Texas was once a hotspot for AI data center investment in the United States. However, following the midterm elections, political shifts—compounded by growing resident concerns over rising electricity prices and the occupation of public resources—have led to the passage of most related restrictive referendums. The newly elected governor advocates pausing approvals for new data centers, and restrictive measures may persist over the long term. Many new projects that have not yet completed preliminary procedures have been affected, and some developers have begun to reassess their investment arrangements, turning to regions with more stable regulatory environments. Emerging areas with abundant energy, such as North Dakota, have become new site selection destinations, and the U.S. data center buildout landscape is showing an interstate migration trend. This change will ripple through the industrial chain, potentially causing delays in computing power delivery for AI companies, increasing cash flow pressure on computing power service providers that rely on debt financing, and affecting production schedules for upstream equipment suppliers. Currently, data center expansion in Europe faces multiple constraints—including resources, environmental protection, and public opposition—making it difficult to absorb large amounts of spillover computing power investment. Although China has advantages in construction speed, cost, and green electricity integration layout, it is constrained by factors such as chip controls and cross-border data flows, and cannot absorb the U.S. computing power transfer demand in the short term.