Clarified Permit Pause

The most likely outcome is that incoming Governor Hinojosa narrows the pause to new permit applications while allowing approved data-center projects to continue. That would reduce the market’s fear that Texas is abruptly blocking the AI buildout, but it would not remove longer-term grid-cost questions.

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