Citrini Calls Peak in AI Infrastructure Capex as Incoming Texas Governor Says Pause Targets New Permits

Citrini Research has called a peak in AI infrastructure capital spending and shifted its sector outlook to the downside, citing expectations of higher US data center costs following Democratic midterm wins. Texas Governor-elect Gina Hinojosa clarified that her proposed data center moratorium would apply only to new permits, not projects already under construction. Over 20 GW of capacity is under construction in Texas and more than 80 GW nationwide, with 86% of 2027 capacity and 34% of 2028 capacity already under construction.