AI Companies Lose Billions While Their Suppliers Profit

In 2025, OpenAI and Anthropic reported combined losses exceeding $80 billion. Meanwhile, three companies supplying energy and cooling for their data centers are experiencing a boom in orders. All three are already trading on the NYSE.

GE Vernova (GEV) supplies turbines and equipment for powering AI data centers: its orders from data centers exceeded $5 billion in the first half of 2026 – more than double the total for all of 2025. Quanta Services (PWR) builds power lines connecting facilities to the grid: its order book reached a record $53.4 billion, including work outside of AI. Vertiv (VRT) sells systems to prevent server overheating – quarterly sales rose by 24%, prompting an increase in annual forecasts. Wall Street analysts note: suppliers benefit regardless of which AI developers attract more clients.

What happens if the AI bubble bursts? OpenAI recorded a loss of $38.5 billion for 2025. Anthropic – nearly $42 billion, of which $34 billion were non-cash write-offs; the company also committed to spending $518 billion on future computing and infrastructure. Michael Burry, who predicted the 2008 crisis, wants the market to crash before the AI giants' IPOs: "For the good of humanity, markets need to crash hard and prevent the IPOs of OpenAI and Anthropic." Former BitMEX CEO Arthur Hayes agrees: "Crashes always happen, and salvation is always found." Thursday gave a warning: OpenAI's annual revenue reportedly fell $20 billion short of estimates – mainly due to differences in accounting for sales through cloud partners. The Nasdaq 100 dropped more than 300 points in half an hour, Oracle shares lost over 5%. For GE Vernova, Quanta, and Vertiv, orders are real – the question is how long AI companies can continue building at this pace.