AI数据中心电力/冷却设备股周四遭抛售：Vicor跌12%、Vertiv跌6%、nVent跌近6%，通胀超预期引发AI基建融资成本担忧

Shares of companies supplying electrical equipment, power management systems and other infrastructure for artificial intelligence data centers tumbled Thursday as investors grew increasingly concerned about the cost of financing the industry's massive expansion. Vicor ( VICR ) plunged 12%, Vertiv Holdings ( VRT ) dropped 6.1% and nVent Electric ( NVT ) declined 5.8%, according to market data, extending a selloff that has spread across semiconductor manufacturers, cloud computing providers and other beneficiaries of AI investment. The declines reflect a growing concern among investors that the AI infrastructure boom could become increasingly difficult to finance, particularly if inflation keeps interest rates elevated and customers struggle to generate sufficient returns on their investments. Companies supplying data centers with power distribution, cooling and electrical components have benefited from expectations of sustained capital spending by technology giants. Their valuations could come under pressure if financing constraints force customers to delay construction projects or reduce equipment orders. The selloff accelerated after government data showed U.S. consumer inflation increased more than expected in September, raising concerns that the Federal Reserve could resume raising interest rates. A separate report Thursday showed wholesale inflation accelerating at its fastest pace since 2022. Higher borrowing costs threaten the economics of capital-intensive AI projects, many of which require substantial upfront investment before generating meaningful revenue. Investors have become particularly concerned about heavily indebted AI infrastructure providers such as CoreWeave ( CRWV ), whose shares plunged more than 15% Wednesday as yields on its debt surged. The company's difficulties have raised questions about whether specialized cloud computing providers can continue financing rapid expansion without placing excessive strain on their balance sheets. Research firm Gartner added to those concerns with a forecast that 80% of so-called neocloud providers could cease operating independently by 2030. The pressure has spread to companies that supply the physical infrastructure needed to operate AI computing facilities. Vicor ( VICR ), which develops high-performance power conversion technology, was among Thursday's biggest decliners in the electrical equipment sector. Vertiv ( VRT ), a major supplier of data center cooling and power management systems, also fell sharply, while nVent ( NVT ), which provides electrical connection and protection products, joined the retreat. Although the companies have different business models and levels of exposure to AI, investors are reassessing how much future growth is already reflected in their share prices. The uncertainty is also disrupting financing plans for data center developers. According to Reuters, proposed listings involving Blackstone-backed AirTrunk, Nvidia-backed Firmus and SoftBank-backed SB Energy have been postponed or withdrawn as investors demand stronger evidence that AI infrastructure projects can withstand higher capital costs. The pullback suggests that lenders and equity investors are becoming more selective about which companies can obtain financing for new facilities. Selected Electrical Equipment Stocks Thursday Company Symbol Share price Decline Vicor ( VICR ) $214.92 -12.40% Beam Global ( BEEM ) $0.89 -10.12% GrafTech International ( EAF ) $7.14 -7.63% SES AI ( SES ) $0.85 -7.48% Orion Energy Systems ( OESX ) $22.80 -7.05% Vertiv Holdings ( VRT ) $209.14 -6.14% nVent Electric ( NVT ) $143.82 -5.83% Click to enlarge