GE Vernova (GEV)

Grid equipment + power generation (GE Vernova) — transformers, turbines, grid for the AI buildout

AI exposure 19% — derived from reported segment revenue, not asserted.

Where it sits

Physical Infrastructure → Power & Electrical Equipment · figures rebased to Q2 2026, reported 2026-07-22

No business is a majority here. Gas/nuclear/steam power generation equipment + services is 49% of revenue, ahead of Grid Infrastructure Equipment at 26% — placement rule 2 puts the primary with the largest business, so Power & Electrical Equipment. The rest is tagged separately: Grid Infrastructure Equipment at 26%; Renewable Energy at 25%.

Also tagged: secondary in Physical Infrastructure → Grid Infrastructure Equipment; secondary in Energy Supply & Critical Minerals → Renewable Energy.

Reported segments

• Power (gas/nuclear/hydro turbines + services) — 49% of revenue
• Electrification (grid equipment) — 26% of revenue
• Wind — 25% of revenue

Clean 3-segment disclosure. Primary B2 Power (49%, gas turbines for data-center power). Electrification (26%, grid — fastest-growing, data-center-driven). Wind (25%, renewable). All Tier A — fully disclosed.

How the 19% is built

• Power (gas/nuclear/hydro turbines + services) — 49% of revenue × 20% AI-driven (disclosed). Strazik on the Q2 2026 call: roughly 80% of the gas capacity under contract (116 GW at Q2, up from 100 GW) is traditional utility, IPP and industrial customers, with the remaining ~20% explicitly tied to data-center load. Cut from a 30% estimate. Applied as a forward proxy — current Power revenue is still…
• Electrification (grid equipment) — 26% of revenue × 37% AI-driven (disclosed). Data-center orders exceeded $5B YTD 2026 (more than double the full 2025 total), concentrated in Electrification, against H1 Electrification orders of ~$13.4B (Q1 $7.1B + Q2 $6.3B) = ~37%; the Q1 disclosure alone put data-center Electrification orders at $2.4B of $7.1B (34%). Cut from a 40% estimate
• Wind — 25% of revenue × 0% AI-driven (estimate). No AI linkage; the segment lost $275M of EBITDA in Q2 2026

Investment read

Moat. The durable asset is the installed gas fleet and its captive aftermarket, plus scale in grid equipment — not the order book. 116 GW of turbines under contract rising toward 125 GW by year-end, with more than half of 2031 production capacity already sold, gives visibility; but Siemens Energy and Mitsubishi Power contest the same demand and Hitachi Energy leads transformers and HVDC.

Bottleneck / pricing power. Real pricing power while lead times are stretched — customers pre-funded $6.4B of down-payments behind $5.11B of Q2 free cash flow — but it is capacity-driven rather than structural. Margin, not demand, is the binding constraint: Q2 2026 EBIT of $653M missed consensus by 33% on gas production-ramp costs and wind losses.

Role in the AI stack. The grid + power-generation equipment layer — transformers + turbines.

Connected companies

• Constellation Energy (CEG) — GEV supplies: nuclear steam-turbine island equipment & services
• Quanta Services (PWR) — GEV is supplied by: grid construction / installation
• MP Materials (MP) — GEV is supplied by: rare-earth magnets (turbines)
• Freeport-McMoRan (FCX) — GEV is supplied by: copper for turbines + grid equipment
• Analog Devices (ADI) — GEV is supplied by: precision signal-chain + control ICs for grid/turbine systems
• Siemens Energy (ENR) — GEV competes with: Gas turbines + power generation equipment — the two Western turbine majors
• Schneider Electric (SU) — GEV competes with: Partial grid-automation overlap; GE Vernova transmission/HV-weighted vs Schneider distribution/automation
• Hitachi (HTHIY) — GEV competes with: grid equipment/HVDC/transformers — Hitachi Energy vs GE Vernova
• Siemens (SIEGY) — GEV competes with: power/grid overlap — GE Vernova vs Siemens; core generation & transmission rivalry is with spun-off Siemens Energy
• Microsoft (MSFT) — GEV supplies: gas turbines (7HA) + grid equipment for Microsoft data-center power (Project Kilby with Chevron; Joulent venture)
• Alphabet (GOOGL) — GEV supplies: gas turbines/power equipment for Google AI data-center buildout (per CNBC, Google among hyperscalers ordering HA-class turbines)
• Meta Platforms (META) — GEV supplies: turbines/grid gear in short supply; likely vendor for Entergy plants powering Meta's Hyperion campus, but pair not publicly named
• Amazon (AMZN) — GEV supplies: power generation/grid for AMZN AI data centers
• Oracle (ORCL) — GEV supplies: on-site gas turbines and grid equipment powering ORCL/Stargate AI campuses

Others in Power & Electrical Equipment

• Eaton Corporation (ETN)
• Powell Industries (POWL)
• Cummins (CMI)
• Caterpillar (CAT)
• Siemens Energy (ENR)
• Schneider Electric (SU)
• Bel Fuse (BELFB)
• Siemens (SIEGY)
• Bloom Energy (BE)

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