"Voter anger over the cost of living is hurtling forward into next year's midterm elections, when pivotal contests will be decided by communities that are home to fast-rising electric bills or fights over who's footing the bill to power Big Tech's energy-hungry data centers. Electricity costs were a key issue in this week's elections for governor in New Jersey and Virginia, a data center hotspot, and in Georgia, where Democrats ousted two Republican incumbents for seats on the state's utility regulatory commission."
"Meanwhile, concerns are growing over an AI bubble in stock markets. Mary Callahan Erdoes, CEO of JPMorgan's asset and wealth management business, said at the Fortune Global Forum just weeks ago that some AI stocks have "a little too much concentration." And Lisa Shalett, chief investment officer of Morgan Stanley Wealth Management, told Fortune weeks earlier that she was "very concerned" about the market's reliance on AI,"
"Famous short-seller Michael Burry's disclosure that he was taking a big position against Palantir resulted in a 10% stock slide over several days, to furious reaction from CEO Alex Karp. OpenAI, meanwhile, rattled markets by appearing to suggest that it would need some kind of federal " backstop," prompting fears that the still-private, still-unprofitable AI juggernaut is near " too big to fail status.""
Voter anger over the cost of living is influencing next year's midterm elections, particularly in communities facing fast-rising electric bills and disputes over who pays to power data centers. Electricity costs were pivotal in recent gubernatorial races in New Jersey and Virginia and influenced utility commission results in Georgia. Market concerns about an AI stock bubble have grown, with JPMorgan and Morgan Stanley executives warning of concentrated AI exposure and data-center-driven gains, profits and capital spending in the S&P 500. Short positions and statements by firms like OpenAI prompted market volatility, and the Nasdaq 100 recorded its worst week since April.
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