要点周四，随着投资者在民主党赢得国会控制权后重新评估数据中心建设前景，人工智能和半导体股票大幅抛售。
AI and semiconductor stocks sold off sharply Thursday as investors reassessed the data center build-out after Democrats won control of Congress.
选举惨败落在了本已因高利率、巨额资本支出和回报疑虑而承压的人工智能交易之上。
The election rout landed on an AI trade already under pressure from high interest rates, heavy capital spending and questions about returns.
到周五上午，美国科技股显露复苏迹象，但这一市场插曲预示着美国人工智能繁荣前路或将更加坎坷。本文提及NVDA AMD NBIS CRWV CRWD本报道摘自本周的《The Tech Download》通讯。喜欢所见内容？您可在此订阅。
By Friday morning, U.S. tech stocks were showing signs of recovery, but the market blip is a warning of potentially rougher roads ahead for the AI boom in America. In this article NVDA AMD NBIS CRWV CRWD This report is from this week's The Tech Download newsletter.
民主党在本周中期选举中对共和党取得的惊人大胜，不仅是对唐纳德·特朗普总统的严厉谴责，也可能成为在全国范围内建设大规模人工智能数据中心宏伟计划的潜在路障。
Like what you see? You can subscribe here. The Democrats' stunning rout of the Republicans during the midterms this week wasn't just a stinging rebuke of President Donald Trump , but also a potential roadblock to huge plans to build artificial intelligence data centers across the country.
自这一里程碑式的结果出炉以来，科技和人工智能股票因市场波动而遭受冲击。
Since the landmark results came in, tech and AI stocks have been jolted by market volatility.
周四，美国和欧洲最有价值的科技公司遭遇大规模抛售，投资者情绪紧张。
The most valuable tech companies in the U.S. and Europe were hit with a massive sell-off on Thursday as investors got nervous.
英伟达下跌 9.3%，超微电脑跌 17.3%，微软跌 3.6%，美光科技跌 17.5%，博通跌 10.4%，特斯拉跌 10.8%，SpaceX 跌 9.1%。
Nvidia lost 9.3%, with AMD shedding 17.3%, Microsoft 3.6%, Micron 17.5%, Broadcom 10.4%, Tesla 10.8% and SpaceX 9.1%.
依靠提供人工智能算力并参与大规模数据中心项目的“新云厂商”也遭受重创。周四，Nebius 下跌 15%，Iren 下跌 17%，CoreWeave 下跌 10%。
Neoclouds, which rely on their ability to serve AI computing power and are involved in massive data center projects, were also hit particularly hard. Nebius dropped 15%, Iren fell 17% and CoreWeave 10% on Thursday.
到周五上午，美国科技股显露复苏迹象，但这一市场插曲预示着美国人工智能繁荣前路或将更加坎坷。
By Friday morning, U.S. tech stocks were showing signs of recovery, but the market blip is a warning of potentially rougher roads ahead for the AI boom in America.
Capital.com 高级金融市场分析师凯尔·罗达在周四收盘后的一份报告中写道：“在美国中期选举后立即蔓延的科技股暴跌在周四恢复，因为投资者在思考民主党控制的国会可能对科技监管和整体人工智能繁荣意味着什么。”人工智能障碍与暂停令CNBC周三报道，周二有10个州的数十项地方投票提案提交表决，这些提案将以不同方式限制数据中心的建设。
"The tumble in tech stocks that took hold in the immediate aftermath of the US midterm elections resumed as investors contemplated what a Democrat-controlled Congress may mean for tech regulation and the overall AI boom," wrote Kyle Rodda, senior financial market analyst at Capital.com in a note on Thursday after the bell. AI hurdles and moratoriums There were dozens of local ballot measures in 10 states up for a vote on Tuesday that would place restrictions on the construction of data centers in different ways, CNBC reported on Wednesday.
“监管和政治风险出现之时，所谓的AI交易本就基础不稳，”罗达说。
"The regulatory and political risks arise at a time when the proverbial AI trade was already on shakier foundations," said Rodda.
他补充称，财报季对市场来说总体上是“令人失望的”，迄今为止“七巨头”的财报“未能达到增长预期，并发出警示信号，表明AI支出的步伐正在放缓。”
Earnings season had been an "overall disappointment" for the markets, he added, with Magnificent Seven results so far "undershooting growth expectations and flashing warning signs that the pace of AI spending is slowing down."
罗达写道，现在，投资热潮可能因“新数据中心建设暂停令等可能造成重大干扰的措施”而进一步放缓，投资者正在抛售所谓的AI交易。美国民众对数据中心的反对是一个长期存在的问题。
Now, Rodda wrote, the risk that the investment boom could be slowed further "by measures as potentially disruptive as moratoriums on new data center construction, investors are rushing to the exits on so-called AI trades." Opposition to data centers in the U.S. is a long-standing issue.
根据智库国际数据中心管理局（IDCA）的研究，从2024年1月至2026年5月，美国20个州至少有46个AI数据中心项目因社区反对而被阻止、撤回或搁置，涉及宣布投资额超过170亿美元。
watch nowVIDEO3:2103:21You shouldn't be surprised at the data center backlash, says Allianz's Mohamed El-Erian Between January 2024 and May 2026, at least 46 AI data center projects across 20 U.S. states, representing more than $170 billion in announced investment, were blocked, withdrawn or stalled following community opposition, according to research carried out by think tank International Data Center Authority, or IDCA.
约克维尔艾夫斯公司合伙人丹·艾夫斯周三早上在一份备忘录中表示，中期选举将影响投资者的心态。
The midterms will weigh on investors' minds, Dan Ives, partner at Yorkville Ives & Co., said in a note on Wednesday morning.
“对科技投资者来说，关注的重点是这些中期选举是否会放缓美国计划建设800至1000个数据中心以推动AI革命的步伐……我们认为答案是明确的肯定，”他写道。
"For tech investors the big focus is will these mid-term elections slow the pace of the planned 800 to 1,000 datacenters across the US fueling the AI Revolution…the answer in our view is a clear YES," he wrote.
艾夫斯补充称，民主党掌控权力，尤其是控制参议院，将在未来两年为AI制造一些重大障碍。动荡的AI关于预计AI基础设施支出规模的数字令人咋舌。
Democrats taking control, particularly over the Senate, will create some major hurdles for AI over the next two years, Ives added. Shaky AI The figures floating around on the scale of projected AI infrastructure spending are eye-watering.
高盛估计，从2026年到2031年，与人工智能相关的资本支出总额可能达到约7.6万亿美元，涵盖算力、数据中心和电力领域。但在大选来临之际，华尔街的人工智能股票已经显得摇摇欲坠。
Goldman Sachs estimates that AI-related capital spending could total about $7.6 trillion from 2026 through 2031, across computing, data centers and power. But, heading into the election, AI stocks were already looking shaky on Wall Street.
10月，芯片制造商、新云服务商及其他数据中心相关公司股价下跌，市场担忧利率上升和过度支出。许多超大规模云服务商因在人工智能基础设施上投入数千亿美元，现金流已转为负值。
Chipmakers, neoclouds and other data center-related companies sold off in October on concerns about rising interest rates and overspending. Many hyperscalers have turned cash flow negative as they spend hundreds of billions of dollars on AI infrastructure.
巴克莱投资银行美国信贷策略主管多米尼克·图布朗在周三的一份报告中表示：“人工智能遭遇的抵制是两党共识但属地方性的，这使得建设成本更高，而非让其停滞。”
"AI pushback is bipartisan but local, making the buildout pricier rather than stalling it," said Dominique Toublan, head of U.S. credit strategy at Barclays Investment Bank, in a note from Wednesday.
“人工智能竞赛已从囚徒困境转变为消耗战：稀缺的电力资源青睐资产负债表最雄厚的巨头。”
"The AI race shifts from a prisoner's dilemma to a war of attrition: scarce power favors the biggest balance sheets."
到周四上午，在过去24小时与投资者交流后，艾夫斯表示，对于试图“看透华盛顿的博弈局势，并判断这将如何真正影响人工智能革命建设”的华尔街科技投资者来说，这是一个令人困惑的时刻。影响可能很大。
By Thursday morning, after speaking to investors over the past 24 hours, Ives said it was a confusing time for Wall Street tech backers trying to "discern the poker game in the Beltway and how this will truly impact the AI Revolution buildout." The impact could be significant.
他说：“综合所有因素来看，我们认为大型科技公司的资本支出增速现在将在2027年见顶，此前我们的观点是这一时点要等到2028年或2029年。”新闻编辑消息人士透露，中国人工智能实验室月之暗面因中美限制令转向欧洲寻求英伟达Blackwell芯片。
"Putting all the pieces together we believe Big Tech capex growth rate now peaks in 2027 vs our previous view that would not happen until 2028/2029," he said. News edit Chinese AI lab Moonshot turned to Europe for Nvidia Blackwell access amid U.S. China curbs, sources tell CNBC .
CrowdStrike推出人工智能“熔断开关”，称可阻止失控的内部智能体。
CrowdStrike launches AI kill switch that it says can stop internal agents that go rogue.
Meta寻求通过发债筹集高达250亿美元资金，因人工智能支出激增。
Meta seeks to raise up to $25 billion in debt sale as AI spending jumps.
布鲁克菲尔德计划在英国电厂建设耗资270亿美元的人工智能数据中心。
Brookfield plans for a $27 billion AI data center at UK power station.
美国中期选举后，埃隆·马斯克旗下特斯拉和SpaceX合计市值蒸发逾4200亿美元。
Elon Musk's Tesla and SpaceX lose over $420 billion in combined market cap after midterms.
蓝色起源将发射时间推迟至2027年1月，正争分夺秒重建受损发射台。还有一件事2026年11月4日，美国国会大厦在华盛顿呈现在眼前，前一天举行的中期选举中，民主党夺得了众议院和参议院的控制权，改变了国会的权力平衡，这将影响唐纳德·特朗普总统任期最后两年的局势。Mehmet Eser | Anadolu | Getty Images在中期选举的其他战场上，数据中心并非唯一的攻击目标。
Blue Origin pushes launch to January 2027 as it races to rebuild damaged launchpad. One more thing The U.S. Capitol is seen in Washington on Nov. 4, 2026, a day after midterm elections in which Democrats secured control of both the House of Representatives and the Senate, shifting the balance of power in Congress for the final two years of President Donald Trump's term. Mehmet Eser | Anadolu | Getty Images Elsewhere in midterm-land, it's not just data centers in the crosshairs.
我的同事塔纳娅·马希尔（Tanaya Macheel）撰文指出，民主党横扫国会可能会重塑加密货币的政治算计。
Democrats' sweep of Congress likely resets the political calculus for crypto, my colleague Tanaya Macheel writes. The result?
她说，结果可能是：这将在华盛顿带来更具对抗性的做法，并将《清晰法案》等对行业友好的立法推向次要位置。
It could usher in a more adversarial approach in Washington and push industry-friendly legislation like the Clarity Act to the back burner, she says.