AI stocks slide as Texas governor result raises data center risks

AI stocks fell overnight as Democrats, seen as backers of data center moratoriums, won midterm races including the Texas governorship, where Gina Hinojosa was projected to defeat incumbent Greg Abbott. Nasdaq-100 futures dropped 0.8%, while CoreWeave fell 7%, Nebius 4%, SpaceX 6% and Oracle 4% on Robinhood. Wells Fargo estimates 27% of planned US data center gigawatts are in Texas, and strategists warned a Democratic win there could be a "left-tail event" for the AI trade.