15 AI News Investors Should Not Miss

5. GE Vernova Inc. (NYSE:GEV)

Number of Hedge Fund Holders: 92

GE Vernova Inc. (NYSE:GEV) is an energy equipment manufacturing and services company. With its approximately 55,000 wind and 7,000 gas turbines, GE Vernova’s technology base helps generate approximately 25% of the world’s electricity. The company is leveraging AI to modernize power grids and optimize power generation, and analysts consider it the “supermarket” for electric power.

On October 21, Deutsche Bank initiated the coverage of GE Vernova Inc. (NYSE:GEV) stock with a “Buy” rating, and a price target of $354. This implies a nearly 30% upside. A majority of analysts covering the stock are generally bullish on it, with many rating it as either a “Buy”, or a “Strong Buy”. Nicole DeBlase is optimistic about the stock considering a strong outlook on investments toward power-generating assets.

“This can be attributed to increasing electricity consumption due to: the electrification of all things, proliferation of AI data centers globally, decarbonization, and aging existing grid infrastructure. We believe the forthcoming power investment cycle will enable GEV to deliver best-in-class revenue and earnings growth vs. the rest of our coverage universe”.

-Analyst Nicole DeBlase

Similarly, on October 20, Bank of America Securities said that more nuclear investment is a positive for GE Vernova Inc. Based on over 60 years of experience in nuclear power, GE Vernova has developed an SMR, the BWRX-300. This GE product has won its first contract and has a pipeline of 28 units in various stages of regulatory approval, as per information from The Fly. BoFa sees a “big opportunity in small reactors” for the company.