The future of the artificial intelligence trade depends on the results of the 2026 U.S. midterm elections, Ankur Crawford said [1].
This connection suggests that the AI market is no longer driven solely by technological breakthroughs or corporate earnings. Instead, political volatility and legislative shifts regarding infrastructure could determine the viability of long-term AI investments.
Crawford, the executive vice president at Alger, said this during an interview on CNBC’s ‘Closing Bell’ program on Aug. 26, 2026 [1]. He said that the entire AI trade is dependent on the outcome of the upcoming November elections [1], [2].
According to Crawford, the primary driver of this risk is the growing political backlash against AI data centers [2]. These facilities require significant energy and water resources, making them targets for local and national political campaigns. This backlash is being weaponized as a campaign issue in the 2026 midterms [2].
If candidates successfully leverage this opposition, the resulting political landscape could lead to stricter regulations on how and where data centers are built. Such restrictions would directly impact the companies providing the hardware, and cloud infrastructure necessary for AI to function [2].
Crawford said the market must now account for these political variables as the U.S. approaches the election cycle [1]. The intersection of energy policy and AI infrastructure has created a new layer of risk for investors who previously focused on software capabilities alone [2].
“The entire AI trade is dependent on the outcome of the 2026 U.S. midterm elections.”
The shift in focus from AI software to the physical infrastructure of data centers indicates that the 'AI bubble' or boom is now colliding with real-world resource constraints. By linking market success to the 2026 midterm results, Crawford is highlighting that regulatory risk—specifically regarding land use, power grids, and environmental impact—has become a primary headwind for the tech sector.
