AI data center suppliers lose $4.2T in market value since June
Manufacturing, utility and mining companies tied to the AI data center build-out have lost $4.2T in market value since June, a Financial Times analysis finds.
That erases almost half of the $9.4T the same companies added over the 12 months before. The stocks most closely linked to data center construction in news coverage have dropped the most.
Among the hardest hit since June 30:
- Caterpillar (CAT), a major supplier of gas generators to data centers: down 44% from its record high, a loss of $214B in market value
- Oklo (OKLO), a nuclear power developer: down 49%, even after signing a contract with Meta Platforms (META) in January
- Comfort Systems USA (FIX), which installs heating and cooling systems: down about half
- Corning (GLW), a maker of fiber optic products: down about half
- Allient (ALNT), a maker of motion control products: down 35% from its record high in October
The selling continued at the end of last week. Corning fell 4.3% on Friday, while the S&P 500 lost 0.4% and the Nasdaq 100 1.2%.
Investors are asking whether the big cloud companies' debt-funded AI spending can last. Opposition to data centers is also growing, and voters backed moratoriums and other limits in this month's midterm elections.
The suppliers' own results still point to strong demand. Caterpillar's order backlog reached a record $78B in the third quarter, up 96% from a year earlier.
On that call, Caterpillar said dealer sales of power generation equipment to end users grew 75%, led by turbines and large engines for data centers. Its own power generation sales grew 30%.
Richard Warzala, CEO of Allient, made another point on the company's earnings call on November 5. "They can have a moratorium on new data center installation, but those that are already started need to be completed," he said.
Sources & Further Reading
- "Data centre construction stocks lose $4.2tn as boom in AI trade unravels." Financial Times. November 15, 2026.
- "Caterpillar (CAT) Q3 2026 Earnings Call Transcript." Stock Analysis. October 29, 2026.
- "Caterpillar Q3 2026 Earnings Press Release." Caterpillar. October 29, 2026.
- "Allient (ALNT) Q3 2026 Earnings Call Transcript." Stock Analysis. November 5, 2026.
This article was drafted with the help of AI. Kris Gunnars fact-checked, edited and published the article and is responsible for its accuracy and quality. How we use AI
