Power Struggle: Al, Data Centers & Local Backlash

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Power Struggle: Al, Data Centers & Local Backlash

Foundation

July 14, 2026 04:01 AM GMT

Morgan Stanley & Co. LLCMUS Thematics | North America Michelle M. Weaver, CFA

Equity Strategist

Power Struggle: AI, Data Michelle.M.Weaver@morganstanley.comAriana Salvatore +1 212 296-5254

Ariana.Salvatore@morganstanley.com

Centers & Local Backlash Stephen C Byrd

Equity Analyst

Stephen.Byrd@morganstanley.com +1 212 761-3865

Community pushback against data center construction has Anna Feldman

accelerated in 2026 as new moratoriums have been introduced, EquityAnna.Feldman@morganstanley.comStrategist +1 212 761-3784

with the majority of the change happening at the local level. Amanda Huang

This puts pressure on costs and timelines and could alter the ResearchAmanda.Huang@morganstanley.comAssociate +1 212 761-4197

geographic distribution of data centers. Arunima Sinha

Global Economist

Arunima.Sinha@morganstanley.com +1 212 761-4125

Morgan Stanley & Co. International plc+

xxxxxxxxxxxxxxxxxxxxxxx Arushi Agarwal, CFA

Arushi.Agarwal1@morganstanley.com +44 20 7677-3944

Morgan Stanley & Co. LLC

Cameron McVeigh, CFA

Cameron.McVeigh@morganstanley.com +1 212 761-4209

Carolyn L Campbell

Strategist

Do the politics of energy imperil the data center build-out? Readers will recall Carolyn.Campbell@morganstanley.com +1 212 761-3748

that we cited AI-related capex as a growth driver underpinning our economic David Arcaro, CFA

outlook back in May; MS estimates AI capex at $877 billion in 2026. We are seeing EquityDavid.Arcaro@morganstanley.comAnalyst +1 212 761-1817

local communities push back — via legislation, moratoriums, etc. — on the data Diego Anzoategui

center build-out, which raises the question: Does this type of opposition limit the Economist

Diego.Anzoategui@morganstanley.com +1 212 761-8573