Following an AP report that the Democratic Party had won majorities in both chambers, this article examines the status of US federal bills related to AI regulation, investment plans by major technology companies, and the impact of state-level regulatory developments on semiconductor demand. The timing of passage remains uncertain, while the effects of delays to investment plans and higher costs on companies’ finances warrant attention.
On 4 November 2026, the AP reported that the Democratic Party had won majorities in both chambers, but the final seat allocation had not been confirmed, and the construction suspension bill under deliberation remained unpassed at the committee referral stage. The start date of the new Congress and the bill’s prospects for passage remain uncertain, and the facilities covered and suspension conditions could change depending on the progress of deliberations.
Based on current announcements, Microsoft revised its 2026 capital expenditure forecast to approximately US$170 billion, while Alphabet maintained its forecast at US$195 billion to US$205 billion. These plans do not assume an election-result impact, and factors such as delays in component supplies and shifts in delivery schedules could affect the timing of their implementation.
State-level regulation is also advancing while federal legislation remains unpassed. California SB53 would require responses concerning the safety and transparency of AI models and could increase the burden on companies separately from the construction suspension law. Pennsylvania has incorporated local approval and securing power supplies into its permitting requirements, while Virginia has established a system that adds an electricity tax alongside tax exemptions.
While the legislation remains unpassed, companies’ investment execution and delivery schedules will affect demand, and passage of the suspension proposal could create a risk of weaker orders for new construction and expansion. The impact on Japanese equities is expected to vary across data-center projects, semiconductor procurement and orders for inspection equipment, with the magnitude of the effect on demand depending on the breakdown of investment plans.