UBS CEO Warns of an AI Buildout Slowdown as Data Center Construction Hits a Record

UBS CEO Sergio Ermotti warned that a Democratic midterm sweep could slow the AI infrastructure buildout, even as US data center construction spending reached a record $96.5 billion annual pace, up 90% year over year. The figures measure work completed on projects, underscoring how much of the AI investment cycle is flowing into physical capacity. Ermotti’s caution matters because data center demand has underpinned forecasts across chips, power and cloud providers. Investors will watch whether policy shifts in Washington translate into slower project approvals or spending, and whether the current construction pace holds through the midterms.