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00:02The artificial intelligence sell-off has spread to industrial companies that benefited from the AI boom,
00:08wiping out billions in market value, according to Benzinga.
00:12GE Vernova shares have fallen 31.45% from their year-to-date high,
00:17while Caterpillar has dropped 34% and Vertiv Holdings has plunged 49%.
00:22International industrial giants including ABB, Schneider Electric and Siemens Energy
00:27have also entered bear markets.
00:29Investors fear the AI boom is losing momentum amid warnings of a potential bubble and rising interest rates.
00:35Data center cancellations exceeding $260 billion this year,
00:40and stretched valuations have added pressure.
00:43Executives including Stephen Schwartzman, John Gray and Jensen Huang
00:47have dismissed AI bubble concerns, citing strong demand and soaring revenues at Anthropic and OpenAI.
00:52For all things money, visit Benzinga.com.
