Hidden Worries Emerge in the Tech Bull Market: Wall Street Begins Pricing in "AI Backlash" Risks

推动美股屡创新高的AI投资热潮，正在遭遇越来越强烈的社会与政治阻力。 According to reports, as surging electricity consumption in data centers drives up residential electricity bills and concerns about AI replacing jobs continue to spread, opposition voices against AI infrastructure across the United States are quickly spreading from public opinion to legislative action. Virginia has taken the lead by passing an electricity tax bill for data centers, and the New York State Legislature is advancing a construction ban on large data centers to the governor's desk for approval, marking the beginning of “anti-AI sentiment” translating into actual policy risk. This change has raised alarms on Wall Street. Since the beginning of this year, the core driver behind the S&P 500 index's rise has come almost entirely from the AI infrastructure chain. Evercore ISI warns that the wave of anti-AI sentiment is spreading much faster than the market anticipated, and once politicians begin to respond to voter pressure, investors will have to reassess the regulatory and tax risks in their AI investment logic. For technology stocks at historic highs, a previously overlooked question is becoming increasingly important: Is AI facing its own “backlash”? AI Infrastructure Soars, U.S. Stocks Heavily Rely on a Singular Narrative Over the past two years, AI infrastructure construction has become the strongest growth story in global capital markets, a trend that will further intensify in 2026. From storage chip manufacturers like Micron Technology and Western Digital, to Caterpillar providing power equipment and engineering machinery for data centers, a large number of companies have benefited from surging AI capital expenditures. Data shows that this year, eight core stocks related to AI infrastructure contributed nearly two-thirds of the S&P 500's 7.5% gain. But such highly concentrated gains also mean the market is becoming ever more fragile. The Philadelphia Semiconductor Index has gained close to 90% this year, poised for its best annual performance since 1999. However, this week, after only South Korean media reported that SK Hynix was slowing its AI memory chip production expansion, the index plunged 7.9% in a single day, showing that the market has become unusually sensitive to the AI demand outlook. Although Micron subsequently revealed sales guidance far exceeding expectations, temporarily stabilizing market sentiment, investors have begun to realize that risks to the AI boom may no longer just come from corporate earnings. From Electricity Bills to Jobs: “Anti-AI” Sentiment Begins Entering Legislation The most direct catalyst for the current anti-AI wave comes from energy issues. As large data centers’ electricity needs erupt, residents in many parts of the US are facing ever-rising electricity bills, sparking increasing discontent among local governments and voters. Meanwhile, worries about AI replacing jobs are spreading to broader groups. This sentiment is quickly turning into policy action. From California to Georgia, many local governments have suspended approvals for some data center projects; Maine governor Janet Mills vetoed a statewide freeze on data center construction this year; and New York’s legislature passed a one-year ban on large data center construction, submitting it for Governor Kathy Hochul’s final decision. Even more symbolic, Virginia—the largest data center cluster globally—passed a bill this week to tax electricity use by data centers, seen as the US’s first case of a special tax on AI infrastructure. At the federal level, some progressive lawmakers are already discussing taxing AI companies and limiting data center expansion. Wall Street Begins Worrying About a "Policy Turning Point" For investors, what’s truly worth watching isn’t just the actions of individual states, but the possibility of a shift in political direction. Tim Winter, portfolio manager at Gabelli Utilities Fund, points out that there are 36 gubernatorial elections in the US this year, and faced with electricity price hikes and other livelihood issues, local utility regulators and state governments may begin to change their attitude toward data center expansion. This concern has already begun affecting sector pricing. This April, several Pennsylvania utility stocks fell after Jefferies warned of “electricity affordability risk.” Evercore ISI believes what’s more worrisome is the rapid pace of this discussion. If voter dissatisfaction with AI continues to accumulate, politicians may ultimately have to take action, and this would challenge the market’s long-standing assumption of “light regulation.” The Greatest Risk to the AI Boom May No Longer Be Technology Evercore ISI further notes that in the coming years, investors will need to watch more than just tax issues. Governments may require new AI models to undergo mandatory review; courts may also hand down rulings on copyright or liability issues related to AI-generated content that are unfavorable to model developers. These regulatory and legal risks have rarely been factored into market pricing but are becoming key variables affecting the development of the AI industry. For US stocks that are already heavily reliant on the AI narrative, the biggest challenge may not be a slowdown in technological progress, but when the conflict between the wealth created by AI and the social costs it brings intensifies, how politics will intervene. At that point, Wall Street must again answer one question: Is AI fundamentally a technological revolution—or the beginning of the next wave of regulatory storms? Risk Warning and Disclaimer The market has risks, and investing requires caution. This article does not constitute personal investment advice, nor does it take into account the unique investment objectives, financial situations, or needs of individual users. Users should consider whether any opinions, views, or conclusions in this article are suitable for their own circumstances. Investments made accordingly are at your own risk.