NEW YORK – October 19, 2026 -- The four largest hyperscalers plan more than $700 billion of capital spending this year, and Egan-Jones Ratings expects mainstream support from both US parties to keep the AI buildout going despite public opposition to local data centers.
Gallup poll shows 71% of Americans oppose a local AI data center
Egan-Jones cites Gallup data showing 71% of Americans oppose a local AI data center, against 53% for a nuclear plant. Its commentary draws a parallel with drug makers, which have stayed unpopular for years yet kept bipartisan backing while leading all other industries in federal lobbying almost every quarter since 2010.
AI has also gained ground at the ballot box. The pro-AI super PAC network Leading the Future has raised $140 million for the midterms.
House passes data center power-cost bill 417 to 3
On September 16, the House passed a bill by 417 to 3 pushing states to make large data centers pay for the power lines and plants built to serve them. The measure answers complaints about power bills without limiting how many data centers get built. Egan-Jones expects the populist wings of both parties, not the mainstream, to lead any push to halt the buildout.
Texas freezes new data center grid approvals and permits
Pressure is more direct at state level. Texas has frozen new data center grid approvals and permits, while new laws in California and Florida shift grid costs onto operators or protect residents from paying for data centers' power.
Egan-Jones rates credit impact positive for utilities, negative for Oracle and lenders
Egan-Jones views the shift as positive for utilities, which face less risk of being left with the bill if a project is canceled. The largest hyperscalers face a slightly negative effect from higher hookup costs and longer waits, funded partly with debt. The assessment is negative for Oracle and for lenders.
Smaller data center developers are most at risk. Projects worth $68 billion were delayed or canceled last quarter.
Egan-Jones concludes that the industry faces higher costs and slower permits, while the money involved keeps both parties' mainstream behind AI growth. Describing the effort as perhaps the fastest industrial buildout in world history, the commentary says institutional investors must pay attention.