700 Billion Disappeared in a Day… What Happened to Data Center Beneficiaries?

AAON Inc. (NASDAQ: AAON) closed at $109.72 on July 2, down 5.76% for the day, as roughly 1.06 million shares changed hands. The company’s market capitalization stands at about $9 billion (approximately KRW 13 trillion), and Wednesday’s drop alone erased around $490 million (about KRW 700 billion) in value.

Recent filings show that institutional investor Conestoga Capital Advisors reduced its AAON stake by roughly 28.5% during the first quarter, a factor cited as creating short-term selling pressure. However, in its Q1 2026 results released on May 7, AAON reported revenue up 54% year-over-year—well above expectations—driven by strong data-center cooling demand. That performance propelled the stock up more than 40% at one point, and analysts such as Oppenheimer have since raised their price target to $145, keeping AAON’s growth story firmly in the spotlight.

Headquartered in Tulsa, Oklahoma, AAON is a specialist in commercial and industrial HVAC systems. Since its founding in 1988, the company has expanded its position in North America’s commercial HVAC market with high-efficiency, custom-engineered solutions. More recently, through its acquisition of the BASX brand, AAON has strengthened its data-center thermal management offerings, positioning itself as a key beneficiary of next-generation infrastructure growth alongside its traditional HVAC business.