Nov. 4, 2026 | Voters sided against data centers in 40 of the 41 local ballot measures decided on Tuesday, and data-center and power stocks fell on Wednesday as investors weighed what a Democratic-controlled Congress could mean for the AI buildout, according to CNBC and Reuters.
What Voters Decided on Data Centers
CNBC reported that 41 local ballot measures in 10 states would have restricted data center construction in different ways, according to Ballotpedia. Voters sided against data centers in every one except a measure in Harwood, N.D., based on Ballotpedia's analysis and results CNBC gathered on Wednesday. Ohio alone accounted for 21 of the measures.
In a CNBC Voter Poll, 56% of voters said data centers were a crucial or major factor in their decision, with Democrats ranking the issue higher than Republicans. CNBC also reported that Democrats who campaigned on pausing or regulating new projects won key races in Ohio, Wisconsin, Georgia and Texas. In Texas, Gina Hinojosa unseated Gov. Greg Abbott after blaming him for the rapid data center buildout. In Ohio, Amy Acton, who supports a "conditional moratorium" on data centers, defeated Vivek Ramaswamy.
Some Democrats are already pushing for oversight. Rep. Greg Casar, who chairs the Congressional Progressive Caucus, said AI company CEOs should be called to testify under oath, CNBC reported.
How AI Stocks Reacted
Reuters reported that data-center operators fell on Wednesday, with CoreWeave down 9.5%, Applied Digital down 8.8% and Cipher Digital down 21%. Power companies most exposed to data-center projects in Texas also dropped: Vistra fell 15.4%, Constellation Energy 9.2% and GE Vernova 11.5%.
The large cloud providers moved the other way. Amazon and Microsoft each rose about 6%, and Alphabet gained 4.6%. Art Hogan, chief market strategist at B. Riley Wealth, told Reuters that existing data centers become more valuable if fewer new ones get built. Mark Malek, chief investment officer at Siebert Financial, said the buildout "will become more expensive, not disappear." Reuters added that analysts doubt any legislation could meaningfully stall construction, but more hearings and investigations are now more likely.
Analysis: One State Carries Half the Count
Ohio's 21 measures are about 51% of the 41 (21 / 41 = 0.51), so the 40-of-41 tally leans heavily on one state and reflects local votes rather than a national referendum. It also does not mean projects stop. CNBC noted that OpenAI's planned 8-gigawatt Ohio campus is expected to bring capacity online in phases starting in 2028, and that Ohio's governor-elect supports conditions rather than a ban.
The stock moves split by exposure. Vistra's 15.4% drop against Microsoft's gain of about 6% is a gap of roughly 21 percentage points in one session (15.4 + 6 = 21.4). Those are intraday moves reported by Reuters and may have changed since. For background on the numbers behind the buildout, see our AI energy statistics and AI spending statistics.
Frequently Asked Questions
How did voters decide the data center ballot measures?
CNBC reports that voters sided against data centers in 40 of 41 local measures across 10 states, with Harwood, N.D. the lone exception, according to Ballotpedia's analysis and CNBC's own results gathering. Ohio accounted for 21 of the measures.
How did AI stocks react after the midterms?
Reuters reported on Nov. 4 that data-center operators and power companies fell, including CoreWeave down 9.5% and Vistra down 15.4%, while Amazon and Microsoft rose about 6% each. Those were intraday moves and may have changed since.