Key Highlights

● Many voters blame data centers for higher power bills.

● 40 of 41 data-center ballot measures went against the industry.

● Incoming Democratic senators called for slowing AI data-center development.

● President Trump called data centers GOLD.

The Data Center has become one of the most politically charged buildings in America. Many voters blame the energy-hungry facilities behind artificial intelligence for higher power bills, according to news reports, and that frustration spilled into the November 3 midterm elections, in which Democrats won both chambers of Congress.

Ballot results underlined the mood. According to market coverage, 40 of 41 data-center ballot measures went against the industry. Days later, reports said that incoming Democratic senators called for slowing AI data-center development, a headline that sent storage maker Seagate Technology (NASDAQ:STX) tumbling.

From backlash to bounce

On Monday, November 9, 2026, the market took a more hopeful view. The S&P 500 jumped 173.08 points to 7,549.94, its best day since April 8, as investors bought back AI infrastructure stocks they had dumped the week before.

Power producers that sell electricity to data centers were among the winners. Constellation Energy (NASDAQ:CEG) jumped after its third-quarter profit beat expectations, noting it benefits from deals to power Big Tech data centers. The company raised its full-year guidance to $12.50 to $12.80 per share, according to market reports. NRG Energy (NYSE:NRG) rose after posting adjusted Earnings of $4.68 per share, well above estimates, and agreeing to sell six gas-fired plants to LS Power for $4 billion. Bloom Energy (NYSE:BE) soared.

Data-center landlords got a vote of confidence too. Deutsche Bank said the post-midterm sell-off in Digital Realty (NYSE:DLR) and Equinix (NASDAQ:EQIX) was overdone, according to market data.

Washington sends mixed signals

The political crosscurrents were hard to miss. Market data said President Trump posted on Truth Social calling data centers "GOLD," a show of support for AI infrastructure. Yet a Democratic Congress may push in a different direction on energy costs and local permitting.

Even the Federal Reserve weighed in on the building boom. Chicago Fed President Austan Goolsbee said, according to news reports, "This stuff with the AI data center build out is just, to my eyes, starting to look like old fashioned Demand overheating." He added: "In the Fed world, the bigger the hype, the more nervous I am that we are going to overheat."

Market data noted that the political backlash against AI infrastructure weighed on the dollar.

The energy equation

Lower oil prices offered some relief. Brent Crude tumbled to $92.57 on hopes of a US-Iran peace deal, and reports said cheaper energy eased worries about data-center build-out costs. But oil and electricity are different markets, and power bills depend heavily on Natural Gas and grid costs. Natural gas prices actually jumped on Monday, according to market coverage.

Some companies are betting on new supply. Fervo Energy (NASDAQ:FRVO) rallied after its first geothermal unit in Utah began commercial operation and it highlighted a power deal with Google.

Not every policy signal points the same way, and that uncertainty is likely to keep data centers in the headlines for months.

Politics Versus the Power Build-Out

The fight over who pays for data-center electricity is likely to intensify as the new Congress takes office. Watch for state Utility commission decisions, local zoning votes and federal proposals on energy costs. For markets, the next AI checkpoints are earnings from CoreWeave and Nebius this week and Nvidia on November 17, along with Tuesday's Inflation report, which will shape whether the Fed raises rates in December.