CoreWeave Inc. (CRWV), Applied Digital Corp. (APLD) and IREN Ltd. (IREN) slipped in premarket trading Wednesday as Altimeter Capital CEO Brad Gerstner warned Democratic election wins could delay 10 to 15 gigawatts of expected AI data-center capacity.

Gerstner Sees AI Infrastructure Buildout Slowing

Democrats won control of both the House and Senate in Tuesday's midterm elections, while Democrat Gina Hinojosa defeated Republican Gov. Greg Abbott in Texas.

Speaking on the All-In Podcast election-night livestream, Gerstner said the consensus forecast calls for 43 gigawatts of new capacity to come online in 2027, compared with about 38 gigawatts of cumulative U.S. capacity expected by the end of 2026.

"I think we could see at least 10 to 15 gigawatts of the expected build not come online," Gerstner said, adding that it would be "really challenging for the AI infra."

Gerstner said the Democratic gains could intensify regulatory pressure on data-center construction, particularly in Texas. Hinojosa had called during the campaign for an emergency moratorium on new data centers until the Texas Legislature reconvenes.

Still, Gerstner said he did not expect the U.S. to retreat from AI, calling it a global race, though he said markets could remain "choppy" in the short run.

Cramer Says 'Be Careful' With Data Center Names

CNBC's Jim Cramer also flagged risks Wednesday, writing on X: "Markets love gridlock, hate endless surprises…. So a rally… but be careful with the Nebius/IRENs of the world."

Minutes earlier, Cramer described the data-center trade's decline as a "stunning, endless unraveling."

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