Key Highlights

● GE Vernova closed at $827.42 on October 22, among the S&P 500's weakest performers.

● The power-equipment maker put out no news of its own.

● Meta narrowed its 2026 capital spending range to $135 billion to $145 billion.

● Vertiv and Eaton slid while MasTec, Dycom and Primoris hit 52-week lows.

Shares of GE Vernova (NYSE:GEV) plunged on Thursday, October 22, 2026, closing at $827.42 and ranking among the weakest performers in the S&P 500. The power-equipment maker put out no news of its own. It was caught in a broad selloff of AI-linked stocks after the quarterly report from Meta Platforms (NASDAQ:META) raised fresh questions about how the build-out of AI data centers will be financed.

Reports differed slightly on the size of the drop, but every account showed a steep one. Market commentary tied the slump directly to worries over AI financing stirred up by Meta's spending outlook.

Meta's bill keeps growing

Meta reported after the bell on Wednesday. Revenue reached a record $64.60 billion, but investors focused on costs. The company narrowed its 2026 capital spending range to $135 billion to $145 billion, raising the low end. Free cash flow came in at negative $2.12 billion, which marked Meta's first cash outflow in more than a decade. Spending commitments climbed to about $825 billion from about $700 billion in July, according to market data.

Meta also announced a one-time dividend of one non-voting Class C share for each Class A and Class B share, which some market commentators saw as a way to help fund its AI ambitions. The cost of insuring Meta's debt hit a record.

For GE Vernova, which sells gas turbines, grid equipment and electrification gear used to power data centers, the worry is straightforward. If the biggest buyers of AI capacity stretch their balance sheets, orders further down the supply chain could slow.

Nvidia's comments added to the jitters

Nvidia (NASDAQ:NVDA)'s chief executive added to the unease. Speaking around the GTC Berlin event, he said, "The demand of the capital is much greater than the availability of the capital." At the same time, Lam Research (NASDAQ:LRCX)'s guidance, which cited supply constraints, hammered chip stocks.

The AI power trade unwound

GE Vernova had plenty of company. Vertiv (NYSE:VRT) and Eaton (NYSE:ETN) slid, and Quanta Services (NYSE:PWR) sank. Engineering and construction names MasTec (NYSE:MTZ), Dycom (NYSE:DY) and Primoris (NYSE:PRIM) hit 52-week lows. The S&P 500's industrials sector ended slightly lower, with GE Vernova among its biggest decliners.

The wider market told a split story. The S&P 500 fell 93.74 points to 7,663.43, its worst day since July. The Nasdaq Composite dropped 694.00 points to 26,008.86, its steepest fall since June 5, ending a seven-session winning streak. The Dow Jones Industrial Average edged up 11.89 points to 52,867.98.

Beneath the headline losses, about two of every three S&P 500 stocks rose, according to market reports. Consumer staples had their best day since April 2025 and hit a record, while health care also set a record. The 10-year Treasury yield fell back below a closely watched threshold for the first time since September 22, and Brent crude rose to $113.17, its highest since May 4.

GE Vernova's Report Will Test Data-Center Demand

GE Vernova's own third-quarter report is coming up, and it will give management the first chance to address whether customer demand has shifted. Investors will want to hear about order trends from data-center and utility customers.

The wider AI trade faces a heavy calendar. Microsoft (NASDAQ:MSFT) and Alphabet (NASDAQ:GOOGL) report on October 28, the same day the Federal Reserve announces its policy decision. Amazon (NASDAQ:AMZN) follows on October 29, alongside third-quarter GDP and September PCE inflation data. The spending plans of those hyperscalers will shape the outlook for power-equipment suppliers.