Tech industry fears delays to its multi-trillion dollar infrastructure buildout meant to power artificial intelligence

Several newly elected Democrats and Senator Bernie Sanders have renewed calls for datacenter moratoriums in the days after the US midterm elections. The sweeping Democratic victory, which was buoyed in part by backlash to the tech industry, has added momentum to efforts to slow down the multi-trillion-dollar buildout of the controversial facilities.

On the social media platform X, Sanders posted a call for an immediate national datacenter moratorium this week. “Americans don’t want Big Tech oligarchs wrecking the environment, gutting jobs and threatening humanity’s future,” Sanders said on Wednesday.

Tech stocks have lost trillions while voters have rejected the industry’s political champions. The billionaire-led boom is facing a democratic reckoning

This week’s midterms showed that the political bill for the AI boom is falling due. The Democratic sweep intensified fears over runaway spending, mounting debt and resistance to datacentres, sending tech shares tumbling. On Thursday Wall Street suffered its worst day since the pandemic as $3.2tn was wiped from markets. Anthropic, developer of the Claude chatbot, is hoping to float within the next fortnight for $1.5tn (£1.1tn), but it may not now get even a trillion dollars. The dominant AI chipmaker Nvidia saw its value crash by more than $400bn. The world’s richest man, Elon Musk, lost $113bn in two days.

While a few very rich people may be a little less wealthy, the sell-off may not be a bad thing. It brings a needed dose of reality to an industry whose spending plans and valuations depend on heroic expectations of future profits. That is a view held by many influential figures – from Goldman Sachs’ research boss to Nobel laureate Daron Acemoğlu. AI may transform the economy. That does not guarantee investors will earn back the sums being poured into it.

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After Thursday’s share price plunge on Wall Street, could the volatility be the start of a huge market meltdown?

Global financial markets have been thrown into a tailspin as investors bet on an AI slowdown after the US midterm elections.

This is not the first time stock markets have wobbled in recent months due to concerns over a tech bubble. But could this volatility be the start of a huge market meltdown?

Ukraine’s National Anti-Corruption Bureau (NABU) has charged five people in a new episode of its Carthage case, the bureau said. Investigators say the group ran or shielded scam call centers, drug sales, and a fake-euro workshop. Judges have ruled on two suspects, while the most senior one, a security service general, still waits.

As Ukraine fights off Russia’s full-scale invasion, Brussels has tied its EU membership talks to reforms that include independent anti-corruption agencies, a condition watchdogs flagged as under strain. Carthage is the bureau’s hunt for officials allegedly paid to let scam call centers rob people in Ukraine and abroad, and it now reaches the police and security service meant to stop them.

The general called Akim

On 4 November, NABU detectives detained Serhii Duka, a major general in the Security Service of Ukraine (SBU). A source in the Specialized Anti-Corruption Prosecutor’s Office (SAP) told BBC News Ukrainian that he was held under Article 208 (detention without a prior court order). Investigators say Duka is Akim from their tapes, who helped the group with problems in the SBU, the Prosecutor General’s Office, and the police. When the gang paused its call centers last summer, he allegedly told its leader to change addresses and “go partisan.”

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Detectives found Duka at a cottage in Roslavychi, Kyiv Oblast, owned by the family of business partners of a relative with ties to Russia, investigative outlet Slidstvo.Info reported.

NABU unit head Oleksandr Abakumov described armed men at the windows and Duka with a pistol, who then smashed his phones with a hammer on a balcony and destroyed a hard drive. Fighters from Alfa, the SBU’s special forces, then arrived in vans. Abakumov called it absurd that the unit came to shield the general from detectives.

The same day, SBU head Oleksandr Poklad said he had fired two senior officials involved in the case, without naming them. The Anti-Corruption Action Center, a Kyiv watchdog, called Duka a key player in the July 2025 attack on NABU, when the SBU searched its detectives. SAP planned to ask a court on 6 November to keep Duka in custody, BBC News Russian reported.

Where the other four suspects stand

Mezha, an anti-corruption center, matched the tapes’ nicknames to the people NABU and SAP charged. The charge list names Andrii Osipov, a repeat convict known as Kryminal (“Criminal”), as the organizer.

On 5 November, the High Anti-Corruption Court ordered Vitalii Rybalka, called Boxer in NABU’s video, held for 60 days without bail, Radio Svoboda reported. The video mentions people being beaten with a hammer. Rybalka denied any part in that and called the suspicion far-fetched, but admitted he knows Osipov. Osipov, jailed in another case, faces the same court next week.

The same court ordered Volodymyr Tsenov, known as Price, held unless he posts bail of UAH 15 million ($330,000). A senior National Police investigator, he is also suspected of taking a bribe.

The fifth suspect, Oleksandr Demianchuk, called Consultant, is a police detective in Kyiv Oblast. No ruling on him was reported by Friday morning.

Detectives also searched Kyiv Oblast police chief Andrii Rubel but did not charge him, Abakumov told Ukrainska Pravda. Rubel ran the National Police’s strategic investigations department from October 2022 to April 2026. NABU suspects he may have acted so as not to notice the crimes, Abakumov said.

What the gang allegedly planned

The tapes show a plot to attack Denys Bihus, an investigative journalist, over his reporting on U420, a shop chain suspected of selling drugs. Participants also discussed how to stop a man who wanted to tell NABU that evidence against one of its detectives might have been faked.

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The leader of the Russian drug cartel Khimprom, called Mexican, offered $2 million on the recordings to remove Dmytro Torhalo, the National Police’s anti-drug chief, Slidstvo.Info reported. Torhalo confirmed Mexican threatened him.

The cartel leader also discussed bribing then-Interior Minister Ihor Klymenko to keep the cartel’s drugs off the banned list, Abakumov said in the same interview. Middlemen suggested offering people close to the minister a share of the business instead.

Police push back, the Presidential Office responds

Andrii Nebytov, a deputy head of the National Police, wrote that the tapes date from September 2025 to April 2026, when police were already tracking Khimprom with Interpol and the US Drug Enforcement Administration. Deal plans existed, he said, but police dismantled U420.

Presidential Office head Kyrylo Budanov said after the searches that the law is the same for everyone.

NABU and SAP launched Carthage in September against an official in the Prosecutor General’s Office suspected of shielding call centers. Prosecutor General Ruslan Kravchenko then resigned and left Ukraine. His office has since fired eight people.