民主党在得克萨斯州和佐治亚州等关键数据中心州取得胜利，这助长了人们对人工智能监管将收紧的预期，同时投资者还担心，得克萨斯州数据中心许可冻结可能延长，从而推迟项目，这加剧了外界对该行业巨额支出的审视。
Democratic victories in key data-center states such as Texas and Georgia have fueled expectations of tighter AI oversight, while investors also worry that a potential extension of Texas' data-center permit freeze could delay projects, adding to scrutiny over the sector's hefty spending.
高盛表示，民主党可能限制数据中心开发的州约占美国计划算力容量的45%左右，其中得克萨斯州约占25%。以下是一些可能受到数据中心建设潜在放缓影响的公司：摩根士丹利表示，在得克萨斯州敞口最大的数据中心开发商包括Cipher Digital（CIFR.O）、MARA Holdings（MARA.O）、SEI（SEI.N）和Galaxy Digital（GLXY.O）。
The states where Democrats could restrict data-center development account for roughly 45% of planned US capacity, with Texas accounting for about 25%, according to Goldman Sachs. Here is a list of companies that could be impacted by a potential slowdown of the data-center buildout: Data-center developers with most exposure to Texas include Cipher Digital (CIFR.O), MARA Holdings (MARA.O), SEI (SEI.N) and Galaxy Digital (GLXY.O), according to Morgan Stanley.
摩根士丹利认为，得克萨斯州的风险是总部位于该州或在该州有活跃项目的公司面临的主要风险之一。在得克萨斯州，民主党获胜者的竞选主张之一就是暂停数据中心开发。
Morgan Stanley sees exposure to Texas, where the Democratic winner campaigned in part on a moratorium on data-center development, as one of the primary risks for companies that are based in or have active projects in the state.
为快速扩张的数据中心运营供电的电力公司可能受到影响，尤其是在得克萨斯州、俄亥俄州、宾夕法尼亚州和佐治亚州有大量敞口的公司。
Power companies that supply to the rapidly expanding data-center operations could face an impact, especially those with substantial exposure in Texas, Ohio, Pennsylvania and Georgia.
摩根大通预计，Vistra（VST.N）、NRG Energy（NRG.N）、Constellation Energy（CEG.O）和Talen Energy（TLN.O）等电力公司可能因项目延误而面临压力。
Vistra (VST.N), NRG Energy (NRG.N), Constellation Energy (CEG.O) and Talen Energy (TLN.O) are among the power companies that J.P. Morgan expects could come under pressure from project delays.
摩根大通分析师表示：“这些州大多数并未彻底禁止数据中心开发，但任何新项目预计都将面临更高的审批门槛，这使已获批项目拥有显著优势。”
"Most of these states have not placed an outright ban on data-center development, but any new projects are expected to have higher hurdles for approval, giving approved projects a significant advantage," analysts at J.P.
据摩根士丹利称，燃气发动机制造商Innio似乎受得克萨斯州影响最大，订单放缓也对其影响最大。
Morgan said. According to Morgan Stanley, gas engine manufacturer Innio looks the most exposed to Texas and slower bookings.
摩根士丹利预计电力设备板块整体将表现不佳，但认为对GE Vernova（GEV.N）的影响有限，因其客户基础和区域敞口较为多元。
Morgan Stanley expects underperformance across the power equipment group, but sees limited impact on GE Vernova (GEV.N) due to its diversified customer base and regional exposure.
贝尔德股票研究公司称，甲骨文（ORCL.N）和CoreWeave（CRWV.O）等新型云服务公司可能受到潜在的施工延误或暂停令的影响。
Oracle (ORCL.N) and CoreWeave (CRWV.O) are among the neocloud companies that could be impacted by possible construction delays or moratoriums, according to Baird Equity Research.
贝尔德分析师表示：“尽管如此，我们认为新型云服务公司群体近期的表现不佳已经消化了相当大的风险，尽管显然并非全部风险。”
"That said, we think recent underperformance of the neocloud group has priced in substantial, though clearly not all risk," Baird analysts said.
亚马逊（AMZN.O）、微软（MSFT.O）和Alphabet（GOOGL.O）等超大规模云服务商凭借其多元化的业务布局和更雄厚的资源，可能表现出较强的抗压能力。
Hyperscalers such as Amazon (AMZN.O), Microsoft (MSFT.O) and Alphabet (GOOGL.O) could prove resilient with their diversified exposure and greater resources.
分析师表示，对于规模较大的公司而言，新建数据中心建设放缓不仅可能缓解现金流担忧，还可能提升它们已拥有或租赁的容量的价值，因为新项目的审批可能变得更难获得。
For bigger companies, analysts have said a slowdown in new data-center construction could not only ease cash flow concerns, but also raise the value of capacity they already own or lease as new project approvals could become harder to secure.
摩根士丹利分析师表示，Applied Digital和TeraWulf（WULF.O）等得克萨斯州业务敞口较小的数据中心开发商可能比同行更具抗冲击能力。
Data-center developers with less Texas exposure such as Applied Digital and TeraWulf (WULF.O) could be more insulated than peers, Morgan Stanley analysts said.
他们还预计投资者将转向更具防御性的公用事业公司，如阿曼瑞恩（AEE.N）、联合爱迪生（ED.N）和杜克能源（DUK.N）。
They also expect investors to shift to more defensive utilities such as Ameren (AEE.N), Consolidated Edison (ED.N) and Duke Energy (DUK.N).