Shares of data center infrastructure-related companies are trading lower as the U.S. 10-year yield spikes to its highest level in 24 years, which can lead to concerns about Fed rate hikes and elevated borrowing costs for a sector that is highly exposed to leveraged capex borrowing.

Shares of data center infrastructure-related companies are trading lower as elevated oil prices and stronger-than-expected inflation data fuel expectations that U.S. interest rates will remain elevated. Higher financing costs could pressure capital spending on data centers, power infrastructure, and commercial building projects, potentially weighing on demand for electrical equipment and HVAC systems.

Argan's 2026 Outlook: $2.5 Billion Project Backlog Drives Reliable Power Infrastructure Expansion

Argan (AGX) has achieved a $2.5 billion project backlog driven by strong demand for power infrastructure and data center construction. The company maintains a debt-free balance sheet with over $1 billion in cash, operates an asset-light model, and delivered record Q2 revenue of $384 million (56.5% YoY growth). However, the stock trades at a trailing P/E of 31.68, which leaves limited margin for error if project awards slow or execution issues arise.

Jim Cramer Recommends This ‘Really Well-Run’ Energy Stock

Cramer favors EPD, calls CBRS good but overpriced, is unfamiliar with AGX, and avoids MTZ amid heavy selling.

Stock Market Today, Oct. 14: Plug Power Falls on Analyst Target Cuts and Concerns Over Rising Interest Rates

Plug Power (PLUG) fell 7.05% to $1.45 on October 14, 2026, following price target cuts from Susquehanna (from $2.50 to $1.75) and Morgan Stanley (from $1.65 to $1.20). The decline reflects concerns over hydrogen adoption headwinds, rising interest rates impacting debt obligations, and margin sustainability. The broader clean energy sector also declined, with Bloom Energy down 9.14% and FuelCell Energy down 8.65%. Investors await Plug Power's Q3 results on November 9 to assess progress on gross margin improvement and revenue growth.

Bloom Energy Stock Slides Amid High Oil Prices and Inflation Woes

Bloom Energy shares are falling Wednesday as inflation and oil prices fuel higher-for-longer rate concerns, pressuring data center stocks.

AEP Unveils $4 Billion Fuel Cell Investment Backed By Long-Term Google Deal

AEP plans a $4B, 702 MW fuel cell power project in Wyoming for Google, featuring Bloom Energy tech and planned carbon capture.