5 Data Center Power Stocks to Watch Before Earnings

Wall Street has spent the last three weeks punishing the companies that build and equip AI data centers, which would make more sense if anyone could point to the orders drying up. As of Friday, that group was down a median 23% since the S&P 500's record close on Oct. 6, while the Big Tech companies actually writing the checks were down only 5%.

A dozen of the biggest builders and power suppliers lost more than $300 billion in market value over the stretch, including $54 billion at GE Vernova, $30 billion at Eaton and $25 billion at Quanta Services. Last Thursday's leg down came after Meta's latest earnings report reignited worries about AI infrastructure spending, but the physical shortage hasn't changed.

S. transformer supply is running about 15% short this year according to Wood Mackenzie, and Apollo's Torsten Slk puts lead times at transformer makers at as long as 26 months. That is the thinking behind this list. Whether the power comes from gas, solar or nuclear, somebody has to build the turbines, transformers, switchgear and batteries it runs through, and those factories are booked years out.

Three of the five companies below report within a week, so we are about to find out whether the order books still look the way they did in the summer. GE Vernova Reports Tomorrow GE Vernova NYSE GEV would probably like to talk about something other than its stock. Since GE spun it off in 2024 it has been the poster child for the power crunch, and it ended the second quarter with a $176 billion backlog, nearly four times the revenue it expects this year.