Computacenter (LSE:CCC) and Games Workshop (LSE:GAW) have been two of the FTSE 100‘s standout success stories in recent years. Yet both shares have fallen sharply from their 52-week highs.

Computacenter led the Footsie fallers on 15 October, dropping 5.6%. By the end of that week, the shares were down around 8%. Games Workshop was also among the index’s biggest fallers earlier in October and lost roughly 17% during the third quarter.

When two shares that have done so well start falling, I don’t automatically assume it’s a buying opportunity. I want to know whether the market is being irrational, or simply catching up with reality.

Computacenter: an AI winner being repriced

Computacenter has become one of the clearest UK-listed beneficiaries of spending on AI and hyperscale data centres. In September, it reported revenue up 71.6% to £6.8bn, while adjusted profit before tax increased 87% to £152.4m.

That’s serious growth.

The company also ended June with a record £9.3bn committed product order backlog, up 323.2% year on year. Management raised full-year guidance and now expects adjusted profit before tax to be no less than £380m.

So why are investors selling? They seem to be reassessing just how durable this latest tech boom really is.

Ultimately, the company’s growth depends heavily on large IT customers and outsized equipment orders. If AI infrastructure spending slows, those orders could become harder to replace.

To me, it looks like the market is simply thinking twice about the optimism around AI.

Games Workshop: a great business, expensive expectations

Games Workshop has been a remarkable long-term compounder. In the year to 31 May 2026, core revenue rose 10.9% to £626.8m, while group revenue reached £659.7m. Profit before tax rose to £275.7m from £262.8m.

Its core brand, Warhammer, remains a powerful, highly profitable intellectual-property business. But licensing revenue fell to £32.9m from £52.5m. That was expected after the prior-year boost from a major themed release Space Marine 2.

Tariffs are another concern. Games Workshop paid around £12m of new US tariffs in FY26 and expects to pay around £13m in 2026/27. Investors are also watching cost inflation and spending on a new factory and warehouse.

Valuation matters too. At the start of October, the shares traded on a forward price-to-earnings (P/E) multiple of about 29 times. Not exactly cheap for a business facing a licensing hangover and rising costs.

Still, I don’t think this is a collapse in the core business. Rather, the market is simply recalibrating after a period of escalated profits where a premium valuation did much of the heavy lifting.

What should investors take away?

From my perspective, both companies still look fundamentally strong and worth considering. Computacenter has an enormous order book and upgraded guidance, while Games Workshop has a loyal customer base, pricing power and highly profitable core operations.

But high expectations can hurt even good businesses. A falling share price doesn’t always mean a failing company — sometimes it means the market is removing optimism that wasn’t fully supported by near-term earnings.

So while the long-term cases for both businesses remain intact, the real question for investors is whether the price matches growth potential.

Should you invest £5,000 in Games Workshop Group Plc right now?

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Mark Hartley does not hold any positions in the companies mentioned.