Applied Digital 주가는 17% 급락했고, Cipher Digital은 14% 하락했으며, TeraWulf는 13% 밀렸다. 텍사스 데이터센터 승인 동결이 장기화되면서 투자자들의 우려가 커진 영향이다.

Texas Governor-elect Gina Hinojosa's pledge to freeze new data center approvals hit Cipher Digital and Applied Digital hardest, with Cipher most exposed through its ERCOT-grid sites. The selloff also reached IREN and Nebius. Nebius has little Texas exposure, so investors appear to be dumping the whole AI infrastructure group. Bernstein's Gautam Chhugani expects the pause to last, and Applied Digital's $6 billion debt load raises the cost of any delay.

Texas politics is becoming the biggest risk for former crypto miners that have rebuilt themselves as AI data center landlords. Applied Digital (NASDAQ: APLD) was at $13.74, down 17% in early trading. Cipher Digital (NASDAQ: CIFR) was at $5.58, down 14%. TeraWulf (NASDAQ: WULF) was at $10.19, down 13%. The slide followed a pledge from Texas Governor-elect Gina Hinojosa, who defeated Greg Abbott, to halt new data center approvals until the state adopts rules protecting residents from higher electricity and water costs. Texas is at the center of the industry's AI hosting plans.

**Texas Pledge and Analyst Cuts Rattle Cipher Digital and TeraWulf**

Reuters reported on November 4 that Hinojosa has promised a data center ban until new laws are passed. Cipher Digital is the most exposed of the three, because its Odessa, Barber Lake, Black Pearl and Colchis sites all sit on the Electric Reliability Council of Texas (ERCOT) grid. Applied Digital is centered on North Dakota, while TeraWulf operates mainly in New York and Kentucky.

Bernstein cut its price targets on seven miners on November 4 while keeping Outperform ratings on TeraWulf and Cipher Digital. The move took Bernstein's TeraWulf target to $20 from $36 and its Cipher Digital target to $15 from $23. Analyst Gautam Chhugani wrote, "We would expect the data center pause to continue and any data center potential legislation to remain in gridlock."

KBW downgraded Cipher Digital to Market Perform with a $9.50 target. Morgan Stanley noted that Cipher Digital faces greater Texas uncertainty, though it sees TeraWulf and Applied Digital as better placed.