Why GE Vernova Inc. (GEV) Soared on Thursday

We recently compiled a list of the 10 Firms Lead Thursday’s Rally on Better Earnings, Bargain-Hunting. In this article, we are going to take a look at where GE Vernova Inc. (NYSE:GEV) stands against the other stocks.

Optimistic sentiment continued to drive Wall Street on Thursday, with all major indices closing higher.

The Dow Jones Industrial Average rose by 0.38 percent, the S&P 500 grew 0.53 percent, and the Nasdaq Composite was up by 0.25 percent.

Ten companies posted notable gains, largely fueled by strong earnings results for the fourth quarter and full-year 2024.

To come up with Thursday’s top gainers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

GE Vernova Inc. (NYSE:GEV)

Energy equipment manufacturer GE Vernova saw its share prices grow by 8.42 percent on Thursday to close at $382.94 apiece as investors took heart from news that it would pour in $600 million in its US operations over the next two years.

The latest investment represents the first phase of its $9-billion expansion program for the production of gas turbines, grid solutions, nuclear operations, onshore wind facilities, electrification, and energy research.

Of the $600 million, GE Vernova said $300 million will be used for producing gas turbines; $20 million for the production of switchgear, instrument transformer, and capacitor production; $50 million to boost automation and enhance the quality of its North Carolina factory; $100 million for facility upgrades in North Dakota, New York, Florida, and Texas; $10 million for a new manufacturing facility in Pennsylvania; and $100 million in its advanced research center in New York.

The initial investment alone is expected to create 1,500 new jobs.

Overall GEV ranks 10th on our list of Thursday’s top gainers. While we acknowledge the potential of GEV as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter timeframe. If you are looking for an AI stock that is more promising than GEV but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and Complete List of 59 AI Companies Under $2 Billion in Market Cap.

Disclosure: None. This article is originally published at Insider Monkey.