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 Viewpoint - The surge in electricity demand driven by AI data centers has led to a critical shortage in gas turbine production capacity at GE Vernova, resulting in a "booking war" where customers must pay non-refundable deposits for delivery slots as far out as 2030, highlighting the strong position of suppliers in the market [2][3][7]. Group 1: Capacity Constraints - GE Vernova's production capacity is under unprecedented strain, with a backlog of gas power orders reaching 83 gigawatts (GW) by the end of 2025, while the company's annual production capacity has only increased to 20 GW [9]. - The expected backlog is projected to rise to 100 GW by the end of the year, indicating that existing orders will fill the production line for over four years [10]. Group 2: Demand Drivers - The accelerated growth in electricity demand is primarily driven by energy-intensive AI data centers, which require stable and large-scale power supplies, prompting a surge in traditional power infrastructure expansion [12]. - Gas turbines are essential for providing stable base-load power, offering continuous electricity supply compared to the intermittency of renewable energy sources, which is crucial for data center operations [12]. Group 3: Profitability Expectations - The imbalance between supply and demand is translating into pricing power advantages for GE Vernova, with Wall Street doubling its EBITDA expectations for 2030 to approximately $17 billion, up from around $9 billion a year ago [14]. - The stock price of GE Vernova has reflected this market confidence, increasing by over 500% since its split from GE Aerospace, with a recent closing price of $801.54, marking a 102% rise over the past 12 months [4][14].