卡住“AI供电脖子”！“燃气轮机巨头”GE Vernova股价创新高，自2024年初来已涨超500%

Core Insights - The demand for gas turbines is surging due to increased electricity needs driven by AI data centers, leading to a competitive "booking war" for manufacturing slots [1][6] - GE Vernova's stock has seen a remarkable increase of over 500% since its spin-off from GE Aerospace in early 2024, reaching a new high recently [1][4] Group 1: Market Dynamics - Maxim Power has signed a sales reservation agreement with GE Vernova to secure a manufacturing slot for a 7HA.02 gas turbine, requiring a non-refundable deposit by 2026 [3] - The current market conditions reflect a strong supplier position, with GE Vernova's CEO projecting a backlog of orders reaching 100 gigawatts (GW) by the end of the year, indicating that production capacity for 2029 and 2030 is nearly sold out [4][6] Group 2: Capacity Constraints - GE Vernova's backlog of gas power orders has reached 83 GW, while the company's annual production capacity is only 20 GW, indicating that existing orders will fill production lines for over four years [5] - Recent strategic alliances, such as the one with Xcel for five F-class gas turbines, suggest that new orders continue to flow in, further straining capacity [5] Group 3: Demand Drivers - The rapid growth in electricity demand is primarily attributed to energy-intensive AI data centers, which require stable and large-scale power supplies, making gas turbines essential for supporting AI infrastructure [6] - Gas power generation offers continuous power supply compared to the intermittent nature of renewable energy, which is crucial for data center operations [6] Group 4: Financial Outlook - The supply-demand imbalance is translating into pricing power for GE Vernova, with Wall Street analysts doubling their EBITDA expectations for 2030 to approximately $17 billion, up from around $9 billion a year ago [7] - GE Vernova's stock performance reflects market confidence, with a 102% increase over the past 12 months, while the S&P 500 and Dow Jones indices showed minimal movement [7]