Permitting Backlash Deepens

its chance, of the story’s futures

−1.6%on the S&P 500, if it happens

The most likely path is a continuation of the post-midterm backlash, with Democrats in Congress and newly elected Democratic governors using grid reliability, water use, and ratepayer exposure to slow projects. This does not end AI buildout, but it leaves a large share of speculative 2027-2030 capacity in limbo.

What it moves

Technology−2.8%
Utilities−2.6%
Industrials−2.0%
Finance−0.9%

Sectors in percent; other series by direction only.

Each figure is the modeled move of the S&P 500 if the outcome occurs. For information only. Not investment advice.

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