Texas, Ohio and Georgia elected governors who campaigned on pausing or limiting new data centers. Microsoft’s shares rose 6.7% and Amazon’s 6.1%. Companies that build, power or equip new ones fell: power producer Vistra 13.8%, AI cloud CoreWeave 9.9%, turbine maker GE Vernova 9.3%, memory-chip maker Micron 7.0%.

JPMorgan’s James Sullivan says “existing capacity is significantly more valuable now.” Much of what is due in 2027 is already being built; Nomura says the bigger impact “may hit from 2028.” Permits and power, not just money, now set the pace.

Strategist is built to put an independent strategy beside management’s, so a plan that assumes the old pace stands out.

Which pace is your plan built for? strategist.intelligenxe.com

Is Alphabet worth more as two companies?

Its shares cost about 19 times next year’s expected profit. By Bank of America’s count, that price values Search at about 10 times. On CNBC, D.A. Davidson’s Gil Luria argued Google Cloud alone could fetch 30 to 40 times: its revenue more than doubled last quarter, while Search revenue growth slowed to 12% as more questions go to AI chatbots.

Luria sees little that Cloud and advertising share. Alphabet’s own accounts show one thing they do: $7.7B of costs last quarter, mostly shared AI research, charged to neither business.

Together or apart is a strategy call before it is a valuation. Strategist is built to put an independent strategy beside management’s, with every source shown.

Which would you choose? strategist.intelligenxe.com

Is AI spending peaking? Not in its suppliers’ latest numbers.

Of eight big AI suppliers, from chips to cooling, five are growing faster than a year ago: Nvidia, Broadcom, Micron, Arista and Vertiv. TSMC held steady at 41% growth; Marvell and Amphenol slowed. All eight expect higher sales next quarter.

Memory is short. A year ago, Micron had almost no long-term orders; now customers have committed to buy about $134B over up to five years, with $13B in deposits. Micron keeps 87 cents of each sales dollar after production costs, up from 45; Nvidia keeps 75.

Strategist is built to put an independent strategy beside management’s, so you can see if a plan is built for a peak or a shortage.

Which layer runs short next? strategist.intelligenxe.com