I think this might have to do with broader market conditions. It seems that the Fed is likely to raise bond rates, which would make borrowing more expensive and slow investments (as well as devaluing any potential IPO) on its own.

A rate hike would also mean people getting fired, which would not make companies offering labour replacement very popular in the eyes of the public.

Don't want to get political, but there's a real chance that the current admin will perform badly on the midterms, which would mean Democrats would get more leverage to stop funding or block the already unpopular and very expensive datacenter buildouts.

PS: Please don't get mad at me, I'm neither a financial expert neither did I mean to express any political leanings.