一度暴跌近9%！AI供电板块遭重创！“燃气轮机龙头”GE Vernova CEO电话会称“担心电力需求降温”

Core Viewpoint - The cautious remarks from GE Vernova's CEO regarding production capacity expansion amidst high demand for AI power infrastructure have triggered significant market reactions, indicating investor sensitivity to any signs of potential growth slowdown [3][6][7]. Financial Performance - GE Vernova reported third-quarter earnings that exceeded market expectations, driven by a 55% year-over-year increase in power equipment orders [9]. - Power business orders grew by 50% to $7.8 billion, while electrification business orders surged by 102% to $5.1 billion [9]. - Despite strong performance, the company maintained its 2025 earnings guidance without raising expectations, disappointing some investors [11]. Market Reaction - Following the CEO's cautious comments, GE Vernova's stock price fell by over 1.5%, with a peak intraday drop of 9%, marking the largest single-day decline in six months [3][6]. - The sell-off extended to the broader AI power sector, affecting peers like Vertiv Holdings Co. and Eaton Corp., which saw stock declines of 6.9% and 5.3%, respectively [3]. Investor Sentiment - Analysts noted that investors are highly sensitive to any comments suggesting a slowdown in growth, especially after a 70% increase in stock price this year [7][8]. - The market's reaction underscores the importance of expectation management in determining stock price movements within the sector [5][6]. Industry Context - The CEO's cautious stance reflects a historical awareness of the cyclical nature of the heavy gas turbine industry, particularly lessons learned from the internet bubble burst two decades ago [14][15]. - Major industry players, including GE Vernova, Siemens Energy, and Mitsubishi Heavy Industries, are adopting a cautious expansion strategy to avoid repeating past mistakes related to overcapacity [14][15]. Demand Dynamics - Despite market concerns, demand from tech giants remains robust, with GE Vernova becoming a key supplier for major hyperscalers like OpenAI, Oracle, and NVIDIA [12]. - The company has confirmed that its power generation capacity is nearly sold out, with orders extending to 2028, indicating strong future demand [13].