Key Highlights

● GE Vernova was one of the three worst performers in the S&P 500.

● MasTec, Dycom and Primoris hit 52-week lows.

● Regulated utilities rose as the 10-year yield fell below a key threshold.

● Comfort Systems reported revenue of $3.77 billion versus $3.39 billion expected.

In recent years, companies that build power plants, electrical gear and grid infrastructure for artificial-intelligence data centers have been among Wall Street's favorite trades. On Thursday, October 22, that trade lost its spark.

GE Vernova (NYSE:GEV) was trading at $827.42 and was one of the three worst performers in the S&P 500. Vistra (NYSE:VST), Vertiv (NYSE:VRT), Eaton (NYSE:ETN) and Quanta Services (NYSE:PWR) also tumbled, while peers MasTec (NYSE:MTZ), Dycom (NYSE:DY) and Primoris (NYSE:PRIM) hit 52-week lows.

The financing question

The selloff had no company-specific trigger. Instead, GE Vernova sold off on Meta-driven worries about financing for AI data centers, according to market reports.

Meta Platforms (NASDAQ:META) reported record revenue but raised the low end of its 2026 capital spending range to $135–145 billion and posted negative free cash flow of $2.12 billion, its first cash outflow in more than a decade. Its future lease and contract commitments climbed to about $825 billion.

Nvidia (NASDAQ:NVDA) CEO Jensen Huang then said "The demand of the capital is much greater than the availability of the capital." For power companies, the logic was straightforward: if data-center builders struggle to raise money, orders for turbines, transformers and grid work could slow.

IBM (NYSE:IBM) CEO Arvind Krishna added to the doubts, saying customers are "getting worried if some of the AI spending is completely out of control with no real return."

A broad hit to the theme

Vistra traded around $140.60 at midday, down from a $156.14 prior close. One brokerage trimmed its price target by $1 to $226 and kept an Overweight rating. Eaton traded around $369, and Quanta was trading at $552.44.

The iShares AI Innovation ETF fell sharply. Caterpillar (NYSE:CAT) was the worst performer in the Dow, though no company-specific news was reported.

After the bell, more AI-power names slipped despite strong results. Bloom Energy (NYSE:BE) beat estimates and raised its 2026 outlook but fell in after-hours trading in what one report described as a sell-the-news move. Comfort Systems USA (NYSE:FIX) also fell after hours despite revenue of $3.77 billion versus $3.39 billion expected and a backlog of $17.81 billion.

Utilities went the other way

Not all power stocks fell. Traditional regulated utilities rose as investors sought safety and Treasury yields dropped, with the 10-year yield closing back below a closely watched threshold for the first time since September 22. NextEra Energy (NYSE:NEE) climbed after saying it sees full-year results at the top of its guidance range, and on reports that a blockade on wind projects was easing. Duke Energy (NYSE:DUK) and Dominion Energy (NYSE:D) also rose.

The split showed investors distinguishing between steady, rate-sensitive utilities and growth-driven AI infrastructure names.

The bigger picture

The Nasdaq Composite fell 694 points to 26,008.86 and the S&P 500 dropped 93.74 points to 7,663.43, its worst day since July. But about two of every three S&P 500 stocks rose, according to market data.

"Every index on the planet is basically an AI index," one strategist said.

GE Vernova Orders and Hyperscaler Budgets Ahead

GE Vernova's third-quarter report is coming up and will be closely watched for orders and data-center demand. Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) report on October 28 and Amazon (NASDAQ:AMZN) on October 29, with their spending plans key for power suppliers. The Federal Reserve decides on October 28, and Caterpillar reports October 29. Investors will also watch Friday's trading in Bloom Energy and Comfort Systems after their after-hours declines.