US midterm 'blue wave' puts pressure on memory chip demand

Democrats took control of Congress in the U.S. midterm elections, raising concerns that tighter rules and delays for data center projects could slow memory chip demand. Democratic governors-elect in Texas, Ohio and Georgia had proposed halts or restrictions on data center development. A slower buildout could postpone purchases of AI accelerators, server DRAM and enterprise solid-state drives, potentially easing supply shortages that have boosted Samsung Electronics and SK hynix earnings. Analysts said a slowdown was possible, but a nationwide halt was unlikely.

Texas is expected to account for 25 to 30 percent of U.S. data center capacity scheduled to come online by 2030.

Dan Ives of Yorkville Ives estimated that 10 percent of data centers would not proceed and said the results could slow plans for 800 to 1,000 facilities across the United States.

Amy Acton proposed requiring Ohio data center developers to cover all electricity and water costs, use union labor exclusively and ensure operational transparency.

Democrats won majorities in both chambers of Congress but fell short of the two-thirds majority needed to override a presidential veto.

Kiwoom Securities analyst Han Ji-young said nationwide regulations would face hurdles, while measures under discussion included requiring companies to pay more toward power-grid expansion and restricting approvals in some regions.

Published Nov 5, 2026 3:06 pm KST

Updated Nov 5, 2026 4:45 pm KST

Potential data center curbs threaten AI investment, chipmakers' earnings outlook

Texas Sen.-elect James Talarico, left, and Gov.-elect Gina Hinojosa cheer with drinks while being surrounded by supporters at Whataburger in Austin, Texas, Wednesday. Reuters-Yonhap

With the U.S. Democrats taking control of Congress in the midterm elections, the "blue wave" is expected to cool memory chip prices and demand, casting doubt on whether Samsung Electronics and SK hynix can sustain their record-breaking earnings streaks.

In the New York trading session that ended Wednesday (local time), shares of CoreWeave and Nebius fell 9.9 percent and 6.7 percent, respectively. Both are neo cloud providers that rent out artificial intelligence (AI) computing capacity.

Data center operators IREN and Hut 8 also plunged 11.2 percent and 23.2 percent, respectively.

Memory chip and storage companies also suffered steep losses. SK hynix’s American depositary receipts declined 5.1 percent, while Sandisk fell 7.9 percent, Micron Technology 7 percent and Western Digital 6.8 percent. Chip designers Nvidia and Broadcom also dropped.

The drops appear to reflect investors’ concerns that the election of Democratic governors in states such as Texas, Ohio and Georgia could turn growing local opposition to data center construction into tighter regulations and delays in project approvals.

In Texas, Gina Hinojosa was elected governor after pledging an immediate halt to data center construction until the state legislature establishes safeguards. Texas is reportedly expected to account for 25 to 30 percent of U.S. data center capacity scheduled to come online by 2030.

James Talarico, Texas senator-elect, also claimed victory after pledging to eliminate preferential tax breaks for Big Tech companies and introduce tighter regulations on data center development.

In Ohio, Amy Acton was elected governor after proposing a conditional moratorium on data center construction, requiring developers to cover 100 percent of electricity and water costs, use union labor exclusively and ensure operational transparency.

In Georgia, Keisha Lance Bottoms won the gubernatorial election after pledging to suspend data center development statewide until its environmental impact and effects on electricity rates could be assessed.

“We estimate 10 percent of data centers will not happen now,” Yorkville Ives Partner Dan Ives wrote in a post on X, adding that the election results “will slow the pace of the planned 800 to 1,000 data centers across the U.S. fueling the AI Revolution.”

A technician works at an Amazon Web Services AI data center in New Carlisle, Ind., Oct. 2, 2025. Reuters-Yonhap

A slowdown in data center construction could affect memory chip purchases by major tech companies.

AI data centers require AI accelerators equipped with high-bandwidth memory, server DRAMs and enterprise solid-state drives. If data center projects are delayed, the deployment of servers and AI accelerators would also be pushed back, potentially delaying memory chip demand.

Samsung Electronics and SK hynix are currently enjoying a boom in earnings driven by rising memory prices amid supply bottlenecks. Though the overall direction of U.S. investment in AI is unlikely to change, a slowdown in the pace of investment could delay memory chip orders, potentially helping ease the supply shortages that have fueled the current boom.

On Thursday, Samsung Electronics closed at 201,500 won, down 7.57 percent from the previous session, while SK hynix shares dropped 9.46 percent to 1,264,000 won.

Analysts said the election results suggest a potential slowdown in AI investment, but a full-scale suspension or abrupt halt is unlikely.

“Nationwide regulations would face significant hurdles given President Donald Trump's possible veto and concerns over U.S. competitiveness in AI,” Kiwoom Securities analyst Han Ji-young said.

“Instead, alternative measures under discussion include requiring companies to shoulder a greater share of power grid expansion costs and restricting project approvals in certain regions.”

Democrats secured majorities in both chambers of Congress, but they fell short of the two-thirds majority needed to override a presidential veto.

民主党在美国中期选举中掌控了国会，引发了人们对数据中心项目监管收紧和延期可能抑制内存芯片需求的担忧。德克萨斯州、俄亥俄州和佐治亚州的民主党当选州长都曾提议暂停或限制数据中心建设。建设速度放缓可能会推迟人工智能加速器、服务器DRAM和企业级固态硬盘的采购，从而可能缓解此前推高三星电子和SK海力士盈利的供应短缺问题。分析人士表示，需求放缓是有可能的，但全国范围内的停滞不太可能。

预计到 2030 年，德克萨斯州将占美国计划上线的数据中心容量的 25% 至 30%。

约克维尔·艾夫斯公司的丹·艾夫斯估计，10% 的数据中心将无法继续推进，并表示这一结果可能会拖慢全美 800 至 1000 个设施的建设计划。

艾米·阿克顿提议要求俄亥俄州数据中心开发商承担所有电力和水费，完全使用工会劳动力，并确保运营透明度。

民主党在国会两院都赢得了多数席位，但未能获得推翻总统否决所需的三分之二多数。

Kiwoom证券分析师韩智英表示，全国性监管将面临障碍，而正在讨论的措施包括要求企业为电网扩建支付更多费用，以及限制某些地区的审批。

发布于2026年11月5日下午3:06（韩国标准时间）

更新于2026年11月5日下午4:45（韩国标准时间）

潜在的数据中心限制措施威胁人工智能投资和芯片制造商的盈利前景

周三，在德克萨斯州奥斯汀市的一家Whataburger餐厅，当选德克萨斯州参议员詹姆斯·塔拉里科（左）和当选州长吉娜·希诺霍萨在支持者的簇拥下举杯庆祝。路透社-韩联社

随着美国民主党在中期选举中掌控国会，“蓝色浪潮”预计将抑制存储芯片的价格和需求，这让人怀疑三星电子和SK海力士能否维持其破纪录的盈利势头。

在周三（当地时间）结束的纽约交易时段，CoreWeave和Nebius的股价分别下跌了9.9%和6.7%。这两家公司都是新型云服务提供商，出租人工智能（AI）计算能力。

数据中心运营商IREN和Hut 8的股价也分别暴跌了11.2%和23.2%。

存储芯片和存储设备公司也遭受重创。SK海力士的美国存托凭证下跌5.1%，闪迪下跌7.9%，美光科技下跌7%，西部数据下跌6.8%。芯片设计公司英伟达和博通的股价也出现下跌。

股价下跌似乎反映出投资者担心，德克萨斯州、俄亥俄州和佐治亚州等州民主党州长的当选，可能会使当地对数据中心建设日益增长的反对声浪转化为更严格的监管和项目审批的延迟。

在德克萨斯州，吉娜·伊诺霍萨当选州长前承诺，在州议会制定保障措施之前，将立即停止数据中心建设。据报道，到2030年，德克萨斯州预计将占美国计划投入运营的数据中心总容量的25%至30%。

德克萨斯州当选参议员詹姆斯·塔拉里科也宣布胜选，他承诺取消对大型科技公司的税收优惠，并对数据中心发展引入更严格的监管。

在俄亥俄州，艾米·阿克顿在提出有条件暂停数据中心建设后当选州长，她要求开发商承担 100% 的电力和水费，完全使用工会劳工，并确保运营透明度。

在佐治亚州，凯莎·兰斯·博顿斯在承诺暂停全州数据中心开发，直到评估其对环境和电价的影响后，赢得了州长选举。

“我们估计有 10% 的数据中心现在不会建成，”Yorkville Ives 合伙人 Dan Ives 在 X 上的一篇文章中写道，并补充说，选举结果“将减缓计划在美国各地建设的 800 到 1000 个数据中心的步伐，这些数据中心原本将推动人工智能革命。”

2025年10月2日，一名技术人员在位于印第安纳州新卡莱尔的亚马逊网络服务人工智能数据中心工作。（路透社-韩联社）

数据中心建设放缓可能会影响大型科技公司对内存芯片的采购。

人工智能数据中心需要配备高带宽内存、服务器DRAM和企业级固态硬盘的人工智能加速器。如果数据中心项目延期，服务器和人工智能加速器的部署也会推迟，这可能会延缓对内存芯片的需求。

受供应瓶颈导致的内存价格上涨推动，三星电子和SK海力士目前盈利激增。尽管美国在人工智能领域的投资方向不太可能改变，但投资增速放缓可能会延迟内存芯片订单，从而有助于缓解推动当前市场繁荣的供应短缺问题。

周四，三星电子股价收于 201,500 韩元，较前一交易日下跌 7.57%；SK 海力士股价下跌 9.46%，至 1,264,000 韩元。

分析人士表示，选举结果表明人工智能投资可能会放缓，但全面暂停或突然停止的可能性不大。

“鉴于唐纳德·特朗普总统可能否决相关法案，以及人们对美国在人工智能领域竞争力的担忧，全国性监管将面临重大障碍，”Kiwoom证券分析师韩智英表示。

“相反，正在讨论的替代措施包括要求企业承担更大比例的电网扩建成本，以及限制某些地区的项目审批。”

民主党在国会两院都获得了多数席位，但未能获得推翻总统否决所需的三分之二多数。