意味着该州对新数据中心持欢迎态度。第五级则假设恰好相反。
Hinojosa presents a clearly “more bearish approach: She would impose a moratorium until legislation is passed that gives communities a voice, protects household utility bills, and ends the tax incentives for data centres”, the firm said. “The question now is how long the pause lasts.”Jefferies has assigned “tiers” to US states representing the “political risk” they represent to new data centre projects. Tier 1 implies the state is welcoming to new data centres. Tier 5 assumes the opposite.
在得克萨斯州选举前，包括乔纳森·彼得森在内的杰富瑞分析师在报告中表示，“伊诺霍萨获胜将导致全州范围内立即暂停，并根据我们的框架将得克萨斯州从第三级降至第四级”。
Ahead of the Texas election, Jefferies analysts including Jonathan Petersen said in a note that a “Hinojosa win would result in an immediate statewide pause and move Texas from Tier 3 to Tier 4 under our framework”.
彼得森表示：“无论选举结果如何，2027年的立法会议都可能会围绕谁来支付电网基础设施费用、水资源使用费以及数据中心税收优惠出台更严格的规定。”“我们认为，这些规定更有可能增加开发成本和合规要求，而不是实质性地限制得克萨斯州的筹建项目。”在俄亥俄州——另一个充斥着数据中心提案的州，尤其是哥伦布市周边，民主党人艾米·阿克顿击败了亿万富翁企业家维韦克·拉马斯瓦米，当选下一任州长，使这个长期由共和党掌控的职位实现翻盘。
“Regardless of the election outcome, the 2027 session could bring tighter rules around who pays for grid infrastructure, water use and data centre tax incentives,” Petersen said. “We view these as more likely to increase development costs and requirements than materially restrict the Texas pipeline.”In Ohio, another state that has been flooded with data centre proposals, particularly around Columbus, Democrat Amy Acton defeated billionaire entrepreneur Vivek Ramaswamy to become its next governor, flipping a Republican-held office.
阿克顿呼吁实施一项即时的有条件暂停令，要求数据中心开发商满足一系列要求，方可获得开工建设的批准。她已承诺将“坚决反对数据中心的无节制开发”。
Acton has called for an immediate conditional moratorium that requires data centre developers to meet a series of requirements in order to be cleared for construction. She has pledged to “fight against the unchecked development of data centres”.
民主党人凯莎·兰斯·博托斯当选佐治亚州首位非裔女州长，在共和党把持该州行政长官职位二十多年后，成功夺取了控制权。
Democrat Keisha Lance Bottoms became the first black woman elected governor of Georgia, wresting control of the executive mansion after more than two decades in Republican hands.
尽管佐治亚州历史上一直鼓励数据中心发展，且其数据中心开发规模位居全美第三，但当地的反对声浪正在不断高涨。博托斯在竞选期间呼吁暂停新建此类场所。
While Georgia has historically encouraged data centre development and ranks as the third-largest state for data centre development, local opposition is growing. Bottoms called for a moratorium on new construction of the sites on the campaign trail.
杰富瑞集团在报告中指出，佐治亚州的选举呈现出“比其他几个州更清晰的分歧”。“博托斯胜选可能会带来全州范围内的暂时叫停。”民主党现任州长乔什·夏皮罗在宾夕法尼亚州的胜选在很大程度上预计将维持现状。夏皮罗曾一度鼓励并协助吸引数据中心项目落户该州，但此后立场发生转变，开始猛烈抨击投机性项目以及遭到当地人反对的项目。
The Georgia election presented “a clearer divide than several other states”, Jefferies said in its note. “A Bottoms win could bring a temporary statewide pause.”Democratic incumbent Josh Shapiro’s win as governor of Pennsylvania was largely expected to maintain the status quo. Shapiro, who once encouraged and helped attract data centre developments in the state, has since shifted his stance, railing against speculative projects and those that locals oppose.
选举前夕，品浩公共政策负责人莉比·坎特里尔警告称，州长竞选将对数据中心项目的前景产生重大影响，她并援引候选人们要求暂停建设的呼吁，这类似于纽约州州长凯西·霍楚尔在7月实施的暂停令。
Ahead of the election, PIMCO head of public policy Libby Cantrill warned that the gubernatorial races would have a significant impact on the path forward for data centre projects, citing candidates’ calls for construction pauses similar to one enacted in July by New York Governor Kathy Hochul.
坎特里表示：“即便不会出现全州范围内的暂停令，我们仍预计人工智能的建设将面临更多阻碍——无论是获取许可证和其他审批需要更多时间，还是数据中心开发商将不得不作出更多妥协。”彭博社
“Even if statewide moratoria do not result, we expect to see a lot more sand in the gears of the AI buildout regardless – with more time required to secure permits and other approvals, as well as more concessions that data centre developers will have to make,” Cantrill said. BLOOMBERG