Morgan Stanley still has more than $1 trillion of hyperscaler capital spending penciled in for next year, and the revolt against data centers in the towns that host them has not changed the number.
Utility bills, water use and construction in residential neighborhoods have turned local opposition bipartisan, and governors in both parties have shifted position because of it. Ariana Salvatore's read is that the money still gets spent, later and in different places.
"We think it's likely that the capex story is still intact. We're still very constructive. We have over $1 trillion in capex from the hyperscalers next year."
Salvatore is Morgan Stanley's head of U.S. public policy research and published a note on the data-center opposition the morning this aired.
I listened to the full segment so you can skip it.
Here are the 5 takeaways that matter.