得州选举后 Nebius 股价一度跌 5%，数据中心许可冻结走向成焦点
Nebius Group fell as much as 5% after the Texas vote, though it discloses no data centers there.
得州民主党人 Gina Hinojosa 击败州长 Greg Abbott 后，Nebius Group 股价一度下跌 5%，CoreWeave 下跌 7%，尽管 Nebius 在得州并无数据中心。Wells Fargo 估计得州占美国规划数据中心容量的 27%，Abbott 已在 9 月暂停所有州数据中心许可直至 12 月的电网审计。Nebius 已公布的美国站点位于密苏里、宾夕法尼亚、阿拉巴马和新泽西州 Vineland，其中新泽西站点服务其到 2031 年价值 174 亿美元的 Microsoft 合同。
查看原帖高盛警告称，民主党在州和地方选举中的胜利可能导致临时建设禁令，波及美国计划数据中心容量的45%，仅得克萨斯州就约占计划新增容量的25%。 民主党州众议员Gina Hinojosa以承诺停止发放新许可作为竞选纲领，直到立法者为电力、水资源和当地社区建立保障措施；Jefferies估计，这一立场使得州13.3 GW的已公布项目面临风险。
查看原文
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.
正文
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.