Since the S&P 500's record close, the median stock of builders and power suppliers for AI data centers has fallen 23%, while Big Tech companies fell only 5%, wiping out more than $300 billion in market value. The article argues the physical shortage has not changed, with U.S. transformer supply running about 15% short this year according to Wood Mackenzie. It profiles GE Vernova, with a $176 billion backlog; Quanta Services, whose second-quarter revenue rose 41% to $9.56 billion and whose backlog hit a record $53.4 billion; and Eaton, whose record second-quarter sales of $8.53 billion came with EPS falling to $2.11 from $2.51. The key question is whether order books keep growing ahead of earnings reports from three of the five companies due within a week.
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