10 AI News Updates You Can’t Miss This Weekend

2. GE Vernova Inc. (NYSE:GEV)

Number of Hedge Fund Holders: 89

GE Vernova Inc. (NYSE:GEV) is a global energy company and a soaring AI stock driven by the demand for energy to power artificial intelligence technology.

On November 21, Wells Fargo analyst Michael Blum initiated coverage of the power-generation technology company with an “Overweight” rating and a $385 price target. This is the second-highest price target listed by FactSet, as reported by Barrons. According to Blum, GE Vernova can help meet the massive energy demands from artificial intelligence through its power generation and grid products. Blum further states that GE Vernova’s transformers, HVDC, and grid software offerings are well-positioned to benefit from growing power demand.

“As power demand grows and more distributed generation is added to the mix, aging grids will require significant investment to manage the increasingly complex and dynamic environment,” Blum said. “GEV’s transformers, HVDC [High-voltage direct current], and grid software offerings are well positioned to benefit from this growing demand”.

-Wells Fargo analyst Michael Blum