$Vistra(VST.US), $Applied Digital(APLD.US) both fell by three to four points, and $GE Vernova(GEV.US) saw a slight decline. The entire computing power supply chain is pulling back.
On one hand, AI capital expenditure is being questioned; on the other, the mid-term narrative of an electricity gap remains unchanged. These two logics are now clashing. Will these assets see their valuations crushed along with chip stocks, or will they forge an independent trend relying on long-term contract prices and order books? It looks more like the former will win—the market is questioning the return on investment across the entire AI spending chain. The power sector is just a downstream link in that chain and cannot escape.
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