Morgan Stanley: Following the U.S. midterm elections, 12 gigawatts of planned data center capacity faces delay risks through 2030. The bank expects minimal project impact in 2027, with 4.9 gigawatts of capacity at risk in 2028, and total at-risk capacity reaching 12 gigawatts by 2030. It also anticipates that new state-level requirements in states like Texas and Ohio will slow down project approvals.