Kevin Hassett stated that recent market declines were driven by political uncertainty regarding future data center policies following a shift in congressional control.
Market Uncertainty and Economic Resilience
Speaking on CNBC, Hassett attributed a Thursday tech-driven market plunge to anxieties over how a new political majority might interfere with data centers. He explained that markets feel anxious about potential regulatory meddling from a new majority.
Despite these political concerns, Hassett expressed confidence in the broader economy and the tech sector’s trajectory. He noted that even if data center growth slows down slightly, the underlying economic strength remains robust enough to deliver a blockbuster economy, keeping officials very optimistic about future developments.
Voter Sentiment and Political Reactions
The CNBC Voter Poll indicated that 56% of midterm voters view data centers as a crucial or major issue. Among those who consider the issue crucial, 62% expressed support for the generic Democratic candidate.
In response to the political landscape, Donald Trump has championed artificial intelligence and data centers, attempting to rebrand the technology as “super intelligence” or SI to counter its perceived unpopularity. Following the midterm results, Trump reinforced his commitment to the sector in a social media statement.
As President, I am 100% in favor of Super Intelligence (SI), and will work with the many States in the U.S. that want to become RICH by having them, Trump wrote on Truth Social on Friday, adding that data centers represent gold and that only foolish leadership would reject the wealth they generate.
