The panic vs reality

Texas accounts for more than a quarter of planned US data center capacity additions through 2030, so talk of a potential moratorium has rattled the entire AI complex. But Goldman argues the market is missing an important distinction: restrictions on new permits don't stop projects already under construction. The 35 GW of data center additions planned for 2027 are largely already being built, with limited execution risk. Goldman still sees $1.3 trillion in AI infrastructure capex by 2027. Meanwhile, SOX has suffered one of its most extreme drawdowns in history. The index has bounced off its long-term trendline, but remains well below the 200-day MA. The fundamental debate is far from settled, but with positioning washed out and the physical buildout continuing, the setup is getting increasingly interesting.