Chevron May Have Unlocked a Powerful New Growth Engine

Chevron is partnering with GE Vernova to supply natural gas to Microsoft's AI data center in West Texas, bypassing traditional utility companies. As AI data centers face electricity supply constraints, companies are increasingly generating their own power. Natural gas turbines are expected to be the primary source of this 'behind the meter' power generation, which could triple to 49 gigawatts by 2030, positioning suppliers like Chevron with existing infrastructure to capitalize on this emerging growth opportunity.