Only 20% of GE Vernova's Order Book Is Data Centers. Here's Why That's the Bull Case, Not the Risk.

GE Vernova derives only 20% of its power-generation backlog from AI data centers, with the remaining 80% coming from traditional customers like utilities and refineries. While AI demand provides pricing power, the company's diversified customer base insulates it from AI market volatility. With global electricity demand expected to grow 3.6-3.8% annually through 2027, driven by EVs and other factors beyond AI, GE Vernova is positioned for sustainable long-term growth, with Morningstar projecting 2030 revenue of $78.6 billion versus $38.1 billion in 2025.