In May, Gallup asked Americans a simple question: would you accept a data centre in your community? Some 71% said no. A nuclear power station, a technology many people have feared for decades, drew less hostility, at 53%. That gap, which seemed like a curiosity in spring, now looks like a warning that investors missed.

The midterm elections turned local irritation into national politics. Voters complained about the water and electricity these facilities consume, which many believed would raise household bills, and about noise, land use and general disruption. While President Trump has embraced AI, or "super intelligence" as he calls it, many leading Democrats listened to these complaints. In Texas, James Talarico won a Senate seat in a state long dominated by Republicans, and governor-elect Gina Hinojosa campaigned on a moratorium on new data centres.

Her victory could complicate life for Elon Musk, who has shifted large parts of SpaceX and Tesla to Texas and spent nearly $450m backing Republican candidates. Markets reacted quickly. Share prices fell over the past 24 hours, apparently triggered by the results, although worries about overvalued tech firms predate the vote. Tudor Brown, co-founder of the British chip designer Arm Holdings, reminds us that stock values reflect future earnings, not present ones.