Rising electricity prices in the US are being attributed to the growing concentration of data centers. Average bills rose by 6% in August compared to the previous year, but states with high numbers of data centers, such as Virginia, Illinois and Ohio, experienced much higher increases. Electricity consumers in the three states had to carry the burden of $9.3 billion in electricity bills due to data center demand. The situation could also lead to political issues in the midterm elections with Democrats suggesting that the Trump administration’s relationship with big tech was leading to consumers subsidizing the cost of data centers.
Insider activity in Starbucks has indicated strong confidence in the company’s future, with board member Jørgen Vig Knudstorp purchasing almost $1m worth of shares. This information, along with the rebounding stock market, was released in the CNBC investing club’s afternoon update.
Nvidia, Microsoft, and Alphabet were recommended as profitable companies to stick with in an environment of high spending and stretched valuations in the tech sector. Despite experiencing stock pressure, Starbucks is being viewed as a future earner, and insider buying at Starbucks is suggesting projected growth. On the other hand, high mortgage rates are creating
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