得州选举引发数据中心股波动，Nebius 盘中跌 5%
Nebius 在得州根本没数据中心，选举结果一出还是跌了 5%，CoreWeave 更是跌 7%，这篇把电力、政策和 GPU 云股的联动讲清楚了。
得州选举中民主党候选人 Gina Hinojosa 竞选时主张立即暂停数据中心建设，消息发布后 Nebius 盘中最多下跌 5%。虽然 Nebius 在得州没有数据中心，其美国站点位于密苏里、宾夕法尼亚、阿拉巴马和新泽西，但 Wells Fargo 估算得州占美国规划数据中心容量的 27%，投资者因此抛售 GPU 云股，CoreWeave 跌 7%。得州目前处于冻结状态：Abbott 州长 9 月已暂停全部州数据中心许可，等待 12 月的电网审计。Goldman Sachs 策略师认为新国会可能限制税收激励，但全国性禁令可能性低。
Nebius Group fell as much as 5% after the Texas vote, though it discloses no data centers there.
Democrat Gina Hinojosa unseated Governor Greg Abbott after campaigning for an immediate data center pause until lawmakers set safeguards.
Wells Fargo estimates Texas holds 27% of planned U.S. data center capacity, so investors dumped GPU cloud stocks together, sending CoreWeave down 7%.
Nebius’s announced U.S. sites are in Missouri, Pennsylvania, Alabama and Vineland, New Jersey, which serves its $17.4B Microsoft contract through 2031.
Texas development was already frozen: in September, Abbott halted every state data center permit until a grid audit expected in December.
So the vote mostly decides whether that freeze lifts after the audit or lasts until lawmakers write new rules.
A longer freeze could raise the value of power Nebius holds elsewhere, such as the dedicated utility supply behind its planned 1.2GW Pennsylvania campus.
Nebius faces more risk from the incoming Democratic Congress, where Goldman Sachs strategists see tax-incentive limits as possible but a national moratorium as unlikely.
