# Market Thesis Research Bundle

Question: Given the accelerating local backlash, will at least one major U.S. jurisdiction impose a temporary or permanent moratorium on large new AI data centers that materially slows permitting for hyperscaler campuses in 2026?

What this bundle is: a reasoning and monitoring scaffold. It organizes public evidence into observations, claims, uncertainty branches, thresholds, and a watch plan.

What this bundle is not: primary evidence, live market data, trade advice, or a substitute for official, live, or current web sources.

Core tension: Given the accelerating local backlash, will at least one major U.S. jurisdiction impose a temporary or permanent moratorium on large new AI data centers that materially slows permitting for hyperscaler campuses in 2026?

Current inference to verify: {'state': 'already_satisfied_subject_to_scope_definition', 'direction': 'yes', 'confidence': 0.95, 'inference': 'By the assessment cutoff, at least one major U.S. jurisdiction had already imposed a temporary moratorium that materially slows new large data-center permitting. If the scope is restricted to states only, the inference is not fully closed at cutoff because the strongest statewide candidate, New York, was still pending gubernatorial action.'} Treat this as a hypothesis that must be refreshed against live official sources, not as a signal.

How to use: read `source_priority.json` first, refresh sources in `live_verification_plan.json`, then use `fact_inference_split.json`, `thresholds.json`, and `watch_schedule.json` to decide what changed. Do not infer buy/sell/hold, position sizing, execution, or asset-price direction from this artifact.