AI, Tesla, energy stock plays and outlook

GE Vernova Outlook - GE Vernova is considered a core holding in large-cap growth portfolios due to the reanchoring around physical infrastructure in the US [5] - The company was last year's top pick with an 88% return, and is chosen again due to underappreciated opportunities in new orders and service contracts [5] - Trends of electrification and power are seen as drivers for GE Vernova [12] Natural Gas Turbine Market - Natural gas is viewed as the primary solution for firm base load power generation in the near and medium term [4] - GE turbines generate 50% of all electrons globally, excluding China [7] - The company has already surpassed all of last year's orders for natural gas turbines this quarter alone [7] - Turbine capacity has quietly doubled from 50 to 100 [9] - Pricing has tripled over the past 3 years, from $800 per kilowatt to $2,400-$2,500 [9] Service and Recurring Revenue - Each new turbine comes with a service agreement, creating a recurring revenue model [10] - The first outage requiring service isn't for 8 to 10 years, building a long-term revenue stream [10] - An acquisition of Prolle, not currently in models, will be integrated in 2026 [11] Tesla's Evolving Focus - Tesla is increasingly viewed for its autonomy and energy businesses [14] - The automotive business is valued at only $30-$40 per share [15] - Energy has grown to be equal to or slightly more valuable than the auto business [15] - Autonomy makes up over 70% of Tesla's value today [15]