Voter fury emerges over skyrocketing electricity bills as AI stokes demand — and fears of a stock market bubble

Voter anger over soaring electricity bills is becoming a significant issue heading into midterm elections, particularly in areas with rapidly increasing costs or debates over funding power for large tech data centers. This concern is intersecting with growing fears of an artificial intelligence stock market bubble, as some financial experts point to an overconcentration in AI stocks and highlight how a large portion of S&P 500 gains are tied to data center growth. Recent market fluctuations, including a significant stock slide for Palantir following a bearish call, and OpenAI's comments hinting at needing federal support, have intensified these AI-related market worries. Across the country, voters in states like New Jersey, Virginia, California, and New York City have identified electricity bills as a top concern, fueling a political debate over affordability and who bears the cost. Politicians are increasingly pressured to address rising electricity prices, which in many regions are outpacing overall inflation. This issue is particularly acute as many Americans struggle to pay their utility bills, with some facing difficult choices between essential needs. The surge in electricity costs is partly attributed to massive investments in grid modernization and hardening against extreme weather. However, a significant driver is the escalating demand from energy-intensive sectors such as data centers, cryptocurrency mining, and a reshoring of domestic manufacturing, compounded by rising natural gas prices. A single AI data center can consume the electricity equivalent of 100,000 homes, leading to proposals for substantial rate increases to fund the necessary power generation and infrastructure expansion. In Georgia, proposals for new data centers have sparked local opposition, with elected officials questioning if these facilities will contribute fairly to the increased energy costs borne by residential customers. Similar tensions are playing out in other midterm battleground states where rising electricity bills and the proliferation of data centers are fueling v... download the app to read more