--- title: "Siemens Energy fell 2.9% Friday on CoreWeave's 15% bond yield; its backlog is EUR 162 billion" description: "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." publisher: "The Inference" section: "Power" published: 2026-10-24T14:08:01.607Z modified: 2026-10-24T14:08:01.607Z canonical: https://theinference.org/article/siemens-energy-fell-2-9-friday-on-coreweave-s-15-bond-yield-its-backlog-is-eur-162-billion language: en keywords: "Siemens Energy, AI Data Centers, Nuclear Power, CoreWeave, Stock Moves" --- # 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. [Siemens Energy](https://theinference.org/markets/companies/siemens-energy)'s 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](https://theinference.org/markets/companies/ge-vernova) had no operational trigger from Siemens Energy itself [3]. The shares were dragged down by someone else's debt problem: [CoreWeave](https://theinference.org/markets/companies/coreweave), the debt-heavy US "neocloud" that rents out [Nvidia](https://theinference.org/markets/companies/nvidia) chips, saw [the yield on its 2032 bonds touch 15% this month](https://www.cnbc.com/2026/10/21/coreweaves-market-confidence-erodes-as-bond-yields-spike-stock-sinks.html), and Australian data-center firm Firmus scrapped its IPO for lack of demand [4]. The credit market, not the order book, set the price [1][3]. ## The money to build AI is getting dearer [Bank of America](https://theinference.org/markets/companies/bank-of-america) 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 [1][3]. 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](https://www.aol.com/articles/ai-sell-off-crushing-stocks-175206000.html) [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](https://www.ad-hoc-news.de/boerse/news/unternehmensnachrichten/siemens-energy-nuclear-training-triples-as-ai-funding-doubts-weigh-on-the-stock/70402237) [1]. The company has [more than tripled its field engineer and project manager training](https://www.power-eng.com/nuclear/siemens-energy-more-than-triples-nuclear-training-as-restarts-and-upgrades-ramp-up/) for real projects: turbine upgrades at [Constellation's Byron and Braidwood plants in Illinois](https://theinference.org/article/google-signed-a-20-year-deal-to-add-890-megawatts-to-11-constellation-nuclear-reactors), four units at Ontario's Pickering, and the roughly 800 MW Palisades restart in Michigan, the first full restart of a decommissioned US plant [1][2]. Fiscal 2026 guidance is confirmed, with margin at the upper end of range [3]. *Chart: **The Street is split: JPMorgan's target is double the price Barclays will defend** Bar chart: Siemens Energy share price 118.06 euros, Barclays target 130, JPMorgan target 245* *Euros per share, as of October 23-24, 2026. Price from ad-hoc-news.de; targets from JPMorgan and Barclays as cited there. Sources: [1] [1]* ## 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](https://theinference.org/markets/companies/barclays) at EUR 130 Underweight [1]. On November 11, [full-year results, a 2027 outlook, targets through 2030 and a capital-allocation framework](https://www.ad-hoc-news.de/boerse/news/unternehmensnachrichten/siemens-energy-a-confirmed-outlook-a-sector-selloff-and-the-november-date-that-will-settle-the/70402797) land on one day [3]. The backlog is not wrong yet; the next reading will say. ## Takeaway Friday's drop came from AI credit markets, not Siemens Energy's order book; November 11 puts a EUR 162 billion backlog and a collapsed Gamesa intake on the same scale. ## Sources 1. [ad-hoc-news.de, Siemens Energy: Nuclear Training Triples as AI Funding Doubts Weigh on the Stock, 24 October 2026](https://www.ad-hoc-news.de/boerse/news/unternehmensnachrichten/siemens-energy-nuclear-training-triples-as-ai-funding-doubts-weigh-on-the-stock/70402237) 2. [Power Engineering Magazine, Siemens Energy more than triples nuclear training as restarts and upgrades ramp up, October 2026](https://www.power-eng.com/nuclear/siemens-energy-more-than-triples-nuclear-training-as-restarts-and-upgrades-ramp-up/) 3. [ad-hoc-news.de, Siemens Energy: A Confirmed Outlook, a Sector Selloff, and the November Date That Will Settle the Argument, 24 October 2026](https://www.ad-hoc-news.de/boerse/news/unternehmensnachrichten/siemens-energy-a-confirmed-outlook-a-sector-selloff-and-the-november-date-that-will-settle-the/70402797) 4. [CNBC, CoreWeave's market confidence erodes as bond yields spike, stock sinks, 21 October 2026](https://www.cnbc.com/2026/10/21/coreweaves-market-confidence-erodes-as-bond-yields-spike-stock-sinks.html) 5. [Yahoo Finance via AOL, The AI sell-off is crushing stocks of companies leading the data center build-out, 23 October 2026](https://www.aol.com/articles/ai-sell-off-crushing-stocks-175206000.html) --- Siemens Energy fell 2.9% Friday on CoreWeave's 15% bond yield; its backlog is EUR 162 billion — The Inference. Canonical: https://theinference.org/article/siemens-energy-fell-2-9-friday-on-coreweave-s-15-bond-yield-its-backlog-is-eur-162-billion