$FIX Falls 12% Despite Strong Q3 Earnings as Revenue Jumps 54% and Backlog Hits $17.81 Billion

Comfort Systems ($FIX) is down 12% despite strong Q3 earnings, with revenue up 54% year over year and backlog reaching $17.81 billion.
The author says the selloff appears to reflect growing concerns about AI infrastructure spending, as investors question whether massive data center investments can generate sufficient returns to justify current valuations.
According to the author, the AI trade is unwinding despite strong earnings, suggesting investors are increasingly focused on valuations, financing risks and the sustainability of future demand.