According to CoinMeta, the expected slowdown in data center construction is supporting the performance of tech giants, with Microsoft and Amazon relatively resistant to declines. The mid-term elections in the United States showed that voters are opposed to data center construction; out of 41 local referendums restricting data center construction, 40 are expected to pass. Although both Microsoft and Amazon have made significant investments in data centers, they have currently fallen by about 2.5% and 1.5% respectively, which is significantly lower than the declines of other companies in the cloud computing, data center equipment, and power supply industries. This indicates that large tech companies have relatively more resilience. The market believes that the huge capital expenditures for data centers, along with high costs for chips and supply chains, mean that the investment returns are not yet sufficient to justify continued expansion. A slowdown in construction could help reduce capital expenditure pressures and improve free cash flow. In the future, it will be important to monitor the data center regulation agenda after Democrats take control of Congress, as well as how the new Democratic governors of Texas and Ohio will implement their campaign promises to restrict data center construction.