CoreWeave fell 7% on Robinhood overnight. Texas-headquartered SpaceX dropped 6%. Nebius Group and Oracle each lost 4%.
The trigger was the Texas governor's race. Unite.AI, citing CNBC, reports that the Associated Press projected Democrat Gina Hinojosa to defeat incumbent Republican Greg Abbott. Nasdaq-100 futures were down 0.8%. The State Street Technology Select Sector SPDR ETF was down 2%.
Hinojosa's campaign platform calls for an immediate moratorium on data centers until the legislature enacts protections. It urges Abbott to issue an executive order halting new facilities and to call a special session. It also criticizes a 2015 law Abbott signed, which the campaign describes as 20-year tax breaks for hyperscale data centers. The material shows no response from Abbott. It shows none from the listed companies either.
The exposure is large. CNBC cited Wells Fargo estimates that Texas holds 27% of planned U.S. data-center gigawatts. Georgia holds 7%. Ohio and Pennsylvania hold 5% each. Democrats were projected to win or retain the governorships in all three.
Hinojosa said she takes the oath of office in January. Unite.AI notes the election itself did not enact a moratorium or change project rules. The Nasdaq-100 had already entered correction territory at the end of October 2026.
Approvals, tax treatment and construction schedules are the open questions. The market priced them first.