Equity Research 21 January 2026 Thematic Investing Powering AI: Gas Turbines Could Make or Break AI Ambitions We explore the supply/demand dynamics of a gas turbine industry that, while historically prone to boom/bust cycles, will play a key role in meeting growing power needs. We track ~40 GW of capacity additions, but context is essential – demand goes well beyond data centers. Gas turbine demand isn't all about data centers. US gas-fired power additions hit their lowest level in 2024 (only ~2.6 GW) since ...