AI data center stocks fell sharply on November 4, the day after the U.S. midterm elections, even as the broader market rallied. Modine (MOD) dropped 21.4%, Hut 8 (HUT) 23.2%, Vertiv (VRT) 12.9% and NvAI data center stocks fell sharply on November 4, the day after the U.S. midterm elections, even as the broader market rallied. Modine (MOD) dropped 21.4%, Hut 8 (HUT) 23.2%, Vertiv (VRT) 12.9% and Nv

Why Are AI Data Center Stocks Down After the Midterms? Texas Governor Race Sparks Selloff

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Author: MEXC Editorial Team

2026/11/05 12:58

The trigger was the Texas governor race. Democrat Gina Hinojosa defeated Gov. Greg Abbott, according to the Associated Press race call reported by NPR. During the campaign, Hinojosa called for a pause on new data center approvals in Texas.

On MEXC, stock futures on Hut 8 and Vertiv had already fallen 15% and 7% by 9:00 a.m. ET, before the U.S. market opened.

What Happened to AI Data Center Stocks on November 4

Modine (MOD): closed at $98.56, down 21.43% from $125.45, after trading as low as $91.42
Hut 8 (HUT): closed at $48.94, down 23.23% from $63.75
Vertiv (VRT): closed at $205.55, down 12.89% from $235.97
Nvidia (NVDA): closed at $200.13, down 3.17% from $206.69, on volume of about 149 million shares

The stocks span the data center supply chain: Modine and Vertiv supply cooling and power equipment, Hut 8 develops data center campuses, and Nvidia sells the AI chips that go inside them.

Why Are AI Data Center Stocks Down?

Investors moved to price in the risk that Texas could slow new data center construction. CNBC reported that the stocks fell as the Texas governor result raised the risk of a slowdown.

Data centers were a central issue in the race. In July, Hinojosa said she wanted new data center approvals frozen until a special legislative session on the topic, The Texan reported.

She also called for transparency on data centers' water and electricity use and for an end to state subsidies approved under Abbott.

Texas matters because so much new capacity is planned there. A Wells Fargo estimate cited on CNBC puts nearly 30% of all planned U.S. data center capacity in Texas.

Big Tech Up, Infrastructure Down

The selloff stood out because the rest of the market rose. Nov 4 closes:

S&P 500: 7,688.62, up 1.58%
Dow Jones Industrial Average: 53,356.12, up 3.03%
Nasdaq Composite: 25,736.51, up 1.44%

The losses were largest for companies whose revenue depends most on new data center construction. Nvidia, with a broader customer base, fell much less than the cooling, power and campus names.

How Exposed Are These Companies to Texas?

Hut 8 is the clearest case. Its Beacon Point campus in Nueces County, Texas, has 1,000 MW of utility capacity under an interconnection agreement with AEP Texas, according to Hut 8's July 2026 release.

Hut 8 has leased 704 MW of IT capacity at the campus under two 15-year leases, with an aggregate base-term contract value of $19.6 billion.

Modine and Vertiv sell cooling and power systems into new builds across the country, so a slowdown in Texas approvals could affect the timing of their orders.

What This Selloff Is and Isn't

The move reflects policy expectations, not confirmed changes. As of November 4, no new Texas data center rule had been issued.

Any change would need action by the new governor or the Texas Legislature. Hinojosa's campaign proposals were a pause on new approvals, not a halt to projects already approved.

The key questions for the coming months are whether a moratorium is proposed, whether it covers approved projects, and how the Legislature responds.

How Data Center Futures Reacted on MEXC

MEXC offers USDT-settled perpetual futures on three of the four stocks: NVIDIA_USDT, HUTSTOCK_USDT and VRTSTOCK_USDT. Modine has no MEXC futures. Figures below come from MEXC's public futures API (hourly candles) and are compared with each futures price at 4:00 p.m. ET on November 3.

Before the opening bell: by 9:00 a.m. ET on November 4, HUT futures were down 15.1%, VRT futures down 6.8% and NVDA futures down 1.2%. The stocks then opened 16.2%, 8.0% and 1.5% lower.
Sharpest hour: between 6:00 and 7:00 a.m. ET, VRT futures fell from 238.51 to 227.29 USDT and HUT futures from 61.37 to 57.62 USDT.
At the U.S. close (4:00 p.m. ET): HUT futures were down 22.7%, VRT futures 12.8% and NVDA futures 3.2%, close to the stocks' own moves.
Intraday lows: 48.62 USDT for HUT, 203.10 for VRT and 200.10 for NVDA.
Evening: at 10:00 p.m. ET, HUT futures were down 22.8%, VRT 13.4% and NVDA 3.7%.
Turnover: in the 9:00–10:00 a.m. ET hour, turnover was 7.5 times the overnight hourly average for VRT, 4.9 times for NVDA and 4.5 times for HUT.
Funding: funding rates settled between 0% and 0.0344% across the three contracts on November 4.

Because the futures trade outside Nasdaq and NYSE hours, most of the HUT and VRT decline was already visible in futures prices before the stocks began trading.

MEXC NVIDIA_USDT, VRTSTOCK_USDT and HUTSTOCK_USDT hourly closes, indexed to 100 at 4:00 p.m. ET on November 3, through 10:00 p.m. ET on November 4, 2026. Source: MEXC public futures API.

Following Data Center Stocks Through MEXC

NVIDIA_USDT, HUTSTOCK_USDT and VRTSTOCK_USDT are perpetual futures settled in USDT that can be traded long or short; see how to trade stock futures on MEXC.

Eligible users can buy U.S.-listed shares, including Modine, through MEXC RealStocks, which works with licensed broker partners.

Perpetual futures do not give shareholder rights, and they carry funding, leverage and liquidation risk.

FAQ

Why are AI data center stocks down today?

Democrat Gina Hinojosa won the Texas governor race. She had called for a pause on new data center approvals, raising the risk of slower construction in a state that holds nearly 30% of planned U.S. capacity, per a Wells Fargo estimate.

Which data center stocks fell the most?

Hut 8 fell 23.23% and Modine 21.43% on November 4. Vertiv fell 12.89% and Nvidia 3.17%.

Is there a Texas data center moratorium?

Not as of November 4. A pause on new approvals was a campaign proposal, and any change would need action by the governor or the Texas Legislature.

Why did the stock market rise while data center stocks fell?

The S&P 500 rose 1.58% and the Dow 3.03% on November 4, but the Texas result was a specific risk for companies tied to new data center construction.

How did data center futures react on MEXC?

By 9:00 a.m. ET, before the U.S. open, HUT futures were down 15.1% and VRT futures 6.8%. At 10:00 p.m. ET they were down 22.8% and 13.4%.

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