States and counties are offering large incentives to attract data centers, yet it remains unclear whether host communities benefit from the buildout of AI infrastructure. We find no detectable average effect of data-center load on residential or commercial electricity prices, and no broad gains in local revenue, employment, or IT spending. These results suggest that host communities help finance the buildout of AI infrastructure without receiving broad local gains. We argue that the historical null in electricity prices is consistent with supply-side absorption: during our sample, load growth appears to have landed largely on slack segments of local supply curves. Private procurement and behind-the-meter contracts matter mainly for forward-looking scenarios, not for explaining the historical null.