Australians also don’t like data centers: NextDC shares fall 42% after community opposition stalls a grid upgrade

NextDC, an Australian data center operator, is the latest such company to get hit by a growing investor selloff of AI stocks. Shares in the Brisbane-based company fell by 41.7% on Wednesday after it sharply cut its annual revenue and earnings forecast, blaming community opposition and delays to grid upgrades. NextDC now expects to generate between 475 million and 500 million Australian dollars ($333 million to $350 million), down from a previous forecast of 615 million to 640 million Australian dollars.

Source: Fortune Crypto