Three infrastructure suppliers gain as OpenAI and Anthropic spend billions on data centers, despite the AI firms' combined $80B losses.
OpenAI and Anthropic racked up over $80 billion in combined losses last year. In contrast, three firms that deliver power and cooling equipment to their AI data centers are experiencing a surge in business.
All three companies are already listed on the New York Stock Exchange, unlike the AI developers themselves.
GE Vernova (GEV) provides turbines and related equipment for powering AI data centers. In the first six months of 2026, orders from data centers topped $5 billion — more than double the full-year figure for 2025.
Quanta Services (PWR) constructs the power lines that link these facilities to the electrical grid. The company's total backlog hit a record $53.4 billion, which also covers projects unrelated to AI.
Vertiv (VRT) markets the hardware that keeps servers from overheating. Its quarterly revenue rose 24%, leading to upgraded annual projections.
A number of Wall Street analysts contend that these suppliers gain no matter which AI developer ends up attracting the most users.
In 2025, OpenAI posted a loss of $38.5 billion. Anthropic disclosed nearly $42 billion in losses, although $34 billion of that was tied to a non-cash accounting charge.
Anthropic has also pledged $518 billion toward future computing and infrastructure expenses.
Michael Burry, who gained fame for forecasting the 2008 financial crisis, has expressed a desire for a market downturn before the AI companies hold their initial public offerings.
"For the benefit of humanity, the markets should tank hard and prevent the OpenAI and Anthropic IPOs."
Arthur Hayes, the former CEO of BitMEX, has voiced similar worries.
"There always is a crash, and there always is a bailout."
A warning emerged on Thursday. OpenAI's annualized revenue is reportedly $20 billion below a prior forecast, mainly due to discrepancies in how cloud-partner sales are tallied.
The Nasdaq 100 dropped over 300 points in 30 minutes, amid broader market pressures.
A post from The Kobeissi Letter on October 8, 2026 noted that Oracle stock fell more than 5% after OpenAI told investors its annualized revenue was $20 billion less than projected.
For GE Vernova, Quanta and Vertiv, the orders are tangible. The lingering question is how long AI firms can sustain their current building pace.
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