原帖引用 · AI 翻译
德克萨斯州投票结果公布后，Nebius Group 股价一度下跌 5%，尽管该公司披露的信息中没有当地的数据中心。
民主党人吉娜·伊诺霍萨击败州长格雷格·阿博特。她在竞选中主张立即暂停数据中心建设，直到立法者制定保障措施。
富国银行估计，德克萨斯州占美国规划中数据中心容量的 27%，因此投资者一并抛售 GPU 云服务股票，导致 CoreWeave 下跌 7%。
Nebius 已公布的美国站点位于密苏里州、宾夕法尼亚州、阿拉巴马州和新泽西州的瓦恩兰；其中瓦恩兰站点为其价值 174 亿美元、持续至 2031 年的微软合同提供服务。
德克萨斯州的开发项目此前就已被冻结：9 月，阿博特暂停了该州所有数据中心许可证的审批，等待预计于 12 月完成的电网审计。
因此，这次投票主要决定这项冻结措施是在审计后解除，还是持续到立法者制定新规。
更长时间的冻结可能提高 Nebius 在其他地区持有的电力资源的价值，例如其规划中的宾夕法尼亚州 1.2 吉瓦园区背后的专用公用事业电力供应。
Nebius 面临的更大风险来自即将就任的民主党控制的国会。高盛策略师认为，限制税收优惠有可能发生，但全国性暂停令不太可能出台。
原文
Nebius Group fell as much as 5% after the Texas vote, though it discloses no data centers there. Democrat Gina Hinojosa unseated Governor Greg Abbott after campaigning for an immediate data center pause until lawmakers set safeguards. Wells Fargo estimates Texas holds 27% of planned U.S. data center capacity, so investors dumped GPU cloud stocks together, sending CoreWeave down 7%. Nebius’s announced U.S. sites are in Missouri, Pennsylvania, Alabama and Vineland, New Jersey, which serves its $17.4B Microsoft contract through 2031. Texas development was already frozen: in September, Abbott halted every state data center permit until a grid audit expected in December. So the vote mostly decides whether that freeze lifts after the audit or lasts until lawmakers write new rules. A longer freeze could raise the value of power Nebius holds elsewhere, such as the dedicated utility supply behind its planned 1.2GW Pennsylvania campus. Nebius faces more risk from the incoming Democratic Congress, where Goldman Sachs strategists see tax-incentive limits as possible but a national moratorium as unlikely.
高盛警告称，民主党在州和地方选举中的胜利可能引发临时建设暂停令，影响美国规划中数据中心容量的 45%；其中仅德克萨斯州就约占计划新增容量的 25%。
民主党州众议员吉娜·伊诺霍萨竞选时承诺暂停发放新许可证，直到立法者为电力、用水和当地社区制定保障措施。杰富瑞估计，这一立场使德克萨斯州已公布的 13.3 吉瓦项目面临风险。
原文
Goldman Sachs warns Democratic successes in state and local elections could lead to temporary construction moratoria hitting 45% of planned US data center capacity, with Texas alone representing approximately 25% of planned additions. Democratic state Rep. Gina Hinojosa ran on a pledge to halt new permits until legislators set up safeguards for power, water and local communities, a stance Jefferies estimates puts 13.3 GW of announced projects in Texas at risk.