Cuánto llevan perdido los inversores del Ibex con las 'ampliaciones de la IA'

Invesors in the Ibex have been losing out for months due to the expansions of the artificial intelligence (AI) sector. Three major companies - ACS, Merlin Properties and Solaria - raised capital in the first half of 2026, using funds to finance growth plans for AI infrastructure. The three companies raised a combined total of around 3,000 million euros, with ACS at 125 euros, Merlin at 13.64 euros, and Solaria at 24 euros.

Currently, their shares are trading at 91.45 euros, 12.4 euros, and 16.48 euros respectively, resulting in a loss of about 500 million euros for investors who participated in the expansions.

The decline in these values is not due to insiders selling their shares at a high price, but started before summer as a result of worries about a popular and political backlash against data centers in countries like the United States and Spain, where there is a controversial decree draft. Additionally, higher financing costs have contributed to the decline. UBS estimates that only 20% of the orders for data center construction by ACS will be completed.

This experience may make future expansions related to AI and stock offerings more difficult, as seen with Ignis, which aims to grow in energy supply and data center promotion. However, recent bad news and correction may lead to a turnaround. According to UBS, relocation and calendar adjustments are more likely outcomes for data center projects that are canceled.