There is 'a lot more pushback' on data center construction, Berkshire CEO Greg Abel tells CNBC
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Berkshire Hathaway CEO Greg Abel noted the growing resistance to the construction of data centers across the U.S. in an interview with CNBC's Becky Quick on Wednesday morning.
"There is a lot more pushback in the communities across the U.S.," Abel said.
Berkshire's interest in the ongoing computing facility buildout is mostly related to power and electricity generation for the sites, Abel commented, noting that the conglomerate wants to be in business with supercomputing companies provided they keep their costs contained.
"We are interested in serving these hyperscalers ... if there was no impact to the rates of our other customers," he said.
Investors and analysts on Wall Street have echoed Abel's comments, pointing to increasing organized political resistance to major computing construction projects that can strain local power and water resources.
New York State has enacted a moratorium on data center construction, while many other states have pending bans and restrictions of varying intensity. There are about 4,700 data centers in the U.S., and the number is growing.
Analysts at Mizuho said in a Tuesday note to clients that investors think data centers could be a significant issue in the midterm elections.
"This is clearly an evolving situation as some investors question the set-up with upcoming mid-term elections and validity of claims around resource consumption and limited long-term job creation," Mizuho's Vikram Malhotra wrote on Tuesday.
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