Can You Build A $2 Trillion Capex Cycle Without A Permit? JPMorgan Does The Post-Midterm Math

First the AI buildout ran short of chips. Then it ran short of cash. Last Tuesday it ran short of voters.

That is the arc JPMorgan's head of global markets strategy Dubravko Lakos-Bujas sketches in the post-midterm section of his latest Global Equity Strategy note (available to pro subs): the defining story of 2026, he writes, has been the bottleneck migrating from AI upstream (memory, chips) to funding constraints "and now to regulatory risks".

Washington Can't. The States Can