On November 11, Fitch Ratings noted that Democratic electoral victories have varying effects on U.S. corporate credit across industries, with cash flow in most sectors expected to remain stable. In key data center construction states such as Texas, Georgia, and Ohio, approvals may become more stringent and construction costs may rise, slowing AI infrastructure investment and reinforcing the expectation that AI capital expenditure will peak in 2027. Over the long term, slower construction helps mitigate overcapacity risks. In the energy sector, oil and gas companies may face stricter drilling and environmental reviews; power and industrial companies could see an impact from slower data center demand, though grid upgrades and infrastructure investment continue to provide support. In healthcare, short-term policy changes are expected to be limited; the defense industry benefits from a record order backlog and bipartisan support, and is not expected to undergo major policy adjustments.