“飙升的电费”成为美国中选焦点，AI数据中心站上“政治火山口”

Core Viewpoint - Rising electricity costs are becoming a central issue in the U.S. political agenda, surpassing other types of inflation, with data centers being a focal point of criticism from both political parties [3][4]. Group 1: Electricity Cost Trends - Electricity costs in the U.S. increased by 6.7% year-over-year in December, with a cumulative rise of approximately 38% since 2020, while overall consumer prices only rose by 2.7% during the same period [4]. - In the Northeast and Mid-Atlantic regions, cumulative bill inflation reached 29% over the past three years, significantly higher than the Consumer Price Index (CPI) [9]. - Factors contributing to rising electricity costs include aging infrastructure, natural disasters, state renewable energy initiatives, and fluctuations in fuel costs [5]. Group 2: Political Implications - The issue of rising electricity prices is expected to be a key topic in the upcoming gubernatorial elections across 36 states, with many public utility commissions facing elections this year [6]. - Political pressure is mounting in various states, with governors and senators expressing concerns about the impact of rising electricity costs on households, particularly in relation to large data centers [5][8]. - High-profile political figures, including former President Trump, are leveraging the electricity cost issue to appeal to voters, emphasizing the responsibility of large tech companies to bear the costs associated with their energy consumption [4][8]. Group 3: Investment Considerations - Goldman Sachs suggests that investors should hedge against the "politicization of AI" risk, as concerns about data center energy consumption are rising among policymakers [11][12]. - The firm identifies three main concerns regarding investments in data centers: the substantial cash flow invested in infrastructure, the accuracy of measuring demand for data center capacity, and potential regulatory controls introduced by midterm elections [11]. - Goldman Sachs recommends specific trading strategies, including going long on non-tech companies that improve productivity through AI, and hedging against volatility related to the political discourse surrounding AI [12].