SoftBank’s $3.7B data-center writedown drags gas-turbine, power-equipment stocks lower

The writedown matters less for SoftBank's balance sheet than for what it says about the equipment-order pipeline underpinning the AI buildout trade. Non-refundable prepayments turning into a loss signals project-level stress that reads through directly to turbine and power-equipment names, which had rallied on construction demand. The read-through is that order books and prepayment structures, not headline AI capex, are where the risk now sits. Whether the equipment complex can decouple from single-project setbacks is the open question.