Wall Street has spent the last three weeks punishing the companies that build and equip AI data centers, which would make more sense if anyone could point to the orders drying up. As of Friday, that group was down a median 23% since the S&P 500's record close on Oct. 6, while the Big Tech companies actually writing the checks were down only 5%. A dozen of the biggest builders and power suppliers lost more than $300 billion in market value over the stretch, including $54 billion at GE Vernova, $30 billion at Eaton and $25 billion at Quanta Services. Last Thursday's leg down came after Meta's latest earnings report reignited worries about AI infrastructure spending, but the physical shortage hasn't changed.
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