Here's her view 👇 "With Democratic victories in Texas and Georgia investors are worried that this could bring new permitting restrictions, potentially slowing the AI buildout. Nearly 30% of U.S. data center capacity expected to come online in 2028 is concentrated in Texas alone. But what people are missing is that the push back on Data Centers construction is not new. ▪️ ERCOT already had a moratorium on the projects ▪️ In NY, a one-year moratorium was imposed for data centers requiring 50 MW or more. ➡️ 2027: Out of the ~40GW expected in the US in ‘27, 70% are permitted and under construction… … Assuming typical delays, equipment availability, permitting, etc., we expect 25-30GW to come online in ‘27. ➡️ 2028: Out of the ~60GW expected in ‘28, we expect to be able to build ~35-40GW. And this has very little to do with the election. Bottom line is that the projects that have questionable economics, location, power source were going to come online regardless of the elections. Separately, delaying compute supply doesn't make AI demand disappear. It makes existing capacity more valuable. GPU rental prices were already increasing before the election. H100 rents are up ~35% since early January, four years after launch. Newer B200 rents rose 11% in the past month alone. If AI demand continues growing while new capacity gets pushed out, we could see GPU rental prices rise significantly further. That has important implications for the hardware cycle: ➡️ Existing GPUs could command higher rental rates, improving returns on deployed capital. ➡️ Older GPU generations could retain their economic value longer. ➡️ Delayed construction could spread hardware spending over more years, extending the investment cycle. The bottom line is building physical hardware is hard. Is more regulation making it harder? Sure. But not enough to justify 50% drop in hardware stocks".