David Rubenstein discusses the implications of New York State’s temporary moratorium on new hyperscale data centers, including its potential impact on development pipelines and investment decisions. He notes that projects still awaiting state permits could face significant delays or shift capital to other states, while the resulting regulatory framework could ultimately provide a model for other jurisdictions seeking to address data center development without imposing similar moratoria. Rubenstein also highlights growing community opposition as a significant factor in site selection and expects near-term demand to shift toward markets such as Texas and Ohio, as well as secondary states including Georgia, Wisconsin, Arizona and Michigan.