AI's Picks and Shovels Are Getting Clobbered -- WSJ

By David Uberti

It's not just chips. Wednesday's tech selloff is hitting many of the companies key to the physical AI build-out, from equipment makers to heating-and-cooling companies to specialty contractors.

The moves show how tighter regulation, higher borrowing costs and fears of overextended hyperscaler capex are cascading through the data-center food chain.

In recent trading:

-- Caterpillar, whose power-generator business has boomed, fell by as much as 7% to drag the Dow industrials deep in the red.

-- Cooling specialist Vertiv tumbled 17%, while power-equipment maker Eaton slid more than 6%.

-- Networking company Arista also fell more than 6%.

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(END) Dow Jones Newswires

July 29, 2026 12:50 ET (16:50 GMT)