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Texas just hit PAUSE on data centers. 474 gigawatts are waiting in line for power. The most Texas has ever used at once: 91. LOL. ✅ BofA: Texas has a 474 GW line of requests to plug into the grid. About 90% is data centers. ✅ That's more than 5 times the grid's all-time record. ✅ The state paused its big grid study, stopped approving hookups of 75 MW or more, and ordered a halt to all data center permits. ✅ Not just Texas. Pause or moratorium proposals show up in 20 of this year's 36 governor races. ➡️ Sounds like a disaster for AI, right? Nope. ➡️ When it gets harder to build, whoever ALREADY has capacity gets to charge a premium. Think Microsoft, SpaceX, Meta, Amazon, Google. ➡️ Who gets hosed: the smaller neoclouds that still need financing to build. ✅ BofA's read: the money sorts, it doesn't stop. 😇 Zero chance of a federal pause. 🚨 The risk: this isn't settled on election night. The Texas grid audit lands Dec 10 and the final answer is a 2027 story. If real projects get cut, the build slows. ➡️ Bottom line: the pause squeezes the little guys and hands the giants pricing power.