Excess Returns · Thursday, September 3, 2026
Dan Niles identified a significant negative development for AI growth: increasing political opposition to data centers. He cited a Gallup poll showing strong public opposition to data centers, with bipartisan agreement against them, even in states like Texas. This political risk, he believes, could hinder AI development.
“The one really negative development that surprised me is that data centers are getting pushed back on really hard.”
“And the latest Gallup poll, I think, when people were asked about having a data center in their backyard or nuclear, it was 71% against data center and only 53% against nuclear.”
“And so that's something that, you know, I do worry about, um, going forward, but, you know, the benefits for these communities.”
“So that that political risk, maybe the biggest risk here to AI, like an AI growth, um, that could turn against AI and already has turned against AI.”