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Data centre ETFs are now a policy trade, whichever way the vote goes
A data centre is a power contract with a building attached. Power contracts are granted, permitted and priced through a regulatory process, which means the asset class has a political leg it did not have a decade ago.
Interconnection queue length is the number that matters and it is published by grid operators, not by the funds. It is a slower and duller signal than an election result, and a more reliable one.
Positioning around a vote is guessing at a legislative calendar. Positioning around a queue is reading a filing.
Written from public disclosure. Where a figure is quoted it is the company's own, dated in the text; no figure here is a forecast by Lothbury Research.
Published for information only. Nothing here is investment advice or a recommendation. This note is not prepared in accordance with the legal requirements designed to promote the independence of investment research. No position is held in the security covered.