Venture Global slides after signing power deals with GE Vernova, Baker Hughes

** Shares of LNG producer Venture Global VG.N reverse premarket gains and last down 8.3% at $12.17, an over 2-month low, on Thurs after announcing agreement to supply electricity to data centers amid booming AI demand

** Co signs agreements with GE Vernova GEV.N and Baker Hughes Energy Services BKR.O for up to 16 new, 720 MW power units and equipment, including turbines and transformers

** The deals will allow VG to make up to 10 GW of new computing capacity available over time at sites it owns or controls for potential adjacent infrastructure and data centers, per the statement

** GEV shares down 5%, and BKR stock off about 3% on the session

** This as AI infrastructure firms, including chipmakers, extend their recent slump on Thurs as prospects of rising rates heighten jitters over financing the industry's massive buildout

** Venture Global expects to place its first power equipment purchase order by the end of the year

** Tech firms and utilities are exploring ways to make power-hungry data centers more flexible in electricity consumption, helping ease the strain on US power grids as AI-driven demand surges

** Even with the decline, VG stock up about 79% YTD

** Of 18 analysts covering VG, 11 rate the stock "strong buy" or "buy", 7 rate "hold"; median PT $16