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US midterms could increase risk of state-level data centre curbs, says JPMorgan's Jahangir Aziz

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US midterms could increase risk of state-level data centre curbs, says JPMorgan's Jahangir Aziz

The US midterm elections could have implications for the country's artificial intelligence (AI) infrastructure expansion, with the possibility of more state-level restrictions on data centre construction if Democrats gain control of more state governorships, according to Jahangir Aziz, Co-Head of Macroeconomic Research at JPMorgan.

However, a temporary nationwide pause on new data centre projects is unlikely. “Yes. A nationwide moratorium is obviously something that, even if the Democrats get both the Senate and the House and they push for it, most likely is going to be vetoed by the president. President Trump has openly said that he's going to turn into Mr Veto. So, I'm not saying that there's going to be a nationwide moratorium,” he said.

Aziz said the outcome of the elections is unlikely to have a significant bearing on the US macroeconomy over the next six to nine months. He also cautioned against drawing conclusions about the future of the West Asia conflict based on the election results alone.

He also expects rising US interest rates to weigh on non-tech stocks, while technology companies may remain relatively better placed due to their stronger cash flows and access to financing.

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