Wells — active data-center moratoriums up 175% over three months
Carl Quintanilla quotes Wells saying active data-center moratoriums rose 175% nationally over the last three months, with momentum expected to continue amid frontier-lab security concerns. Primary Wells note not opened.
What happened
@carlquintanilla posted a Wells excerpt: over the last three months, active data-center moratoriums rose 175% nationally, and Wells expects the momentum to continue, "especially amid frontier labs voicing concerns around security." The post includes a chart image; the underlying Wells research note was not opened in this capture.
The numbers
Active data-center moratoriums +175% nationally over three months (Wells, via Quintanilla) Local permitting/politics constraint on buildout pace — not a chip or model demand print.
Why it matters
Even if lab "pacing" does not cut semiconductor orders, a rising moratorium count is a soft constraint on when megawatts and shells come online — relevant to timeline risk on AI infrastructure, separate from HBM or ASIC availability.
Positioning read
ai-capex-durability — permits and local opposition can delay spend without falsifying compute-bound demand; watch whether hyperscaler guides distinguish delayed sites from cancelled spend.
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