GE Vernova up 8x from 2024 low on AI power demand

GE Vernova shares have surged more than eightfold from their $122.46 April 2024 low, driven by power demand from AI data centers and cloud infrastructure.

The company's Q1 2026 earnings showed earnings per share of $17.44 versus a $1.67 consensus estimate, a 944 percent beat, with revenue of $9.3 billion up 7 percent year over year, according to the company's earnings release.

GE Vernova operates three core businesses: Power, which accounted for 55 percent of 2025 orders; Electrification at 33 percent; and Wind at 13 percent. Orders rose 7 percent organically in 2024, then accelerated to 34 percent growth in 2025. From 2025 to 2028, analysts expect revenue and adjusted EBITDA to grow at compound annual rates of 17 percent and 60 percent, respectively.

The stock trades at 40 times this year's adjusted EBITDA with an enterprise value of $252 billion. A $5,000 investment at the April 2024 low of $122.46 would be worth more than $40,400 today, an eightfold return that reflects the market's appetite for companies supplying power to AI infrastructure.

Power and Electrification Lead the Charge

The Power and Electrification segments have grown rapidly since the company's April 2024 spin-off from General Electric to meet demand from power-hungry cloud, data center, and AI markets. That growth has offset softness in the Wind segment, which has grappled with supply chain issues.

GE Vernova's stock has traded in a 52-week range between $530.16 and $1,195.94, according to Investing.com data. The stock has traded around $900 to $990 in recent sessions, well above its debut price of $143 per share on April 2, 2024.

The company raised its annual revenue forecast on data center demand, according to its Q1 2026 earnings release. Orders surged 71 percent in the first quarter, according to the same release. The company's gas turbines and grid equipment are in high demand as utilities and hyperscalers race to add capacity.

Valuation and Outlook

With an enterprise value of $252 billion, GE Vernova is not cheap at 40 times this year's adjusted EBITDA. But the company's strong growth rates could support that premium valuation, according to the source material.

The stock's performance reflects a broader theme: companies supplying power to AI data centers are commanding premium valuations as hyperscalers including Microsoft, Amazon, and Alphabet race to secure electricity for their expanding AI infrastructure. GE Vernova's order book growth suggests this demand is translating into tangible revenue.

The company's growth trajectory is closely tied to the pace of AI infrastructure buildout. Nvidia's GPU shipments and data center capital expenditure from cloud providers will be key indicators for GE Vernova's order pipeline. If AI infrastructure spending continues at current levels, GE Vernova's Power and Electrification segments are positioned to capture a significant share of the demand.

Investors will watch whether GE Vernova can sustain its order momentum as AI infrastructure spending continues to expand. The company's next earnings report will provide the clearest signal on whether the growth trajectory remains intact.

This article is for informational purposes only and does not constitute investment advice.