Anthropic agreed a $3.4 billion deal for generators to power its data centres.
Voters and local officials are pushing back on new data centres.
Microsoft is reportedly choosier about new deals.
The bigger picture. On-site generators are what a buyer orders when the grid connection is the bottleneck. The deal is evidence that demand is intact and that permission is the binding constraint.
We are fairly confident the weekend's attacks did little to oil prices in early trading. We are less sure that the fall in AI power shares is about politics rather than business, but the analysts who follow these companies have not turned negative. On Sunday we expected the weekend to matter more for oil than it has so far.
Prices quoted here are Friday's closing levels unless we say they come from early Monday trading.
What could change this. Against this: a pickier Microsoft could be the first sign of a real slowdown in orders.
So-what: Demand for power is still strong; permission is the problem.
What to watch. State permits; cloud spending; generator orders.