35 AI Superstars According to Goldman Sachs

14. GE Vernova Inc. (NYSE:GEV)

Number of Hedge Fund Holders: 92

GE Vernova Inc. (NYSE:GEV) is an energy company that engages in the provision of various products and services that generate, transfer, orchestrate, convert, and store electricity. HSBC recently downgraded the stock to Hold from Buy with a price target of $255, up from $240. The stock’s valuation was already pricing in a strong gas equipment and service cycle, and HSBC saw cost overrun risks to GE Vernova’s remaining offshore wind deliveries in 2025 and 2026, the advisory told investors in a research note. The note added that although the company was well placed to benefit from rising US onshore wind demand, there were risks of higher than expected costs to deliver its $3 billion offshore wind backlog.

Latest reports, published by news agency Reuters and news publication The New York Times, contend that GE Vernova Inc. (NYSE:GEV) has presented a proposal that plans to cut the size of its offshore wind business, a move that could result in the elimination of 900 jobs around the world. The company cited cost inflation and supply chain challenges that have hurt the wind sector over the last year, but also said it suffered delays to two major projects it is supplying, as some of the reasons for the proposal.