The AI Boom vs Local Backlash: What Investors Need to Know And One Trade for Both

In this episode of Being Exponential, Luke Lango tackles a new risk emerging for the AI trade: the growing populist backlash against data centers.

Opposition is quickly becoming a bipartisan issue as communities push back over higher electricity bills, massive power demand, water usage, land development, noise, tax incentives, and the relatively small number of permanent jobs some facilities create. Recent polling found 61% of Americans oppose new data centers in their own communities, while dozens of jurisdictions have adopted or considered moratoriums.

Luke breaks down whether this could become a legitimate bottleneck for the AI infrastructure boom. Local opposition reportedly delayed or canceled at least 75 projects worth roughly $130 billion in Q1 2026 alone, raising an important question for investors: what happens when the constraint on AI compute isn't chips or electricity—but permission to build?

But every bottleneck can create an investment opportunity. We explore the potential ways to play a more constrained data-center environment—from behind-the-meter power and energy infrastructure to more efficient compute, cooling, networking and locations capable of supporting hyperscale development. Texas's recent pause on new grid connections, for example, specifically exempts projects bringing their own on-site generation.

Is the anti-data-center movement becoming a real threat to Nvidia, hyperscalers and AI infrastructure stocks, or will it ultimately accelerate investment into the technologies needed to solve AI's power and infrastructure problems?