Behind-the-meter power stocks sold off sharply Tuesday after a Wall Street Journal analysis flagged $3 trillion in off-balance-sheet AI commitments among nine top tech companies. FTAI Aviation (NASDAQ:FTAI) is down 6%, GE Vernova (NYSE:GEV) is off 6%, and Caterpillar (NYSE:CAT) is lower by 5%, with Bloom Energy down 10% and Vertiv off 7%. The de-risking followed softer-than-whispered revenue disclosures from Anthropic and OpenAI, and a 19-year high in the 30-year Treasury yield, which compresses the present value of long-duration backlogs. Despite strong fundamentals—GE Vernova's $176 billion backlog and Caterpillar's first $20 billion quarter with 72% Power Generation growth—the entire behind-the-meter basket traded as one, regardless of individual backlog quality.
FTAI Aviation Ltd.
Solaris Energy Infrastructure, Inc.
Vertiv Holdings Co
