$Vertiv(VRT.US) and $Ciena(CIEN.US) both fell three to four points today, $Constellation Energy(CEG.US) dipped slightly, and $Vistra(VST.US) was basically flat—all under the banner of AI data centers, these stocks have held up much better than the fuel cell batch.

The thermal management and power distribution of $Vertiv(VRT.US) and the data center optical interconnect of $Ciena(CIEN.US) are closer to the hardware side, pulling back with computing power sentiment; $Constellation Energy(CEG.US) and $Vistra(VST.US) are supported by long-term power purchase agreements and nuclear baseload, with stable cash flow, showing defensive qualities on a sell-off day. On the same AI power chain, those closer to equipment and with higher elasticity fell more decisively today, while the steady-state power generation end held up better.