The case that politics now gates the buildout is a reasonable one, but it is still an inference. No permit has been denied and no project has been cancelled because of this election. A single day of selling, driven in part by crowded positioning and a shifting rate outlook, is weak proof of a lasting change in how fast data centers get built. If approvals turn out to be slow only at the margins, Thursday will look like an overreaction, and the chip index could recover much of what it lost. If delays do pile up, the damage will show first in order books and not in share prices, and by then the repricing will have already happened. We do not yet have the data to say which of those is right.