BofA calls Texas "the single most consequential election for [Data Centers], utilities and power this cycle." The next governor inherits a 474 GW interconnection queue, roughly 90% of it data centers and more than five times the all-time system peak. "Consensus holds that Abbott reverts to a pro data center stance after a win, and that may prove correct on rhetoric, but the audit, the CCN remands, and the legislative docket now carry institutional momentum independent of the governor. Texas remains the clearest secular demand growth story in the sector, but we would carry materially wider volatility margins for potential outcomes than the market currently reflects." - BofA