AI pixie dust is losing its stock market power

Data: FactSet; Chart: Axios/Matt PhillipsSoaring sales, booming backlogs and gangbusters guidance from AI-related companies just doesn't cut the mustard in this market moment.Why it matters: The lackluster response to still strong AI-related earnings points to growing investor doubts about the durability of the boom.Catch up quick: A broad swath of AI-related shares took it on the chin this week, including:Hyperscaler Meta (down 9.4%).AI-construction plays like HVAC provider Comfort Systems (-19.3%) and engineering and construction giant Quanta (-13.5%).And AI power trades like turbine maker GE Vernova (-11.5%) and Bloom Energy (-12.7%).Between the lines: The slump came despite some of those very same companies reporting the kind of top-line Q3 results, that likely would have received the market's version of a standing ovation last year. Cases in point: Meta's third-quarter results Wednesday were great. It was a legit beat-and-raise. The stock plunged 7% the next day.Thursday results from Comfort Systems, which has seen booming sales related to cooling equipment needed for data centers, topped expectations too with order backlogs almost doubling last year's levels. The stock dove …

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