伯斯坦-美国数据中心：中期选举结果的新平衡与旧权力失衡

The"bluetsunami"rockedAlstocksthisweekexposure-relatedquestions.Fundamentally,itwasn'tquiteanon-evTheat-riskdatacenterpGovernorAbbott'saudit.Inadownsidequicklyitarrives.MajoConstellationandVistrahaveessentiallyfullandWULF/RIOT/IRENamongAliAdjustedEPS00BXDC(BlackstoneDig0U000000000M0000M0M000000M47.1%MM0000024.1%O-Outperform,M-Market-Perform,U-Underperform,NR-NotRated,CS-CoverageSusMadisonRezaei+19173448622madison.rezaei@ 7 20MadisonRezaei+19173448622madison.rezaei@bernsteinsgcomIntheschemeofthings,notthatOurpreviewhad~250GWofpeverywhere.Re-runwiththeactualwerefew.HinojosabeatAbbottdparticularlygiventhecombined57.5GWSource:Aterio,Bernsteinanalysisande9□Friendly/nostateaction□MostSource:Aterio,Bernsteinanalysthetaxbreaks,andtowngivensomeofthecampaignadswe'veseen),thegridandgenerationtheytrigger,andmoredisclosureonwater.VirgiPower-infrastructureapprAgencypriorities&legislatStateenvironmental|companieswhosevaluationsaremoredependentonfuturecatheimmediatepost-electiontradingperiod.Amonghyperscalers,Amazon(+8%),MicrosoftDigitalRealtyandEquinixinfrastructurenamesunderperformed,includingFermi(-28%),Hut8(-15%),Soluna(-(-10%),CleanSpark(-9%)IREN(-8%),Nebius(-6%),Ciphe(+23%),MARA(+3%),andTeraWulfOuranalysissuggeststhatstockperformancewasonlyinrestrictiveorhostilestates.Instead,thestrongeonfuturedevelopmentapprovalsversusexistingoperatingorunder-frictioncouldmakeexistingpoweredcapacitymorescarceandtherdevelopers,generallyunderperformsuchasRiotfurthersuggeststhatinvestorsweredifferentiatingbetwMadisonRezaei+19173448622madison.rezaei@bernsteinsgcomSource:Bloomberg,Bernstein101Source:Bloomberg,BernsteinSource:Bloomberg,Bernstein-7.1%IRENSource:Bloomberg,BernsteinAvg80Source:Bloomberg,BernsteinTCEQpermitholdwereinplacwhichispartlywhyplentyofinvestorsfigandaRepublicanSenate,"untiltheLegislatureacofthatlikelytobebuilt.21GWtotcredible)in2029(alsosomeMadisonRezaei+19173448622madison.rezaei@bernsteinsgcomSource:Aterio,BernsteinanalysisandeCipoerMinitareSLkSource:Aterio,BernsteerCEeuainxparkCleanktocaitCifCieSource:Aterio,BernsteinanalysSource:Aterio,BernsteinanalysmicarfAtWSFacebooklogirsSource:Aterio,BernsteinanalysOhio'sgovernorracewasanon-eventfordatacenteMadisonRezaei+19173448622madison.rezaei@bernsteinsgcomTheyalsoleak,becausetheprCompanyidCipherMligSource:Aterio,BernsteinanalysisandeMadisonRezaei+19173448622madison.rezaei@bernsteinsgcomtAtAdrInfrastructureMaCdmltpanyiningExpedientCSource:Aterio,BernsteinanalysisandeSource:Aterio,Bernsteinanalysisande□AnnouncedinMostlyFSource:Aterio,Bernsteinanalys Source:Aterio,BernsteinanalysSource:Aterio,BernsteinanalysMadisonRezaei+19173448622madison.rezaei@bernsteinsgcomSource:Aterio,BernsteinanalysisandeSource:Aterio,BernsteinanalysisandeWe'veseenthismovieafewtimealarge-loadtariffinstead.HighercostsMaranaanyway(AZ).andtwodeveloperswalkingaway,thoughthisonehadsomeEvenLoudoun(VA)grandfatheredevspreadingfiveyearsin.That'stheTexasdownMadisonRezaei+19173448622madison.rezaei@bernsteinsgcomSource:Aterio,HaverAnalytics,Bernstalreadytabledonce.ThisisOpenAl'sfirstMadisonRezaei+19173448622madison.rezaei@stormwater,generator,orotheConcurrentagencyreview,prograenvironmentalreview,standardproofofanchortenantPrioritizefinanceableprojects,streastudies,enablebehind-the-metSuspendsalesluse-taxexemptions,benefitagreementsbeforestMadisonRezaei+19173448622madison.rezaei@bernsteinsgcomAirconstructionpermDieselgenerators,gasturbines,fueoftenthemostimportantstatepecampusescanhavehAggregateemissionsqualifyasaUsuallymoreimportantforcommisAdirectsite-workgate:clearing,gradingworkgenerallycannotbeginwithoutcoverstormwaterpollution-preveOperatingfacilityhasexposedfuel,chemicals,generMostyaffectsoperations,butdesignchangneededforcontainmWastewaterldischargepermCoolingblowdown,processwastewateroron-sitetreaCandeterminecoolingtechnology,water-treaequipmentandprojectfeaWaterwithdrawal/appropriatGroundwaterorsurface-waterwithdrawalCriticalforwater-intensivecooling;requirementssubstantallyundereasternandwesternwater-lWetlands/streamauthorizatiSite,transmissionroute,pipelinesorroadsdregulatedwatersorwetCanreroutethecampuStatelawrequresreviewofCanconsolidateair,water,traffic,noiseandcumulPower-generationsitIncreasinglyimportantascampusesNewtarif,utity-ownecerificateorcost-recoveryGenerallysecondary,althimplicateair,spil-preventionandfire-codeSite-specificbutpotentiallyWeevaluatedthedatacetemporaryorconditionalones)aNotethatourevaluationwasbasedoninformationinclindependentsource'sreviewofcandidatepolicies.WhilewebelieveourMadisonRezaei+19173448622madison.rezaei@bernsteinsgcomLarge-loadtariff&(state-dependent)TargetenergizationdMostconstruction-compatiblecombination:customerfunding+long-termcommitments+addCostallocationprotectsratepayers.NewsupplyandflexiblityState/oficialCreativesolutionWhattheydidHowitaddressespower-pricepressurApprovedAEPOhio'sdatacentertarilfinJwithminimum-demandchargesreaching85%alongsidecontractutoracampusthatsubsequentycancpathwayforcommittedprojects.DevelopersmakeameaningfulfinancialcommitmentbeStrengthenedLarge-loadservicerequirembilingandprotectionsagainsteartycustSupportsconstructionwithstronEnactedthe2025POWERAct,HB3546,establistrameworkforLargenergy-useandcontractualsateguards.Officiallegisubsidies;subsequentrepodevelopmentframework.ParticularlyMakeLargeLoadspartoftEnactedSB6in2025,addingLarge-interconnectionrequirementsanbackupgeneration.EnrolledlegislaCreatesmechanismstoredeveryLargecustomeratfulldemandPotentallyaccommodatesmoreload,loperatingconditions.Developersmcurtailmentexposure,backupcapEnactedHB2014in2025,creatingaftrameworkcenters.Officiallegiutilityexpansion;favorsgeneration,swiPursuedacomplaintandnegotiatePJMcapacity-auctionpricecollar,impleumitsexposuretoextr□StrandedProjects(DelSource:Aterio,Bernsteina3.5JanFebMarAprJunJulAugSource:Aterio,Bernsteinaotherwise,forpurposesofthese(April1,2024onwards2024onwards),SanfordC.BernsteinC.Bernstein(India)PrivateLimited(SEBIregistrationno.INHO00006378),SPleasevisit:/sellside/Disclosures.actio(ex-Japan)exchanges-u·Market-Perform:Stockwillperfoaresuspendedtemporarilpredicted,atthepresentoneventsanddevelMadisonRezaei+19173448622madmarket).TheAutonomousbrandhasthreecategorie·Outperform(OP):Stockwi·Neutral(N):Stockwipredicted,atthepresentoneventsanddevelAutonomousbrand-preferredTheAutonomousbrandhasthreecategorioperatinginsimilarsectorsorratinWherethisreportcontainsinvestmentrecommendatThereportmayalsoincludesecuritiesoftheissuer(s)referencedherauthor(s)ofthisreportmaydifferfromthepublishedviewTheAutonomousbrandhasthreecategoriMarket-Perform(BernsteinNeutral(AutonomousB*Thesefiguresrepresentthepercentageofcompanieswfollowingcompanies:Amazon.ComInc,Alphabe/sellside/Disclosures.actionoryoucanwritetotheDirectInstitutionalServicesLLC,245ParkAvenue,NewYork,NY10167.issuedsharecapitalofaclassofcommonequitysABand/oritsafiliatesbeneficillyown1%ormoreofaclasMadisonRezaei+19173448622madBernsteinand/oraBlackstoneDigitallnfrastructureTrustIInc,MetaPlatformsInc.,MicrosoftCAnassociatecontributiAnassociatecontributingtotAnassociatecontributingtprevioustwelvemonthsfroprevioustwelvemonthsfromthefollowingcliBernsteinhasreceivedcompensatioTowerCorporation,Equinix,Inc,RiotPlatformsInc,CarrCertainaffliatesofBernsPLC,CarrierGlobalCorporation,Amazon.Comlnc,AlphabetInc,MetaPlatformsInc.InfrastructureTrustInc,CoreWeave,Inc.Csquare,Inc.,CarrierGlobalCorporation,Amazon.Comlnc,AlphaInfrastructureTrustInc,CoreWeave,Inc.,Csquare,Inc.,CarrierGlobalCorporaInc.,GEVernova,Inc,CThelegalentity(ies)employingtheanalyst(s)l+65SanfordC.Bernstein(Singapore)PrivateLi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