In short: SMR vendor he pressed for numbers "until they got tired of me": maybe 10 BWRX-300 units (3 GW) running by 2035 and "likely quadruple that number by 2040," with OPG's Darlington as the cost-structure proof point. Evidence for his "market is severely underestimating" SMR demand call, not a view on the stock.
26:29So I asked again until they got tired of me. For GE Vernova they said, okay, maybe we get 10 units running, which is 3 gigawatt, by 2035. But they also said that they could likely quadruple that number by 2040. And if they quadruple that number, that probably means the economics are good, that probably means there is a lot of demand, and that very likely means that beyond that there are a lot of new SMRs that will be built.
In short: Passing mention: "GE Vernova Hitachi" named as one of the "seasoned operators" among dozens of competitors in reactor development — the incumbent competition that makes Holtec's SMR push its "riskiest gambit."
In short: Paired with Siemens Energy: "70–80 times earnings" on a forward order book "sold out for the next five years." It illustrates the scarcity premium on bottleneck equipment and is not called a buy.
5:59So, where are the real sort of golden screws that you might have to wait four five years for. You see companies like Siemens, GE Vernova trading at 70 80 times earnings today because their forward order book is sold out for the next five years. — This is one of the things I don't understand though. Why are the Chinese able to build nuclear reactors so fast and yet we in the West take forever? — Yeah, just to put some numbers behind it.
In short: Spoke to GE Vernova about the BWRX-300. Darlington (construction began May 2025, completion 2029, in service by end-2030) is the "first major catalyst," and US utilities are waiting for it before committing. If all goes well: ~10 units / 3 GW online by 2035 and maybe 4x that by 2040.
GE Vernova sells the BWRX-300, a small modular reactor (a smaller, factory-style nuclear plant). The first one is being built at Darlington in Ontario and should run by about the end of 2030. Utilities want to see what it really costs before ordering their own.
If it goes well, GE Vernova thinks about 10 units could be running by 2035 and four times that by 2040. Mart thinks hopes for many small reactors in the early 2030s will be disappointed, but the extra uranium they will eventually need is not yet priced in.
39:22— Speaking to Genova, they noted that they could perhaps have, if everything goes well, 10 units online, which would amount to 3 GW by 2035 and potentially quadruple that by 2040 and then the snowball just keeps rolling if everything goes well. Rolls-Royce the same thing. The public position is first power in the mid 2030s and a final investment decision in 2029.
In short: Held in Terranova's JOET until the next rebalance — "a much more perilous position." Santoli: "AI levered industrials are getting smoked because that's the area where it really matters what's going to happen in 3, 4, 5 years… they're sold out for next year." Terranova: "Not particularly happy about it… the momentum factor has broken down late in the second quarter… GE Vernova, Vertiv, Quanta, Eaton… we're sitting there and we will remain there till the next rebalance. But they are in a much more perilous position… if you tell me we're slowing the rate of spending and… yields are going to remain high, that's a disincentive to see more supply in the debt market… that is absolutely going to affect these industrial names." Santoli: "they're living off of the forward order books for which nobody has the money to pay for."
GE Vernova makes gas turbines and grid equipment — the power side of the AI data-centre build. Stocks like this (with Vertiv, Quanta and Eaton) soared because their order books are full for years. The problem is that those orders assume the AI companies keep borrowing and spending.
Terranova still holds them because his fund's rules only let him change positions at scheduled rebalances, but he calls them "more perilous": if AI labs slow down and interest rates stay high, companies will issue less debt to fund data centres, and these orders are exactly what gets delayed. Santoli puts it bluntly — they live off orders "for which nobody has the money to pay" yet.
In short: Spoke with GE-Vernova's SMR people: lots of interest in Darlington, which "will likely be a major de-risking moment" — one US utility: "We are a proud follower on SMR, but we won't consider an FID until Darlington is put into operation." Their guess: ~10 units / 3 GW online by 2035, perhaps quadruple by 2040. Fuel standardization is one of the biggest risks to SMR cost competitiveness.
Full passage: premium transcript (PDF).
In short: Weiss's example of the volatility you accept outside the Mag 7 — and it is a softer read than his outright-negative take two sessions ago. "You take a look at others like Cat… still it's well off its highs. GE Vernova, well off its highs, making a comeback, but they really are much more volatile than these names, than Mag 7." Wapner supplies the reason and asks for the chart he cannot get: "those are the kinds of names squarely in the center of the data center debate… I wish you could put a chart, data center backlash versus AI power names like a Vernova… you'd see one going like this and the other one going like this." The net: still owned inside the theme, still discounted by politics, no longer described as breaking down.
GE Vernova makes turbines and grid equipment — the hardware that powers data centres. Weiss's read has softened from two sessions earlier: it is "well off its highs, making a comeback," but "much more volatile" than the mega-cap technology names.
That volatility is the point of the mention. Demand for the equipment is not in doubt; what moves the price is politics. Local objections to data centres, and the electricity bills residents blame them for, create headline risk that arrives without warning and has nothing to do with the order book. Wapner's request for a chart of "data center backlash versus AI power names" is only half a joke — the two lines have been mirror images.
So the same investor can hold both this and the Mag 7 and treat them differently: one is exposed to earnings, the other to permitting and politics.
In short: Weiss's exhibit that the data-center backlash has already moved from politics into prices: "we see it in some of the stocks. I think it's one of the reasons why GE Vernova is down… it's really hitting those stocks that power the data centers or sell into the data centers. It's absolutely clear, and it is up to the industry to do a better job presenting it, because right now all neighborhoods know is I don't want that near me… and that is driving my electricity prices through the roof." That is a harder read than the prior session's, where Terranova framed the same pressure as 60 days of headlines around positions he intends to hold. Liz Thomas supplies the tail risk behind it: government oversteps, "it starts to affect earnings… a risk that is not priced in right now."
GE Vernova makes the turbines and grid equipment that power data centres. Weiss uses it as the tape's evidence that the political backlash against data centres has stopped being a story and started being a price: the stock is down, and the pressure is concentrated in "those stocks that power the data centers or sell into the data centers."
What makes it hard is the mechanism, which he states plainly: local residents object to a data centre near them, and they blame it for rising electricity bills. That is a grievance politicians can act on, at the state and county level, without any federal legislation — which is why Liz Thomas calls the regulatory risk unpriced. The demand for the equipment is not in question; the question is whether the projects get permitted.
Read against the prior session, this is a harder line. Terranova framed the same pressure as roughly sixty days of noisy headlines around positions he intends to keep. Weiss is describing something that could last into 2028.
In short: Terranova holds it and sets an explicit 60-day expectation against his own position — the clearest example on the show of separating a view from a timeframe. "If I could set an expectation for the next 60 days, and I think it speaks squarely to the positions that I have, the Vertiv, the GE Vernova — I do think the headlines will be very intense. I do think that as a result of that, sentiment will remain slightly bearish in the near term surrounding the industrial trade. You could take the other side of it." His resolution date is political, not fundamental: "will it go away? Yes, it'll probably go away at midnight on November 4th," because campaign season ends and the question becomes whether actual legislation ever reaches the president's desk. Wapner and Morgan Stanley both push back — the latter calling the midterms "an important signal, not necessarily the inflection point," with material federal policy risk "more likely after the 2028 elections."
GE Vernova makes the gas turbines and grid equipment that power data centres, and Terranova owns it. What he does here is separate his view of the business from his expectation for the price over the next two months — a distinction most commentary blurs.
His forecast is that the headlines about local opposition to data centres will be intense right through to the midterm elections, that this will keep sentiment around industrial AI names slightly bearish, and that it ends "at midnight on November 4th" when campaigning stops and the question becomes whether any law actually passes. Wapner and Morgan Stanley both think that is too tidy — public opinion does not switch off on election night, and Morgan Stanley expects the real federal policy risk after 2028.
Link supplies the reason to sit through it: hyperscaler capital spending is heading from $1.1 trillion this year to $1.6 trillion and then $2 trillion, and the order backlogs at companies like this one give unusual visibility into revenue years ahead. Her argument is that visible future earnings are exactly what you should be willing to pay for now.
In short: The stock the Harrington-vs-Wapner argument is fought over. Wapner: "GE Vernova over the last month is down 10%" — evidence that the data-center political backlash, not valuation, is doing the damage. Harrington: "it's still up 36% in a year where the market's up 13. So it's up nearly three times the market — down 10% is just a rounding error. Things just pause." She also flags it as newly hard to value: "you have these huge queues for the gas turbines. What if they slow a little? What if they don't? It's just making it hard — and that difficulty is the reason we're pausing."
GE Vernova makes the gas turbines and grid equipment that power data centres, and it is down about 10% over the month. That drop is the centre of the show's argument: Wapner says a stock like this falling after Nvidia's blowout guidance can only be explained by the political fight over data centres, not by fundamentals.
Harrington answers with arithmetic — the shares are still up 36% in a year when the market is up 13, so a 10% pullback is "a rounding error." But she adds a genuine complication: the order queue for gas turbines is now so long that nobody can tell whether it holds. "What if they slow a little? What if they don't?" When a company's future depends on a backlog you cannot verify, the stock drifts sideways while the market waits for evidence.
In short: Brown's power-and-electrical leg of the same argument: "now think about GE Vernova is a $270 billion market cap. Eaton 165, Vertiv 100 billion. You cannot tell me that the AI Fed… those remarks are not going to affect vast swaths of the S&P 500." The point is that the guidance transmits well beyond semiconductors, into the electrification names that supply the buildout. Context, no individual call.
In short: Power-equipment leg of the physical-buildout cluster among Q2 top buys — turbines, grid gear and the electrification hardware the buildout is bottlenecked on.
In short: Named twice as a reference point, not a view: one of the mainstream bring-your-own-power names, and the maker of the 200–300 MW turbines a microturbine is "essentially just a large turbine shrunken down" from. Its 18–24 month lead times are the gap Capstone's 1–3 month delivery fills.
14:23So you could think about these massive turbines that GE Vernova makes that are on the scale of 200 to 300 megawatts. Why someone would pick Capstone or a Bloom Energy is time to market. So there's massive lead times with these larger turbines stretching on the order of 18 to 24 months. And it's crucial, if you don't have energy, you don't have anything.
In short: Third of the "power gen/components/buildout" names ("Vernova") he flags as having started to break down — the visible evidence that the AI-datacenter demand pillar under copper is wobbling. Cited as a risk, not a short call.
GE Vernova is the power business spun out of General Electric — gas turbines, grid equipment, wind — and has been a market favourite on the argument that all those AI data centres need enormous amounts of new generating capacity.
Paulo lists it third among the buildout names whose charts have started to break down. The point is diagnostic rather than a call on the company: when the equities that are supposed to profit most directly from the AI power boom stop going up, the market is expressing doubt about the boom itself — and copper has been trading partly on that same expectation. He treats it as the strongest argument against his own trade, and answers it not by disputing demand but by arguing the physical metal is stuck in the wrong place.
In short: Q2 revenue +22% Y/Y to $11.1B ($330M beat), but EPS $2.47 missed by $0.71 and adj EBITDA $1.25B came in under the $1.28B consensus. Margin band left untouched at 12%–14% while announcing gas-turbine capacity going to 30 GW/yr by 2030 (from ~20 GW) — capacity that arrives years from now. Demand supports the bet today: orders $24.2B (+88% organic, book-to-bill >2x), backlog $176B (+$13B sequentially, nearly half slated for 2029 or later). Power +14% to $5.5B; gas GW under contract 100 → 116 in one quarter, CEO Scott Strazik expects at least 125 GW by year-end. Wind's EBITDA loss widened to $275M (from $165M) on revenue −10%, with ~$400M of full-year losses guided and no called inflection in US orders. Electrification +68% to $3.6B on $2.7B of data-center orders. FY26 FCF guide nearly doubled to $11.5–12.5B (from $6.5–7.5B) — but ~$10B was already booked in 1H, leaving $1.5–2.5B for the whole second half, and Q2 leaned on a $6.4B working-capital benefit from customers prepaying production slots that won't repeat. FY26 revenue guide raised to $45.5–46.5B (vs ~$45.4B consensus), the second raise this year. (Recap, not a stance call.)
GE Vernova builds the equipment that generates and moves electricity — gas turbines, wind turbines, grid gear. Demand is extraordinary right now because data centres need power: orders came in at $24.2 billion, more than twice what the company delivered in the quarter (a "book-to-bill above 2x" simply means orders arrived twice as fast as work was completed), and the order backlog hit $176 billion, nearly half of it for 2029 or later. So management is committing to expand gas-turbine output by half — to 30 gigawatts a year by 2030.
Two cautions. Wind is still losing money (a widening $275 million quarterly loss, with no turnaround called). And the headline that cash flow guidance nearly doubled needs a footnote: about $10 billion of the promised $11.5–12.5 billion has already been collected in the first half, much of it because customers prepaid to reserve production slots. That's a one-time boost to the bank balance, not a repeatable stream — which leaves only $1.5–2.5 billion expected across the entire second half. A recap, not a call.
In short: "One of the best AI-related power stories." EPS 247 (+33%) missed and the raise was below whisper numbers, so the stock fell — but "this is a very long-tail business. The most important metric is orders, and that was up 88%" ($24.2B; backlog $176B, revenue $11.1B +22%). "I still own the stock, and even at these nosebleed elevations, I remain confident in this investment."
GE Vernova makes the large gas turbines power companies use to generate electricity, plus the electrical gear utilities need to move that power around. Only three companies on earth build turbines this big — GE Vernova, Mitsubishi and Siemens — which is why the AI data-center build-out has to come through them. Spun out of GE in April 2024 at $143, the stock is now above $1,000.
This quarter the headline earnings number missed, and the raised guidance wasn't as high as the most optimistic private forecasts, so the stock fell. Eisman thinks that's the wrong thing to look at: turbines are sold years ahead of delivery, so orders — what customers have newly committed to buy — are the real gauge. Orders were up 88% to $24.2 billion and the order book (backlog) is $176 billion. He owns it and, "even at these nosebleed elevations," remains confident.
8:33This quarter, EPS was 247, 33% growth, but a miss versus expectations. Revenue of 11.1 billion was 22% higher than last year. More importantly, orders of 24.2 billion were up 88% versus last year, and that lifted the backlog to 176 billion. The company raised revenue and EPS guidance, but the raise was below some of the whisper numbers out there.
In short: Maker of the "large-scale, most-efficient" combined-cycle gas turbines; every GE Vernova press release "means more gas, not less." Grouped in the gas-turbine boom-bust caution — orders could "slow very meaningfully" beyond 2029-30 as it may stop making sense to build large-scale gas gen.
GE Vernova makes the large, efficient gas turbines ("combined-cycle" plants) that are the workhorses of gas power. Smith's point is double-edged: every new order it announces literally "means more gas" demand — reinforcing his shortage thesis — so its press releases are a signal, not a stock tip.
He also folds it into a caution: gas-turbine makers have been the market's biggest winners and are ramping capacity again, echoing the early-2000s boom that later busted. If it stops making sense to build large-scale gas plants past 2029-30 (because gas is too expensive), those orders could "slow very meaningfully." Hence a neutral, watch-it stance rather than an outright short.
34:47Bring your own generator or generation BYOG is a thing today. That's what the hyperscalers are being asked to do to site their data center in a certain lat-long. Well, that means more gas not less. And so every time you read a press release from Bloom or from GE Vernova, — think more gas. — Just think more gas.
In short: Two panelists: Giroux names it among the long-cycle AI-capex names hurt as spending mix shifts short-cycle and "peak-ish" 2029–30 EPS multiples compress. Jain: "GE Vernova is trading for 50 times earnings. That isn't sustainable" — his exhibit for why a cyclicals-led S&P deserves a lower multiple.
In short: One of his favorite stocks, owned a long time — the power story that ties into semis. "If you showed me this chart without the ticker, I'd say it's going to be a buy pretty soon": great trend, got very overbought, now consolidating on profit-taking. Still looks good — buyable; question is the next catalyst (capex, earnings).
GE Vernova is the power-generation company spun out of GE — turbines, grid equipment, the hardware that makes and moves electricity. Sohn has owned it a long time and ties it directly to the AI/semis boom: all those chips need enormous amounts of power, so "the power story" rides the same wave.
On the chart alone — if you hid the ticker — he'd call it a near-term buy: a strong uptrend that got overextended and is now cooling off as people take profits. It "still looks good"; the open question is the next catalyst (capital-spending plans, earnings). Of all the big names he reviews, Google is the only mega-cap he likens to it.
5:25GEV (GE Vernova) — one of my favorite stocks, owned a very long time. The power story, ties in with semiconductors. If you showed me this chart without the ticker, I'd say it's going to be a buy pretty soon — great trend, got very overbought, now consolidating, re-earning some profit-taking. The chart still looks good for now; buyable. The question is the next catalyst — capex, earnings.
In short: Harrington: a long-runway buildout name from the JPM energy conference — paired with Caterpillar to supply turbines bringing power to data centers; "the queues are long, it's hard to get the turbines." A second-derivative AI winner.
In short: "One of the better AI power stories." Chevron signed a 20-year power purchase agreement with Microsoft to build a West Texas facility powering a Microsoft data center — a majority of the generation from GEV's turbines and electrical infrastructure, "another example of GEV's bundled offering of turbines and electrification equipment." Led the Thursday rally that was confined to chips and power.
GE Vernova builds the equipment that generates and moves electricity — gas turbines plus the electrical gear around them. AI data centers need enormous, reliable power, and that's exactly what GEV sells. The catalyst this week: Chevron signed a 20-year deal to supply power to a new Microsoft data center in West Texas, and most of that power will run on GEV's turbines and electrical systems.
Eisman likes that GEV sells a bundle (turbines plus electrification) and calls it "one of the better AI power stories." It's the same "own the supplier" logic as Micron — sell the picks and shovels to the AI build-out rather than owning the capital-hungry data-center operators themselves.
5:15on Monday. Chevron announced that it has signed a 20-year power purchase agreement with Microsoft to develop a power facility in West Texas that will supply electricity to a Microsoft data center. A majority of the facility's power generation will come from GEV's turbines and electrical infrastructure. This deal is another example of GEV's bundled offering of turbines and electrification equipment.
In short: Link power/grid buildout name — data centers need power and an upgraded grid the market "simply doesn't have enough" of; record backlogs.
In short: Named as the supplier of most of the gas turbines for the Chevron–Microsoft plants — a direct equipment beneficiary of the AI-power build-out.
GE Vernova makes the gas turbines — the big engines that actually convert natural gas into electricity. It's slated to build most of the turbines for the Chevron–Microsoft plants (a Caterpillar unit supplies the rest). The article doesn't make a call on the stock, but the read-through is straightforward: every one of these off-grid, gas-fired data-center projects is a turbine order, and GE Vernova is a prime beneficiary of that build-out.
In short: Eisman's example of "long whatever AI needs" — one of only three companies that make gas turbines, the stock "has gone insane." A turbine-pinch-point proxy for the gas→power story (cited, not formally rated).
GE Vernova makes the gas turbines that power plants use to turn natural gas into electricity. It's one of only three companies in the world that build them, so as AI data centers drive a surge in power demand, it sits at a genuine bottleneck — which is why the stock, in the host's words, "has gone insane."
It comes up as the headline example of "long whatever AI needs" — owning the picks-and-shovels of the power buildout. He cites it to illustrate the theme rather than formally rating it.
31:36— So I come to you. All of a sudden my ears perk up because GEV, GE Vernova is a stock that's gone insane because there's only three companies in the world that make gas turbines and you're telling me as part of that story there's a gas story.
In short: Referenced — "last week we focused on GEV and its gas turbine story," the prior week's AI-related industrial before pivoting to Quanta and Caterpillar this week.
25:02Last week we focused on GEV and its gas turbine story. This week, let's look at Quanta and Caterpillar. First, Quanta. Full disclosure, I've owned the stock for years as well. It's the company that utilities use for construction and maintenance. It reported another great quarter. Earnings per share was 268 versus $1.78 last year and versus the estimate of only 208. So, quite a big beat. And revenue of 7.87 billion was up 26% versus last year and better than the estimate of 7 billion. Powerful numbers because Quanta is a big beneficiary of the AI data construction boom, which requires more electricity from utilities. Caterpillar. Now, you might not think that Caterpillar is an AI related story, but it is.
In short: Same power-infrastructure wishlist — rich now; wait for the NIMBY/power delays to create the buy.
GE Vernova builds power-generation and grid equipment. Same as Eaton: a business he wants to own for the electrification theme, but too expensive now. He'd wait for the inevitable project delays (permitting fights, power shortages) to create a cheaper entry.
19:37You're bullish on infrastructure like Eaton and GE Vernova. If the consumption spike hasn't shown up yet, are these early? Well, there are three risks — NIMBY, getting the infrastructure into the location, and power. So I think you get a really good opportunity to buy the GE Vernova situations. A lot of these are really rich right now. But once this happens, a lot of the hot-money plays like the Vistras, the Constellations are going to get really hammered, and you want to create that wish list for '26.
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