AI-linked industrial and behind-the-meter power stocks sold off broadly at midday Tuesday as investors rotated out of companies tied to the data center buildout. FTAI Aviation fell 6%, GE Vernova dropped 6% and Caterpillar lost 5%, with weakness spreading across the group despite little company-specific news. The move followed a Wall Street Journal analysis saying nine top tech companies had about $3 trillion of off-balance-sheet commitments, mostly related to AI, based on footnotes in their most recent securities filings. The report said those obligations are rising faster than traditional capex, which totaled about $600 billion over the past year they reported, and were about triple outstanding leases and long-term borrowings. Pressure also came from higher rates, with the 30-Year Treasury reaching a 19-year high and the 10-year at 4.68%, a backdrop that can weigh on long-duration growth and infrastructure trades. Even so, the article says operating backlogs remain strong: GE Vernova ended Q2 with a $176 billion backlog, booked 20 gigawatts of new gas orders and raised full-year revenue guidance to $45.5 billion to $46.5 billion, while Caterpillar reported its first $20 billion quarter, 72% Power Generation growth tied to data center demand and a $72 billion backlog. The selling extended to Solaris Energy Infrastructure, Bloom Energy and Vertiv as the market treated turbine makers, engine suppliers, fuel cells, mobile gensets and power infrastructure names as a single AI-exposed basket. Sector rotation favored healthcare, consumer defensive, utilities and energy, while technology lagged.