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Voters Reject Data Centers in 40 of 41 Ballot Measures as AI Hedge Funds Slump and Nvidia Probes Jensen Huang
Midterm voters rejected data centers in 40 of 41 local ballot measures across 10 states. AI-focused hedge funds posted steep losses, and Nvidia's board opened an investigation into CEO Jensen Huang's relationship with a woman U.S. intelligence reportedly views as a Chinese spy.
From the A Wealth of Common Sense article of November 11, 2026 and cited sources: In the November 2026 midterms, voters sided against data centers in 40 of 41 ballot measures across 10 states. [3] [6]
SOURCES[3] CNBC: Data center ballot measures cnbc.com[6] Inc.: Voters rejected data centers except one town inc.com
AT Pulse research deskPublished · Updated · 4 min read · AI-assisted analysisAI-assisted, not human-edited. Methodology Corrections Who owns this site
- What happened
- In the November 2026 midterms, voters sided against data centers in 40 of 41 ballot measures across 10 states. [3] [6]
- Original source
- A Wealth of Common Sense article, independent perspective
- Brief by
- AT Pulse research desk AI-assisted; publisher and contact on the desk page
- When
- November 11, 2026 article published
- Covered
- Nov 13 edition
- Evidence
- 12 sources across 9 sites
- 1Animal Spirits: What the Hell Just Happened?!awealthofcommonsense.com
- 2Linked video: Animal Spirits: What the Hell Just Happened?!youtube.com
- 3CNBC: Data center ballot measurescnbc.com
- 4Hedgeweek: VARA plunges 33%hedgeweek.com
- 5NBC News: Nvidia opens investigationnbcnews.com
- 6Inc.: Voters rejected data centers except one towninc.com
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In the November 2026 midterms, voters sided against data centers in 40 of 41 ballot measures across 10 states. Harwood, North Dakota was the only exception, and Ohio accounted for 21 of the measures. A CNBC voter poll found 56% called data centers a crucial or major factor in their vote. [3] [6]
AI-heavy funds took sharp drawdowns. VARA fell 33% in October after a 44% loss in July, though its own investor letter claims a 13% gain for the year. Samlyn sold nearly all non-financial stocks and cut senior analysts. One Bloomberg strategist attributes the selloff mainly to short covering and options hedging rather than weaker demand. [4] [7] [8] [11]
Independent Nvidia directors, working with outside counsel, opened a probe into Huang's relationship with Alice Huang, an executive at Megaspeed. Megaspeed is an Nvidia customer accused of helping restricted Chinese firms obtain Nvidia AI chips. Nvidia shares closed down 4.27% on Nov 9. [5] [9] [10]
local votes went almost uniformly against data centers, including in Ohio, home to OpenAI's 8 GW PORTS-Pike campus. Implication: site approval and power access, not only chip supply, now look like schedule risks for AI capacity plans.
Executive brief
The surprising part is that local voters, not chip demand, may now be the main limit on AI buildout. In the 2026 midterms, voters sided against data centers in 40 of 41 ballot measures across 10 states (CNBC). In the same weeks, AI-heavy hedge funds took deep losses (Hedgeweek). Nvidia's board also opened an investigation into CEO Jensen Huang's relationship with a woman U.S. intelligence agencies call a Chinese spy (NBC News). It offers commentary, not new reporting.
Read the full section
The surprising part is that local voters, not chip demand, may now be the main limit on AI buildout. In the 2026 midterms, voters sided against data centers in 40 of 41 ballot measures across 10 states (CNBC). In the same weeks, AI-heavy hedge funds took deep losses (Hedgeweek). Nvidia's board also opened an investigation into CEO Jensen Huang's relationship with a woman U.S. intelligence agencies call a Chinese spy (NBC News). The Animal Spirits episode page links all three stories. It offers commentary, not new reporting.
What changed and event timeline
AI hedge funds hit hard
VARA lost 33% in October after losing 44% in July, though it reported being up 13% for the year. The Nasdaq 100 fell 6.7% in October, its worst month in more than 18 months ().
Samlyn moves to financials only
The roughly $7B Samlyn Capital, down about 5% for the year through October, sold nearly all stocks outside financials and let go of senior analysts (;).
Huang reports break
The NYT and FT reported on Huang's relationship with Alice Huang, an executive at Megaspeed. Huang admitted an affair in an email to staff ().
Nvidia board probe and stock drop
A committee of independent directors, working with outside counsel, opened an investigation. Nvidia closed down 4.27% ().
Episode published
Animal Spirits covered these stories alongside the low-unemployment streak ().
Capabilities and access
No AI model or release is involved.
Read the full section
No AI model or release is involved. The AI link runs through compute supply and access:
- Megaspeed is an Nvidia customer accused of helping restricted Chinese companies get Nvidia AI chips, and it was previously investigated for evading export controls (CNBC).
- The midterm results put large projects in question, including OpenAI's 8 GW at the PORTS-Pike campus in Ohio, built with SoftBank/SB Energy and backstopped by Nvidia (CNBC).
Technical analysis for researchers and developers
- Siting and power are now hard limits. A Bloomberg strategist pointed to October worries about power and electricity limits on capex (24/7 Wall St.). Teams planning capacity should treat local approval as a schedule risk.
- Warren Pies says the S&P 500 gained 70% on days semiconductors rose and lost 34% on days they fell. The figure comes from a tweet on the episode page, with no published method.
Read the full section
- Siting and power are now hard limits. A Bloomberg strategist pointed to October worries about power and electricity limits on capex (24/7 Wall St.). Teams planning capacity should treat local approval as a schedule risk.
- The semis statistic. Warren Pies says the S&P 500 gained 70% on days semiconductors rose and lost 34% on days they fell. The figure comes from a tweet on the episode page, with no published method. Our inference: sorting days by the sign of a closely correlated sector will produce a split like this almost automatically, so it shows how concentrated the index is, not that anything can be predicted from it.
Claims and evidence
- Data center vote count (40 of 41 against). Reported by CNBC. A separate 76% opposition figure appears in secondary coverage (Inc.).
- This comes from the fund's own letter to investors (Hedgeweek), not audited figures.
- It rests on U.S. intelligence assessments as reported by media. China calls the allegation unsubstantiated (NBC News).
Read the full section
- Data center vote count (40 of 41 against). Reported by CNBC. CNBC's voter poll found 56% called data centers a crucial or major factor. A separate 76% opposition figure appears in secondary coverage (Inc.).
- VARA's year-to-date gain. This comes from the fund's own letter to investors (Hedgeweek), not audited figures.
- The spy allegation. It rests on U.S. intelligence assessments as reported by media. Nvidia's board says it has no reason to believe security or company secrets were compromised (CNBC). China calls the allegation unsubstantiated (NBC News).
Context and prior work
- In April 2026, Huang called comparisons between AI chips and nuclear weapons "lunacy" in an exchange with Dwarkesh Patel, quoted in a tweet on the episode page.
- In July, Situational Awareness was forced to unwind positions after margin calls (Hedgeweek).
- In October, Trump awarded Huang the National Medal of Science (NBC News).
Read the full section
- In April 2026, Huang called comparisons between AI chips and nuclear weapons "lunacy" in an exchange with Dwarkesh Patel, quoted in a tweet on the episode page.
- In July, Situational Awareness was forced to unwind positions after margin calls (Hedgeweek).
- In October, Trump awarded Huang the National Medal of Science (NBC News).
Limitations, safety and contested findings
- CNBC says Huang's email went out on Nov 8; NBC dates it Nov 9.
- Losses at Lone Pine (−8.8%), Tiger Global (−8.5%) and Whale Rock (−8%) come from an unusual_whales post citing Bloomberg.
- Cause of the selloff is disputed. Bloomberg's Michael Ball describes it as mostly mechanical: short covering and options hedging, not falling demand (24/7 Wall St.).
Read the full section
- Disputed date. CNBC says Huang's email went out on Nov 8; NBC dates it Nov 9.
- Unconfirmed fund losses. Losses at Lone Pine (−8.8%), Tiger Global (−8.5%) and Whale Rock (−8%) come from an unusual_whales post citing Bloomberg. Independent confirmation of those figures was not found.
- Cause of the selloff is disputed. Bloomberg's Michael Ball describes it as mostly mechanical: short covering and options hedging, not falling demand (24/7 Wall St.).
- The linked video is unrelated. The video transcript is a trailer for Carrie (1976), one of the episode's recommendations (00:00, 01:25). It contains no market discussion.
Business and practitioner implications
- A record of 40 losses in 41 local votes adds permitting and political risk to data center timelines, especially in Ohio (CNBC).
- Jim Cramer has raised key-person risk at Nvidia (24/7 Wall St.). Scrutiny of export controls on Megaspeed-type customers may tighten chip distribution channels (inference).
- Leveraged, concentrated AI positions led to sharp drawdowns, and some managers are shrinking teams.
Read the full section
- Infrastructure. A record of 40 losses in 41 local votes adds permitting and political risk to data center timelines, especially in Ohio (CNBC).
- Governance. Jim Cramer has raised key-person risk at Nvidia (24/7 Wall St.). Scrutiny of export controls on Megaspeed-type customers may tighten chip distribution channels (inference).
- Market structure. Leveraged, concentrated AI positions led to sharp drawdowns, and some managers are shrinking teams. Engineers Gate cut most of its "Synthesis" team, according to the headline on the episode page.
The source trail.
Sources (12)
Animal Spirits: What the Hell Just Happened?!
awealthofcommonsense.comLinked video: Animal Spirits: What the Hell Just Happened?!
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