Siemens Energy fell 2.9% Friday on CoreWeave's 15% bond yield; its backlog is EUR 162 billion
A 2.9% Friday drop with no company news behind it, a tripled nuclear training program, a EUR 162 billion backlog, and one November date that forces both camps to argue with numbers.
Vincent Jiang · 2 min read
Siemens Energy's−2.88% — Siemens Energy, down 2.88 percent today stock closed on Friday at EUR 118.06, down 2.9%, and nothing the company said or did that day caused it 3. Reuters reported the selling that also hit Infineon and US rival GE Vernova−1.62% — GE Vernova, down 1.62 percent today had no operational trigger from Siemens Energy itself 3.
The shares were dragged down by someone else's debt problem: CoreWeave−2.97% — CoreWeave, down 2.97 percent today, the debt-heavy US "neocloud" that rents out Nvidia−0.54% — Nvidia, down 0.54 percent today chips, saw the yield on its 2032 bonds touch 15% this month, and Australian data-center firm Firmus scrapped its IPO for lack of demand 4. The credit market, not the order book, set the price 13.
The money to build AI is getting dearer
Bank of America−0.88% — Bank of America, down 0.88 percent today strategist Sebastian Raedler warns of growing reluctance to finance AI infrastructure, which reaches Siemens Energy through expectations of data-center power demand; a sector study the same week questioned the pricing power of data-center suppliers, Siemens Energy among them 13. Credit desks told CNBC the high-yield market is effectively on hold 4. Since the S&P 500's October 6 record close, the companies building and equipping AI data centers are down a median 23%, with about $300 billion wiped from a dozen big power names 5.
The receipts: a record backlog and tripled training
Against that stand Siemens Energy's own numbers. Third-quarter orders of EUR 17.9 billion lifted the backlog to EUR 162 billion 1. The company has more than tripled its field engineer and project manager training for real projects: turbine upgrades at Constellation's Byron and Braidwood plants in Illinois, four units at Ontario's Pickering, and the roughly 800 MW Palisades restart in Michigan, the first full restart of a decommissioned US plant 12. Fiscal 2026 guidance is confirmed, with margin at the upper end of range 3.
The Street is split: JPMorgan's target is double the price Barclays will defend
Data
| Value | |
|---|---|
| Share price | 118.06 |
| Barclays (Underweight) | 130 |
| JPMorgan (Overweight) | 245 |
Gamesa is the rot and November 11 is the reckoning
The split inside the group is real: Gamesa's order intake fell to EUR 1.05 billion from EUR 4.89 billion a year earlier 1. Sell-side is split down the middle, JPMorgan at EUR 245 Overweight, Barclays−1.45% — Barclays, down 1.45 percent today at EUR 130 Underweight 1. On November 11, full-year results, a 2027 outlook, targets through 2030 and a capital-allocation framework land on one day 3. The backlog is not wrong yet; the next reading will say.
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