[Edaily Reporter SOYEON KIM ] With the U.S. Democratic Party securing control of both the Senate and the House of Representatives in the midterm elections, the risk of a moratorium on AI data centers (a temporary suspension of new permits) is rapidly emerging. Some observers have even suggested that 45% of the total planned expansion capacity in the U.S. could face delays. This implies that new orders and delivery schedules for South Korean industries—such as semiconductors and cooling equipment—that rely heavily on AI data centers could be adversely affected, prompting companies to remain on high alert for the potential fallout.

According to industry sources on the 5th, Goldman Sachs issued a report stating that approximately 45% of the planned capacity for AI data center expansions in the U.S. could be affected by regulations following the Democrats’ victories in state and local elections. This is because the Democratic gubernatorial candidates elected in Texas, Georgia, and Ohio have successively pledged to tighten regulations on data center construction. The 45% figure represents the combined power capacity of all new and expanded data centers in states that have tightened regulations, prior to the start of construction. For example, the governors-elect in Texas and Georgia have mentioned a temporary halt to the construction of new data centers. In Texas, where the shockwaves of the “blue wave” are still strong, this figure accounts for 27% of the total.

The most closely watched development is the potential impact on the memory semiconductor sector. This is because if delays in U.S. data center construction affect the rollout schedules for AI servers and graphics processing units (GPUs), it could put the brakes on the growing demand for HBM and server-grade DRAM memory. This introduces new uncertainty regarding the AI demand outlook that has been underpinning the memory boom. A semiconductor expert stated, “SamsungElectronics and SK hynix will find it difficult to increase supply in the short term due to challenges such as the further development of High-Bandwidth Memory (HBM), so prices are unlikely to fluctuate sharply,” adding, “However, concerns about the AI market reaching its peak could resurface.” This explains why SamsungElectronics and SK hynix’s stock prices plummeted by 7.51% and 9.46%, respectively, on that day.

Companies that directly supply equipment to data centers are also feeling the impact. For example, LGELECTRONICS is cultivating cooling solutions—such as chillers for AI data centers—as a new growth engine. If the groundbreaking of new data centers is delayed, it cannot be ruled out that orders for and delivery schedules of related equipment will be pushed back.

Battery manufacturers are also closely monitoring the “blue wave” in the midterm elections. While delays in the construction of new data centers could negatively impact demand for related batteries, the market for energy storage systems (ESS)—designed to stabilize power supply to data centers—could actually grow as a result. Recently, the three major battery companies—LG Corp., SAMSUNG SDI CO.,LTD., and SK On—have been strategically expanding their ESS businesses.