Fact Finder
Four technology companies reported $201.9 billion in quarterly property-and-equipment spending; Ballotpedia counted 40 of 41 votes favoring limits
Company filings, ballot counts and power-market studies distinguish spending, reported voting outcomes and estimated costs.
Developing
Ballotpedia lists four further measures after Nov. 3. PJM's next capacity auction runs Dec. 9–15, with results Dec. 22. Starbase holds a SpaceX tax abatement hearing Dec. 9.
- 40 of 41Nov. 3 limits: Ballotpedia tally
- $201.9BQ3 property-and-equipment cash spending
- 31Claims tracked
- 44Sources
Built from company filings, election counts, grid and government data and published reports. It makes no market predictions.
About this format and its limits
Fact Finder is a different kind of Unbiased Headlines piece. It sets out one story's facts with their sources, separates what records show from what people argue, and lists what is still not known.
Limits. Property-and-equipment figures cover whole companies, not just data centers. Electricity prices are not household bill totals. Regional research and market-monitor estimates remain attributed. The Ohio Newsroom labelled results unofficial on Nov. 10; county certification was not independently checked.
Opinions about whether AI spending is a bubble are reported as the views of the people who hold them. This page does not forecast markets and is not investment advice.
At a glance
- Ballotpedia’s Nov. 13 tally lists 41 Nov. 3 measures in 10 states, with 40 outcomes favoring limits. For all 2026 measures decided by then, it counts 46 of 47. S1S2S3
- Microsoft, Alphabet, Amazon and Meta spent about $201.9 billion on property and equipment in the third quarter, per their filings. S6S7S8S9
- EIA’s preliminary January–August 2026 residential price average is 18.19 cents per kWh, versus 17.03 a year earlier. The table does not establish causes. S13
- Cornell’s summary of a four-grid study says data centers paid an estimated 38% of infrastructure costs linked to their growth in 2025; the remainder fell largely on residents. S10
- PJM's market monitor says data center demand added $29.4 billion to capacity costs across four auctions. S12
- On Sept. 21, Texas Gov. Greg Abbott directed a halt to state data center permits pending audit information. The House passed H.R. 9340 on Sept. 16; a Senate procedural motion failed on Sept. 30. S17S14S15
| Company | Q3 2026 | Full-year 2026 outlook |
|---|---|---|
| Amazon | $77.3 billion | About $220 billion (cash) |
| Alphabet | $51.4 billion | $195 billion to $205 billion (call) |
| Microsoft | $39.4 billion | About $170 billion, calendar year, incl. finance leases (call) |
| Meta | $33.9 billion | $135 billion to $145 billion |
| Total | $201.9 billion | About $720–740 billion (different bases) |
From each company's cash flow statement. Not all of this spending is on data centers. Meta's outlook includes finance lease payments. Total uses unrounded figures; rounded rows sum to $202.0 billion. Outlook figures are projections, not expenditure already incurred. Microsoft and Alphabet outlooks come from earnings calls.
Timeline
- House passes Ratepayer Protection Act, 417 to 3 S15 7 related claims: Laws and pauses
- Texas governor directs pause in state data center permit issuance Directive links approvals to audit information, without a fixed calendar end date. S17 7 related claims: Laws and pauses
- Senate motion on the ratepayer bill fails, 57 to 43 S14S16 7 related claims: Laws and pauses
- Meta reports Q3: $33.9 billion on property and equipment S9 5 related claims: Spending
- Microsoft and Alphabet report Q3 spending S6S7 5 related claims: Spending
- Amazon reports Q3; keeps $220 billion 2026 capital spending outlook S8 5 related claims: Spending
- BofA economists warn a sustained AI correction is a major risk, Fortune and Yahoo Finance report S39S31 5 related claims: Bubble question
- Voters decide 41 local data center measures in 10 states 40 outcomes favor limits on development. S1S2 7 related claims: Ballots
- Cornell study on who pays for data center grid costs is published S10S30 7 related claims: Power costs
- Bank of England governor says AI bubble risk should be recognised S22 5 related claims: Bubble question
- Chicago Fed's Goolsbee likens the AI data center buildout to demand overheating, per news reports S36S37S38 5 related claims: Bubble question
- Anthropic files amended IPO terms S26 5 related claims: Bubble question
- PJM market monitor puts data center capacity cost impact at $29.4 billion S12 7 related claims: Power costs
- SpaceX announces more than $74 billion for two AI supercomputing campuses S32S33 5 related claims: Spending
- Scheduled: Anthropic shares expected to begin trading on Nasdaq Per Nasdaq's Nov. 11 listing notice; the offering depends on the registration becoming effective. S46 5 related claims: Bubble question
- Deadline: Ohio county boards must complete official canvass 21 days after the election, under state law. S48 7 related claims: Ballots
- Scheduled: Starbase City Commission hearing on SpaceX tax abatement Considers a property tax abatement and a related economic development agreement; not the only approval the project needs. S34S35 5 related claims: Spending
- Expected: Cochise County public hearing on SpaceX campus, as reported Reuters and Teslarati report a county public hearing in December. S32S33 5 related claims: Spending
- Scheduled: PJM 2029/2030 capacity auction window opens Window closes Dec. 15; results to be posted Dec. 22. S47S12 7 related claims: Power costs
- Scheduled: PJM posts 2029/2030 capacity auction results S47 7 related claims: Power costs
- Bracewell expects ERCOT's data center audit in mid-December A reported expectation, not a fixed end date for the Texas permit directive. S19 7 related claims: Power costs
Evidence
Read the evidence by kind
What the records show
Votes, filings, prices and official actions, taken from the documents or counts themselves.
- C1 Documentary According to Ballotpedia’s Nov. 13 tally, on Nov. 3, 2026, voters decided 41 local data center ballot measures in 10 states. In 40 of them the outcome favored limits on data center development. The one exception was Harwood, North Dakota, where voters rejected an added review requirement for industrial projects, data centers included.
- C2 Documentary According to Ballotpedia’s Nov. 13 tally, counting the whole year, Ballotpedia lists at least 51 local data center measures in 13 states in 2026. As of Nov. 13, voters had decided 47; in 46 the outcome favored limits. Ballotpedia lists four more votes scheduled after Nov. 3.
- C3 Documentary According to Ballotpedia’s Nov. 13 tally, the two numbers in circulation, 40 of 41 and 46 of 47, both come from Ballotpedia and do not conflict. The first counts only the Nov. 3 votes. The second counts every measure decided in 2026, adding six earlier votes (March to September) that all went against development.
- C4 Documentary According to Ballotpedia’s Nov. 13 tally, Ohio had the most measures: 21 of the year's 51, across 18 jurisdictions, all on the Nov. 3 ballot. Ballot measures in Sunbury and Perry passed with 79% and 87% of the vote.
- C5 Documentary According to Ballotpedia’s Nov. 13 tally, of the 41 Nov. 3 measures, voters approved 27 that limited data centers or expressed opposition to them, including five full bans and twelve partial bans. They defeated 13 measures that would have helped development, including four Wilmington, Ohio rezonings.
- C6 Documentary Piqua voters approved a charter ban on data centers larger than 25 megawatts of peak power demand, The Ohio Newsroom reported. In a separate special election they recalled Mayor James Vetter (Ward 1), Commissioner William Walker Jr. (Ward 3) and Vice Mayor Frank DeBrosse (Ward 5), who had supported a data center project, according to unofficial Miami County results reported by WVXU and WHIO.
- C7 Documentary Ballotpedia reports that a proposed Ohio initiative banning construction of data centers with aggregate power demand exceeding 25 megawatts did not make the 2026 ballot. It cites a June 17 campaign announcement targeting the 2027 general election.
- C8 Documentary In the third quarter of 2026, Microsoft, Alphabet, Amazon and Meta reported combined purchases of property and equipment of about $201.9 billion: Amazon $77.3 billion, Alphabet $51.4 billion, Microsoft $39.4 billion and Meta $33.9 billion.
- C10 Documentary Amazon reported a free cash outflow of $42.4 billion for the 12 months ended Sept. 30, 2026. It attributed the decrease mainly to a $94.8 billion year-over-year increase in purchases of property and equipment, net of sales proceeds and incentives, primarily reflecting AI investments.
- C11 Official U.S. average residential electricity prices rose from 13.15 cents per kilowatt-hour in 2020 to 17.23 cents in 2025. For January to August 2026 they averaged 18.19 cents, up from 17.03 cents in the same months of 2025. The 2026 figures are preliminary.
- C18 Official The U.S. House passed the Ratepayer Protection Act (H.R. 9340) 417 to 3 on Sept. 16, 2026. Its stated purpose is to establish a federal standard relating to recovery of the full, incremental costs of upgrades serving large-load customers.
- C19 Official On Sept. 30, 2026, a Senate motion to advance the same bill failed 57 to 43; it needed 60 votes.
- C21 Official On Sept. 21, 2026, Texas Gov. Greg Abbott directed the state environmental regulator (TCEQ) to halt all permits sought by data centers until the grid operator ERCOT completes an audit. He said no state agency should move forward with data center approvals until then.
- C30 Documentary Anthropic’s Nov. 10 preliminary IPO prospectus describes a proposed offering of 825 million Class A shares at an expected $70 to $78 each and an application to list on Nasdaq under ANT. The document is marked subject to completion and says the securities cannot be sold until the registration becomes effective.
What studies and officials estimate
Estimates by researchers, the grid operator and its market monitor, labelled with who made them.
- C12 Expert A Cornell University study of four large U.S. power grids estimates that in 2025 data centers paid 38% ($3.12 billion) of the $8.25 billion in grid infrastructure costs tied to their growth. The other 62% ($5.13 billion) fell largely on residents.
- C13 Expert The same study estimates that data center growth raised wholesale electricity prices by about 15% in Virginia and about 20% in California's southern Bay Area by 2025. It found no clear increase from data centers in New York and New England.
- C14 Official PJM's Independent Market Monitor concluded that four capacity auctions (delivery years 2025/2026 to 2028/2029) were not competitive, mainly because forecast data center demand was included. It puts the added capacity cost for all customers at $29.4 billion so far.
- C15 Official The monitor calculates that, from January to September 2026, data center load in PJM's capacity market raised the total cost of wholesale power by $9.95 per megawatt-hour, or 9.8%, to $111.61. The figure excludes any effect on energy or transmission costs.
- C16 Official PJM itself says data centers are the primary driver of demand growth on its system, and that the tight supply balance has contributed to higher capacity prices.
- C17 Expert Cornell’s summary says the researchers estimate each gigawatt of data center capacity can create 15,000 jobs across the economy, averaging 2,700 directly associated jobs, not necessarily on-site.
- C22 Witness The ERCOT audit behind the Texas pause is expected to finish in mid-December 2026, according to a law firm analysis; the Texas Tribune reports it was expected to last until December.
- C24 Witness Cornell reports that six states have set special terms for very large energy users, and that seven major technology companies signed a White House Ratepayer Protection Pledge in March to pay for required grid upgrades.
Arguments and projections
Opinions, pledges and company projections. These are what people say, not findings.
- C20 Argument Senate Democratic leader Chuck Schumer called the bill toothless because it asks states only to consider the standard rather than requiring data centers to pay. Supporters argued it would ease rising energy costs for households.
- C23 Witness Gina Hinojosa won the Nov. 3 Texas governor's race, The Texas Tribune and Texas Public Radio reported. Her campaign called for an immediate moratorium on data centers lasting until the Legislature puts protections in place.
- C25 Testimony SpaceX said on Nov. 12 it plans to invest more than $74 billion in two AI supercomputing campuses: more than $24 billion at its Starbase site in Texas and roughly $50 billion in Cochise County, Arizona. The Arizona campus needs county approval.
- C26 Expert Bank of England Governor Andrew Bailey said on Nov. 9 that a bubble in AI asset prices is a risk that should be recognised, while calling himself an optimist about AI's potential to raise productivity.
- C27 Expert BofA Global Research economists wrote on Nov. 2 that “a sustained correction in the AI trade is a major risk to the global economy,” Fortune reported. Yahoo Finance quoted them calling it “one of the larger risks to the US and global economy.”
- C28 Expert Chicago Fed President Austan Goolsbee said at a Nov. 9 Leadership Greater Chicago event that the AI data center buildout is “starting to look more just like old-fashioned demand overheating,” Stocktwits reported. It said he cited rising costs for land, electricity, computer chips and construction.
- C29 Testimony Amazon's chief executive said the company projects AWS revenue growth of more than 40% in both 2027 and 2028.
- C9 Testimony For full-year 2026, Amazon says it expects cash capital spending of about $220 billion, and Meta expects $135 billion to $145 billion including finance lease payments.
- C31 Testimony On their Oct. 28 earnings calls, Alphabet kept its full-year 2026 capital spending guidance at $195 billion to $205 billion, and Microsoft said its calendar-2026 capital spending should be about $170 billion. With Amazon (about $220 billion) and Meta ($135 billion to $145 billion), the four outlooks add up to roughly $720 billion to $740 billion.
Not known yet
What the sources do not establish.
- Share of household bills. The checked EIA table, Cornell summary and PJM monitor release do not quantify data centers’ share of the national rise in household bills. EIA reports prices; the research and monitor describe regional or wholesale effects. S13S10S12
- Full-year spending total. The four companies' outlooks sum to roughly $720–740 billion, but they are not on one basis: some include finance leases, Amazon's is cash only, and Microsoft's is a calendar-year figure given on a call. None says how much is for data centers. S44S45S8S9
- Bubble or lasting demand. The checked sources do not establish that AI valuations constitute a bubble. Bailey describes a risk, while Amazon offers company growth projections; neither establishes future market returns. S22S8
- Why voters voted. The ballot results show outcomes, not reasons. S1
- Final counts. Ohio results reported so far are unofficial. State law requires county boards to finish the official canvass by the 21st day after the election (Nov. 24). Ballotpedia's 2026 total is an as-of tally, not a final annual count. S5S48S1
- Texas pause end date. Abbott’s directive gives no fixed calendar end date. The Tribune reports Hinojosa’s pledge; the checked sources do not establish the final terms of any future order. S18S20
- Arizona decision. Reuters and Teslarati report a Cochise County public hearing in December. The checked sources do not give a date for a final county decision. S32S33
Claims
Each claim shows the kind of evidence behind it and how well it is sourced. Sourcing describes the reporting, not whether a claim is true. Open Details for who says so, excerpts and sources.
Showing 7 of 31 claims
Ballots 0 of 7 claims
- C1
According to Ballotpedia’s Nov. 13 tally, on Nov. 3, 2026, voters decided 41 local data center ballot measures in 10 states. In 40 of them the outcome favored limits on data center development. The one exception was Harwood, North Dakota, where voters rejected an added review requirement for industrial projects, data centers included.
Details for claim C1
Ballotpedia counts a measure as favoring limits when voters approved a restriction or rejected a measure that would have helped development.
“Voters favored limiting data center development in 40 of the 41 local ballot measure contests on November 3.”
Independently re-fetched and read 2026-11-13; see verification log.. S1 Sources S1 Ballotpedia, 13 Nov 2026 S2 Unbiased Headlines, 12 Nov 2026
- C2
According to Ballotpedia’s Nov. 13 tally, counting the whole year, Ballotpedia lists at least 51 local data center measures in 13 states in 2026. As of Nov. 13, voters had decided 47; in 46 the outcome favored limits. Ballotpedia lists four more votes scheduled after Nov. 3.
Details for claim C2
The total can still change as Ballotpedia adds measures.
“As of November 13, 2026, voters have decided 47 of the measures. In 46 cases, a majority favored greater limits”
Independently re-fetched and read 2026-11-13; see verification log.. S1 Sources S1 Ballotpedia, 13 Nov 2026 S3 Unbiased Headlines, 12 Nov 2026
- C3
According to Ballotpedia’s Nov. 13 tally, the two numbers in circulation, 40 of 41 and 46 of 47, both come from Ballotpedia and do not conflict. The first counts only the Nov. 3 votes. The second counts every measure decided in 2026, adding six earlier votes (March to September) that all went against development.
Details for claim C3
Earlier 2026 votes listed by Ballotpedia: Canterbury NH (Mar. 10), Port Washington WI (Apr. 7), Monterey Park CA (Jun. 2), Augusta Township MI (Aug. 4), Wrightstown WI (Aug. 8), Nottingham NH (Sep. 8). 41 plus 6 equals 47.
Sources S1 Ballotpedia, 13 Nov 2026 S2 Unbiased Headlines, 12 Nov 2026 S3 Unbiased Headlines, 12 Nov 2026
- C4
According to Ballotpedia’s Nov. 13 tally, Ohio had the most measures: 21 of the year's 51, across 18 jurisdictions, all on the Nov. 3 ballot. Ballot measures in Sunbury and Perry passed with 79% and 87% of the vote.
Details for claim C4
Ohio results are unofficial until each county board of elections certifies them.
Sources S1 Ballotpedia, 13 Nov 2026 S4 Unbiased Headlines, 11 Nov 2026 S5 The Ohio Newsroom (Statehouse News Bureau), 10 Nov 2026
- C5
According to Ballotpedia’s Nov. 13 tally, of the 41 Nov. 3 measures, voters approved 27 that limited data centers or expressed opposition to them, including five full bans and twelve partial bans. They defeated 13 measures that would have helped development, including four Wilmington, Ohio rezonings.
Details for claim C5
Sources S1 Ballotpedia, 13 Nov 2026
- C6
Piqua voters approved a charter ban on data centers larger than 25 megawatts of peak power demand, The Ohio Newsroom reported. In a separate special election they recalled Mayor James Vetter (Ward 1), Commissioner William Walker Jr. (Ward 3) and Vice Mayor Frank DeBrosse (Ward 5), who had supported a data center project, according to unofficial Miami County results reported by WVXU and WHIO.
Details for claim C6
Results were unofficial when reported. Jim Sheats, Damon Wilson and Kim Heisler were reported elected to succeed them.
“voters in Piqua voted in favor of recalling 1st Ward Commissioner and Mayor James Vetter, 3rd Ward Commissioner William Walker”
Read 2026-11-13 (recovery pass); see RECOVERY-LOG.md.. S41 Sources S5 The Ohio Newsroom (Statehouse News Bureau), 10 Nov 2026 S40 WVXU, 4 Nov 2026 S41 WHIO-TV, 4 Nov 2026
- C7
Ballotpedia reports that a proposed Ohio initiative banning construction of data centers with aggregate power demand exceeding 25 megawatts did not make the 2026 ballot. It cites a June 17 campaign announcement targeting the 2027 general election.
Details for claim C7
Sources S1 Ballotpedia, 13 Nov 2026
Spending 0 of 5 claims
- C8
In the third quarter of 2026, Microsoft, Alphabet, Amazon and Meta reported combined purchases of property and equipment of about $201.9 billion: Amazon $77.3 billion, Alphabet $51.4 billion, Microsoft $39.4 billion and Meta $33.9 billion.
Details for claim C8
Cash property-and-equipment additions/purchases for July–September 2026, not data-center-only spending. Unrounded figures ($millions): 39,367 + 51,355 + 77,259 + 33,942 = 201,923. Rounded company rows need not sum to the rounded total.
Sources S6 Microsoft (SEC filing), 28 Oct 2026 S7 Alphabet (SEC filing), 28 Oct 2026 S8 Amazon (SEC filing), 29 Oct 2026 S9 Meta Platforms (SEC filing), 21 Oct 2026
- C9
For full-year 2026, Amazon says it expects cash capital spending of about $220 billion, and Meta expects $135 billion to $145 billion including finance lease payments.
Details for claim C9
Microsoft and Alphabet gave full-year figures on their earnings calls, not in their written releases; see the next claim.
“We continue to expect 2026 cash capital expenditures to be approximately $220 billion.”
Independently re-fetched and read 2026-11-13; see verification log.. S8 “We anticipate 2026 capital expenditures, including principal payments on finance leases, to be in the range of $135-145 billion”
Independently re-fetched and read 2026-11-13; see verification log.. S9 Sources S8 Amazon (SEC filing), 29 Oct 2026 S9 Meta Platforms (SEC filing), 21 Oct 2026
- C31
On their Oct. 28 earnings calls, Alphabet kept its full-year 2026 capital spending guidance at $195 billion to $205 billion, and Microsoft said its calendar-2026 capital spending should be about $170 billion. With Amazon (about $220 billion) and Meta ($135 billion to $145 billion), the four outlooks add up to roughly $720 billion to $740 billion.
Details for claim C31
Projections on different bases: Microsoft's figure includes finance leases and is for the calendar year (its fiscal year ends June 30); Meta's includes finance lease principal; Amazon's is cash capex.
“Our full year 2026 CapEx guidance range of $195 billion to $205 billion remain unchanged.”
Read 2026-11-13 (recovery pass); see RECOVERY-LOG.md.. S45 “for the calendar year, spend should be approximately $170 billion”
Read 2026-11-13 (recovery pass); see RECOVERY-LOG.md.. S44 Sources S45 Alphabet earnings call, transcript via The Motley Fool, 28 Oct 2026 S44 Microsoft earnings call, transcript via The Motley Fool, 28 Oct 2026 S8 Amazon (SEC filing), 29 Oct 2026 S9 Meta Platforms (SEC filing), 21 Oct 2026
- C10
Amazon reported a free cash outflow of $42.4 billion for the 12 months ended Sept. 30, 2026. It attributed the decrease mainly to a $94.8 billion year-over-year increase in purchases of property and equipment, net of sales proceeds and incentives, primarily reflecting AI investments.
Details for claim C10
“This increase primarily reflects investments in artificial intelligence.”
Independently re-fetched and read 2026-11-13; see verification log.. S8 - C25
SpaceX said on Nov. 12 it plans to invest more than $74 billion in two AI supercomputing campuses: more than $24 billion at its Starbase site in Texas and roughly $50 billion in Cochise County, Arizona. The Arizona campus needs county approval.
Details for claim C25
Planned amounts, not money spent. Starbase's hearing notice estimates about $24 billion for initial phases of a gas-fired power plant and super-compute facility.
“SpaceX expects to spend more than $24 billion on the Starbase site and roughly $50 billion on the Arizona campus”
Read 2026-11-13 (recovery pass); see RECOVERY-LOG.md.. S32 “Estimated capital investment for initial phases of the project is approximately $24 billion”
Read 2026-11-13 (recovery pass); see RECOVERY-LOG.md.. S34 Sources S32 Reuters, via CNA, 12 Nov 2026 S33 Teslarati, 12 Nov 2026 S34 City of Starbase, Texas, November 2026 S29 Unbiased Headlines, 12 Nov 2026
Power costs 0 of 7 claims
- C11
U.S. average residential electricity prices rose from 13.15 cents per kilowatt-hour in 2020 to 17.23 cents in 2025. For January to August 2026 they averaged 18.19 cents, up from 17.03 cents in the same months of 2025. The 2026 figures are preliminary.
Details for claim C11
EIA reports prices only. Its table does not say what caused the increase, and data centers are not broken out.
Sources S13 U.S. Energy Information Administration, 23 Oct 2026
- C12
A Cornell University study of four large U.S. power grids estimates that in 2025 data centers paid 38% ($3.12 billion) of the $8.25 billion in grid infrastructure costs tied to their growth. The other 62% ($5.13 billion) fell largely on residents.
Details for claim C12
Cornell’s own summary of the four-grid study supplies these estimates. The paper’s abstract was accessible, but the full article is subscription-only. These are not national household billing totals.
“paid only 38% of the infrastructure costs linked to their growth”
Independently re-fetched and read 2026-11-13; see verification log.. S10 Sources S10 Cornell Chronicle (Cornell University), November 2026 S30 Nature Energy, 9 Nov 2026
- C13
The same study estimates that data center growth raised wholesale electricity prices by about 15% in Virginia and about 20% in California's southern Bay Area by 2025. It found no clear increase from data centers in New York and New England.
Details for claim C13
Wholesale prices are what utilities pay before delivering power. They are one part of a household bill.
Sources S10 Cornell Chronicle (Cornell University), November 2026
- C14
PJM's Independent Market Monitor concluded that four capacity auctions (delivery years 2025/2026 to 2028/2029) were not competitive, mainly because forecast data center demand was included. It puts the added capacity cost for all customers at $29.4 billion so far.
Details for claim C14
PJM runs the grid and wholesale market for 13 states and Washington, D.C. Including data center forecasts in the auction is PJM's own rule; the monitor recommends removing them.
“not competitive, primarily as a result of the inclusion of forecast demand for data centers.”
Independently re-fetched and read 2026-11-13; see verification log.. S12 Sources S12 Monitoring Analytics (Independent Market Monitor for PJM), via PR Newswire, 12 Nov 2026
- C15
The monitor calculates that, from January to September 2026, data center load in PJM's capacity market raised the total cost of wholesale power by $9.95 per megawatt-hour, or 9.8%, to $111.61. The figure excludes any effect on energy or transmission costs.
Details for claim C15
This is a wholesale cost per unit of power, not a retail bill. How much of it reaches each household depends on state rules and utility rates.
Sources S12 Monitoring Analytics (Independent Market Monitor for PJM), via PR Newswire, 12 Nov 2026
- C16
PJM itself says data centers are the primary driver of demand growth on its system, and that the tight supply balance has contributed to higher capacity prices.
Details for claim C16
“The primary driver of that growth is data centers.”
Independently re-fetched and read 2026-11-13; see verification log.. S21 - C17
Cornell’s summary says the researchers estimate each gigawatt of data center capacity can create 15,000 jobs across the economy, averaging 2,700 directly associated jobs, not necessarily on-site.
Details for claim C17
Laws and pauses 7 of 7 claims
- C18
The U.S. House passed the Ratepayer Protection Act (H.R. 9340) 417 to 3 on Sept. 16, 2026. Its stated purpose is to establish a federal standard relating to recovery of the full, incremental costs of upgrades serving large-load customers.
Details for claim C18
- C19
On Sept. 30, 2026, a Senate motion to advance the same bill failed 57 to 43; it needed 60 votes.
Details for claim C19
- C20
Senate Democratic leader Chuck Schumer called the bill toothless because it asks states only to consider the standard rather than requiring data centers to pay. Supporters argued it would ease rising energy costs for households.
Details for claim C20
These are political arguments, not findings.
Sources S16 Al Jazeera, 30 Sep 2026
- C21
On Sept. 21, 2026, Texas Gov. Greg Abbott directed the state environmental regulator (TCEQ) to halt all permits sought by data centers until the grid operator ERCOT completes an audit. He said no state agency should move forward with data center approvals until then.
Details for claim C21
“TCEQ will issue no permits sought by data center projects.”
Independently re-fetched and read 2026-11-13; see verification log.. S17 Sources S17 Office of the Texas Governor, 21 Sep 2026 S18 Greenberg Traurig, September 2026 S19 Bracewell, September 2026
- C22
The ERCOT audit behind the Texas pause is expected to finish in mid-December 2026, according to a law firm analysis; the Texas Tribune reports it was expected to last until December.
Details for claim C22
Greenberg Traurig notes the governor's directive sets no fixed end date.
Sources S19 Bracewell, September 2026 S20 The Texas Tribune, 4 Nov 2026
- C23
Gina Hinojosa won the Nov. 3 Texas governor's race, The Texas Tribune and Texas Public Radio reported. Her campaign called for an immediate moratorium on data centers lasting until the Legislature puts protections in place.
Details for claim C23
A campaign pledge, not an enacted moratorium. Terms of any order have not been published.
“We need an immediate moratorium on data centers to last until the legislature can meet to put in place real protections”
Read 2026-11-13 (recovery pass); see RECOVERY-LOG.md.. S43 Sources S20 The Texas Tribune, 4 Nov 2026 S42 Texas Public Radio, 12 Nov 2026 S43 Hinojosa campaign, 2026
- C24
Cornell reports that six states have set special terms for very large energy users, and that seven major technology companies signed a White House Ratepayer Protection Pledge in March to pay for required grid upgrades.
Details for claim C24
PJM's market monitor says PJM has failed to implement the governors' and White House principles and the Ratepayer Protection Pledge to ensure data centers pay their own costs.
“PJM has failed to implement the broad public policy mandate reflected in the Principles ... as well as the Ratepayer Protection Pledge”
Read 2026-11-13 (recovery pass); see RECOVERY-LOG.md.. S12 Sources S10 Cornell Chronicle (Cornell University), November 2026 S12 Monitoring Analytics (Independent Market Monitor for PJM), via PR Newswire, 12 Nov 2026
Bubble question 0 of 5 claims
- C26
Bank of England Governor Andrew Bailey said on Nov. 9 that a bubble in AI asset prices is a risk that should be recognised, while calling himself an optimist about AI's potential to raise productivity.
Details for claim C26
An opinion about risk, not a forecast or a finding that a bubble exists.
“Bubble spotting is an imprecise science. But, let's recognise that such a risk exists, which we should do.”
Independently re-fetched and read 2026-11-13; see verification log.. S22 Sources S22 Bank of England, 9 Nov 2026
- C27
BofA Global Research economists wrote on Nov. 2 that “a sustained correction in the AI trade is a major risk to the global economy,” Fortune reported. Yahoo Finance quoted them calling it “one of the larger risks to the US and global economy.”
Details for claim C27
The original research note was not obtained. This is a risk assessment, not a forecast of an outcome.
“A sustained correction in the AI trade is a major risk to the global economy”
Read 2026-11-13 (recovery pass); see RECOVERY-LOG.md.. S39 Sources S39 Fortune, 2 Nov 2026 S31 Yahoo Finance, 2 Nov 2026 S24 Unbiased Headlines, 2 Nov 2026
- C28
Chicago Fed President Austan Goolsbee said at a Nov. 9 Leadership Greater Chicago event that the AI data center buildout is “starting to look more just like old-fashioned demand overheating,” Stocktwits reported. It said he cited rising costs for land, electricity, computer chips and construction.
Details for claim C28
The Chicago Fed lists the moderated Q&A but posted no transcript; wording comes from news reports. He also said broad consumer spending, not data centers, has driven growth, and: “I'm not saying that it's a bubble.”
“This stuff with the AI data center buildout is, to my eyes, starting to look more just like old-fashioned demand overheating”
Read 2026-11-13 (recovery pass); see RECOVERY-LOG.md.. S36 Sources S36 Stocktwits, 9 Nov 2026 S37 24/7 Wall St., 10 Nov 2026 S38 Federal Reserve Bank of Chicago, 9 Nov 2026 S25 Unbiased Headlines, 9 Nov 2026
- C29
Amazon's chief executive said the company projects AWS revenue growth of more than 40% in both 2027 and 2028.
Details for claim C29
A company projection, not a result.
- C30
Anthropic’s Nov. 10 preliminary IPO prospectus describes a proposed offering of 825 million Class A shares at an expected $70 to $78 each and an application to list on Nasdaq under ANT. The document is marked subject to completion and says the securities cannot be sold until the registration becomes effective.
Details for claim C30
No claims match these filters. Clear all
What is not known
- Share of household bills. The checked EIA table, Cornell summary and PJM monitor release do not quantify data centers’ share of the national rise in household bills. EIA reports prices; the research and monitor describe regional or wholesale effects. S13S10S12
- Full-year spending total. The four companies' outlooks sum to roughly $720–740 billion, but they are not on one basis: some include finance leases, Amazon's is cash only, and Microsoft's is a calendar-year figure given on a call. None says how much is for data centers. S44S45S8S9
- Bubble or lasting demand. The checked sources do not establish that AI valuations constitute a bubble. Bailey describes a risk, while Amazon offers company growth projections; neither establishes future market returns. S22S8
- Why voters voted. The ballot results show outcomes, not reasons. S1
- Final counts. Ohio results reported so far are unofficial. State law requires county boards to finish the official canvass by the 21st day after the election (Nov. 24). Ballotpedia's 2026 total is an as-of tally, not a final annual count. S5S48S1
- Texas pause end date. Abbott’s directive gives no fixed calendar end date. The Tribune reports Hinojosa’s pledge; the checked sources do not establish the final terms of any future order. S18S20
- Arizona decision. Reuters and Teslarati report a Cochise County public hearing in December. The checked sources do not give a date for a final county decision. S32S33
Sources (44)
- S1Ballotpedia Data center-related ballot measures, 2026ballotpedia.org (opens in a new tab)Page is updated over time. Figures here are as read on 2026-11-13.
- S2
- S3
- S4
- S5The Ohio Newsroom (Statehouse News Bureau) Here's how every data center-related ballot measure fared in Ohiostatenews.org (opens in a new tab)
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- S7
- S8Amazon (SEC filing) Form 8-K Exhibit 99.1: third quarter 2026 resultssec.gov (opens in a new tab)
Show all 44 sources
- S9Meta Platforms (SEC filing) Form 8-K Exhibit 99.1: Meta Reports Third Quarter 2026 Resultssec.gov (opens in a new tab)
- S10Cornell Chronicle (Cornell University) Data centers need power - lower income, rural residents pay the pricenews.cornell.edu (opens in a new tab)University summary of a study published Nov. 9 in Nature Energy.
- S12Monitoring Analytics (Independent Market Monitor for PJM), via PR Newswire Market Monitor finds PJM wholesale electricity markets competitivemorningstar.com (opens in a new tab)Press release on the 2026 Quarterly State of the Market Report, January through September.
- S13U.S. Energy Information Administration Electric Power Monthly, Table 5.3: Average Price of Electricity to Ultimate Customerseia.gov (opens in a new tab)
- S14
- S15U.S. House of Representatives, Office of the Clerk Roll Call 312: Ratepayer Protection Act (H.R. 9340)clerk.house.gov (opens in a new tab)
- S16
- S17Office of the Texas Governor Governor Abbott Directs TCEQ To Halt Data Center Permitsgov.texas.gov (opens in a new tab)
- S18Greenberg Traurig Texas Governor Directs a Halt on Data Center Permitting With State Agency Auditsgtlaw.com (opens in a new tab)Law firm client alert.
- S19Bracewell Governor Abbott Orders TCEQ to Pause All Permit Issuance for Data Center Projectsbracewell.com (opens in a new tab)Law firm client alert.
- S20
- S21PJM Interconnection (Inside Lines) The Capacity Auction Is Coming. Here's What We're Doing Nowinsidelines.pjm.com (opens in a new tab)
- S22
- S26Anthropic, PBC (SEC filing) Form S-1/A registration statement (preliminary prospectus)sec.gov (opens in a new tab)
- S30Nature Energy Data centres asymmetrically exacerbate energy burdens through wholesale price increases and regressive grid cost shiftingnature.com (opens in a new tab)Abstract and publication metadata opened; full article subscription-only. Detailed numerical estimates here are attributed to Cornell’s public summary.
- S31Yahoo Finance A lasting AI sell-off is one of the biggest risks to the economy, BofA warnsfinance.yahoo.com (opens in a new tab)Directly opened report of BofA research; original bank note not obtained.
- S25Unbiased Headlines Chicago Fed's Goolsbee says AI data center buildout looks like 'old-fashioned demand overheating'unbiasedheadlines.com (opens in a new tab)UBH coverage; not used as corroboration.
- S29Unbiased Headlines SpaceX Announces $74 Billion for AI Data Centers in Texas and Arizona, Arizona Still Needs County Approvalunbiasedheadlines.com (opens in a new tab)UBH coverage; not used as corroboration.
- S24Unbiased Headlines BofA Calls an AI Correction a Major Global Risk, One Day Before Voters Decide 41 Data-Center Measuresunbiasedheadlines.com (opens in a new tab)UBH coverage; not used as corroboration.
- S32
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- S38Federal Reserve Bank of Chicago Leadership Greater Chicago | Economics: Are We Ready for Tomorrow?chicagofed.org (opens in a new tab)Event listing only; no transcript posted.
- S39Fortune BofA warns of AI correction risk as data-center backlash hits the 2026 midtermsfortune.com (opens in a new tab)Report of BofA research; original bank note not obtained.
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- S44Microsoft earnings call, transcript via The Motley Fool Microsoft (MSFT) Q1 2027 Earnings Call Transcriptfool.com (opens in a new tab)
- S45Alphabet earnings call, transcript via The Motley Fool Alphabet (GOOGL) Q3 2026 Earnings Call Transcriptfool.com (opens in a new tab)
- S46
- S47PJM Interconnection RPM auction schedule (2029/2030 Base Residual Auction)pjm.com (opens in a new tab)Spreadsheet file despite .pdf name.
- S48
Updates and corrections
- First version, independently checked against re-fetched sources. Unsupported claims and dates removed; scope and attribution clarified.
- Recovery pass: restored SpaceX, Goolsbee and Anthropic listing items with sources read directly; added full-year spending guidance from earnings calls, exact PJM auction dates and named Piqua officials.
- Final check: removed dates and details that rested on a single secondary source; every remaining item is backed by a primary record, two outlets, or attributed to who said it.
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