AI Power Equipment Stocks Retreat as Investors Reassess Spending
GE Vernova, Vertiv, and Bloom Energy fell sharply over the past week as investors sold AI-infrastructure stocks. A large potential equipment deal with Venture Global did not lift GE Vernova because most of the value remains reservations rather than firm orders. GE Vernova's upcoming third-quarter results are the next major test for the group.
GE Vernova fell 11% in the week through Tuesday, Vertiv 14%, and Bloom Energy 15%; the S&P 500 slipped 1%. On Oct. 14, GE Vernova dropped 6.2%, over half its weekly decline, as hotter U.S. inflation renewed rate worries and CoreWeave securities weakened on AI-funding questions.
Venture Global’s power and grid arrangements with GE Vernova and Baker Hughes could total $17.2 billion, yet only reservation fees are committed. The first power island is expected by late 2026, with eight reserved and orders from early 2027. GE Vernova reports Oct. 28 after five straight EBIT misses; its CEO said data centers may be about 20% of Electrification orders in the quarter.
The retreat may affect investors and retirement savers holding AI-linked shares, as well as equipment makers’ employees and suppliers if spending plans slow. Utilities and data-center developers could face higher financing costs or delays, potentially influencing electricity prices and grid investment. Because the sell-off reflects sentiment about funding AI infrastructure rather than confirmed order cuts, broader effects may remain limited unless earnings and orders weaken.