Goldman Sachs: Democrats get a majority of seats in both houses of the US Congress, state-level data centers limit or affect about 45% of planned production capacity

The Zhitong Finance App learned that Goldman Sachs released a research report saying that the Democratic Party has won a majority of seats in the US House of Representatives and Senate, and the advantage far exceeds expectations. A larger majority advantage may give the Democratic Party slightly higher bargaining power when negotiating with the White House, but it will also weaken the influence of smaller factions within the Democratic Party group. The bank expects that the Democratic Party will use the fiscal period to seek to limit the war against Iran, withdraw some tariffs, and reverse the spending cuts implemented last year.

Goldman Sachs pointed out that at the federal level, election results are unlikely to change the prospects for data center and artificial intelligence regulation, because relevant legislation still requires bipartisan support before it can be passed in the Senate and overcome the presidential veto power. However, the Democratic Party's victory at the state and local levels is expected to lead to a short-term data center construction moratorium, which may affect about 45% of the planned data center capacity expansion in the US, of which Texas alone accounts for about 25%.

The bank expects that if the Democratic Party reverses spending cuts in last year's fiscal plan, the scale of the 2027 spending increase will be about 0.25% of GDP. The first test will come when the spending authorization expires on December 11. The bank believes it is most likely that it will be extended in the short term to February or March 2027.