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Electrification secured $2.4 billion in data center equipment orders during the first quarter of 2026, beating the segment's total for all of 2025. View More

For more than a year, GE Vernova 's rally has been fueled by one narrative: hyperscalers' insatiable appetite for its gas turbines to supply power to data centers. Look past the headlines, however, and you'll find a lesser-known part of the company that is quickly emerging as a critical piece of the AI buildout. GE Vernova's electrification division, which manufactures the transformers, switchgear, and grid software required to connect data centers to the broader electrical grid, has quietly become the company's fastest-growing business. In the first quarter of 2026, the segment booked $2.4 billion in data center equipment orders, exceeding the total for fiscal year 2025. "[It] doesn't get talked about enough," said Jeff Marks, the Investing Club's director of portfolio analysis. "Everyone thinks of the company as a heavy-duty turbine business, but modernizing the grid to support an increasingly electrified world presents a significant opportunity." Electrification accounted for nearly 32% of overall revenue last quarter. Power, which makes the popular gas turbines that support the AI buildout, is the company's largest segment, bringing in over 53% of revenue. Meanwhile, wind is the smallest and accounted for about 15% last quarter. Much of that comes from sales of offshore and onshore wind turbines. However, electrification has quietly ballooned into a juggernaut with a $42 billion backlog, up from just $9 billion at the end of 2022. For comparison, GE Vernova reported a total backlog of $163 billion at the end of the March quarter, but expects that figure to hit $200 billion by the end of 2027. Driving that growth is the accelerating demand for electricity, following nearly two decades of relatively flat growth. While modernizing an aging grid and manufacturing reshoring play a part, the AI boom is causing the most significant spike in power demand. Consulting firm ICF forecasts a nearly 39% jump in U.S. electricity demand by 2035 as a result. That's because tech companies are investing billions to build out energy-intensive data centers to meet their AI ambitions. Club holdings and hyperscalers Meta Platforms , Alphabet , Amazon , and Microsoft have all aggressively raised capital expenditures to keep pace in the heated AI arms race. Rather than generating power (the job of those aforementioned gas turbines within the power division), the electrification business builds the infrastructure needed to transport electricity from where it is generated to where it is consumed. "There is a terrific demand from the hyperscalers to get connected faster than the power utilities are capable of doing," GE Vernova electrification CEO Philippe Piron told CNBC in an interview. GE Vernova further expanded its electrification business in February by acquiring the remaining stake of transformer manufacturer Prolec for $5 billion. Transformers act as the vital link to these data centers, fueling a massive wave of new orders for the segment. GE Vernova can now better compete with the likes of Siemens and Hitachi . It's a huge opportunity for GE Vernova because electrical transformers are currently among the most sought-after pieces of equipment. Lead times for large power transformers can stretch for years due to unprecedented energy demand. Piron explained the benefits of acquiring Prolec, calling it "a very important move" for GE Vernova, given that transformers are "one of the workhorses" of electrification solutions. And by owning Prolec outright, GE Vernova gains full control over all of its factories. Management can, in turn, control its supply chain more closely, expand production capacity, and improve lead times without having to navigate a joint-venture board. Piron said that since the acquisition announcement, Prolec's load backlog has "elevated rapidly." It's not the first time GE Vernova has adapted its business to curry favor from Wall Street. After years of the market underappreciating the business when it was a part of General Electric, GE Vernova spun off as a stand-alone entity in April 2024. Since then, investors have treated the industrial stock as a pick-and-shovel AI play instead of a lagging conglomerate. Wall Street quickly recognized that Big Tech players' aggressive spending on data centers would benefit the power division. In fact, the stock has jumped over 694% since going public a little over two years ago and has gained almost 70% in 2026 alone. GE Vernova shares have surged this year on a series of monster quarterly earnings beats and positive analyst calls as sales for that crucial power division continue to climb. "This one may be one for the ages," Jim Cramer said after GE Vernova's beat-and-raise quarter in April, where power revenue jumped 10% for the three-month period and topped expectations. CEO Scott Strazik said the current quarter was off to a strong start as well. "Quarter to date, we have booked more power equipment orders in terms of value than we did in all of Q1 2026," he said. The stock jumped nearly 14% on the print. Barclays, Goldman Sachs, Jefferies, Baird, Guggenheim, TD Cowen, Oppenheimer, and other firms came out and raised their price targets on the Club holding in the days that followed. Guggenheim pointed to "strong order growth" in power and said that GE Vernova has the potential to return "substantially more capital to shareholders than the market currently appreciates." Mizuho analyst Maheep Mandloi said that while turbines remain the top draw for most investors, "we're definitely seeing more interest in electrification," Mandloi told CNBC. "On the turbines, they are pretty much sold out until 2028. There's not much upside to the revenue estimates through 2030," he said. "Electrification, on the other hand, has potential upside [to the company's guidance and estimates]." The power division gained even more recognition last month. The stock rose roughly 2% on June 22 after investors learned that GE Vernova's natural gas turbines would power a long-term energy purchase agreement between Microsoft and Chevron . That's a boon for sales in the power business. Bernstein analyst Sunaina Ocalan called the announcement "just another proof point of the enormous power demand that we're seeing" amid the AI boom. " Higher demand is driving better pricing power for GE Vernova that is translating into margin expansion," Ocalan told CNBC. And as AI adoption skyrockets, these data centers will require even more power. Good news for investors: GE Vernova is wisely positioning itself to capitalize on the trend. Beyond selling Prolec transformers for grid connectivity, the company is designing more advanced solutions to keep pace with the evolving industry. Data centers operated by hyperscalers typically consume 20 to 100 megawatts of power. However, as AI workloads become more energy-intensive and facilities grow in size, some are reaching capacities of 1 gigawatt or more. One gigawatt is equivalent to 1,000 megawatts, which can power roughly 750,000 to 1 million households. Meta announced in March that its El Paso data center will expand to 1 gigawatt. Piron said GE Vernova is just "at the beginning" of the company's plan to capitalize on this trend, though. "Most of our orders have been up to now very much bullish on the grid connectivity, but the power stability and the power distribution are going to see big momentum in the coming years," he added. "When you are starting to get data centers above 1 gigawatt, then you are entering into a new domain where what was applicable before cannot be any longer. And that's where we are bringing a solution." One new solution? GE Vernova announced the rollout of GridOS for Transmission in early June. It is used to help data center operators transmit more power over existing lines without waiting to build new physical infrastructure. Bottom line GE Vernova's power business is a primary reason we took a position in the stock. But the electrification division and its explosive growth are the icing on the cake. It is highly encouraging to see yet another segment within the manufacturer thrive. It really seems like GE Vernova's order growth couldn't get any stronger. That's with the exception of its wind division, which remains by far its smallest in terms of revenue. The fundamentals for GE Vernova remain outstanding, as do those underpinning the AI boom. The company's massive backlog and the persistent demand for both its turbines and electrification solutions remain unmatched. Its dominance in energy markets also gives the company enormous pricing power. After all, roughly 25% of the world's electricity comes from GE Vernova. The Club has a buy-equivalent 1 rating and a $1,300 price target, implying a more than 14% upside from Wednesday's close. (Jim Cramer's Charitable Trust is long GEV, AMZN, MSFT, META, GOOGL. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.

TMC Transformers is set to launch an Initial Public Offering (IPO) aiming to raise up to Rs 550 crore. The funds will primarily finance a new Extra High Voltage transformer manufacturing facility in Gujarat. The company, a leader in specialized traction transformers for Indian Railways, boasts impressive revenue growth and strong profit margins, highlighting its robust manufacturing capabilities and market position. View More

TMC Transformers (India), a manufacturer of power and traction transformers, has filed draft papers with the capital markets regulator Sebi to raise up to Rs 550 crore through an IPO. The proposed IPO comprises an entirely fresh issue of equity shares with a face value of Rs 10 each. The company may also undertake a pre-IPO placement of up to Rs 110 crore before filing the red herring prospectus, which would reduce the size of the fresh issue accordingly. The company plans to utilise the IPO proceeds primarily to fund capital expenditure for setting up a greenfield Extra High Voltage (EHV) transformer manufacturing facility at Halol, Gujarat, with an aggregate installed capacity of 78,000 MVA. The remaining funds will be used to meet incremental working capital requirements and for general corporate purposes. TMC Transformers follows an integrated, design-led manufacturing model and offers a wide range of products, including oil-filled transformers of up to 160 MVA, dry-type transformers up to 20 MVA/36 kV, and compact substations up to 3 MVA/36 kV, catering to customer-specific requirements. The company serves a diversified customer base across high-growth sectors such as railways, renewable energy, metro rail, industrials and power distribution utilities (discoms). Live Events According to a CRISIL report cited in the draft papers, TMC Transformers is the only transformer manufacturer in India certified by the Research Designs and Standards Organisation (RDSO) for all classes of transformers required for 2×25 kV traction substations used by Indian Railways. It is also one of only two Indian manufacturers approved by RDSO to manufacture 100 MVA/220 kV Scott-connected traction transformers, and the first and only manufacturer approved for 100 MVA/230 kV Scott-connected traction transformers for high-voltage railway electrification projects. The company has also emerged as one of the fastest-growing transformer manufacturers in India, with revenue from operations growing at a compound annual growth rate (CAGR) of 29.83% between FY24 and FY26, according to the CRISIL report. It also reported the highest gross profit margin among its peers, at 43.01% in FY26 and 38.57% in FY25, reflecting its strong execution capabilities, backward integration and cost efficiency. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

The Council of Economic Advisers has provided the president with information and advice on both domestic and international economic policy since 1946. View More

Pierre Yared, acting chair of the Council of Economic Advisers, speaks to members of the media during the National Association of Business Economics (NABE) economic policy conference in Washington, DC, US, on Tuesday, Feb. 24, 2026. Graeme Sloan | Bloomberg | Getty Images Pierre Yared is leaving his role as the acting chairman of the White House's Council of Economic Advisers, President Donald Trump said Tuesday.Yared, who has served in the role since September, "is returning to Columbia Graduate School where he is greatly respected by all," Trump said in a Truth Social post.Yared "and his team of 'Brainiacs' at the CEA have worked around the clock to Make America WEALTHY Again — with Great Success!" Trump wrote. "I want to thank Pierre for his terrific service to our Country, and wish him and his wonderful family all of the best for a healthy and happy future."Yared has held the title of Professor of International Business for the economics division of Columbia Business School, which he joined in 2007, according to the school's website.CNBC's efforts to reach Yared through the phone and email associated with him at Columbia were not immediately successful.The Council of Economic Advisers has provided the president with information and advice on both domestic and international economic policy since 1946.It was not immediately clear who would succeed Yared. The CEA's official website still lists Yared as acting chairman, and notes that Aaron Hedlund, a research fellow at the Federal Reserve Bank of St. Louis, serves as Member. Read more CNBC politics coverageTrump bought as much as $5 million in Axon stock before ICE sought Taser dealSupreme Court upholds birthright citizenship, blocks Trump orderLobbyists push House panel to block a ban on defense contractors buying back stock Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

India has adjusted its windfall taxes on fuel exports, slashing duties on diesel and aviation fuel while increasing the tax on petrol exports. These changes, effective July 1, reflect easing global oil prices and aim to secure domestic supply. Exemptions for exports to neighbouring countries have also been expanded. This move signals a shift in the government's approach to managing fuel revenues amidst fluctuating international markets. View More

India has lowered windfall taxes on exports of diesel and aviation turbine fuel as global oil prices ease, while raising the duty on petrol exports, according to ‌a government order. The ⁠duty ⁠on diesel exports has been cut to Rs 8.5 ​per litre from Rs 14, while the aviation turbine ​fuel duty has been set at Rs 7.5/litre, down from Rs 12.5. The export duty ​on petrol has been increased ⁠to 4 ‌rupees per litre from 1.5 ​rupees to ​ensure domestic supply. The new rates ⁠will apply from July 1. Oil prices have ​fallen sharply from peaks above $126 ​per barrel, as easing geopolitical tensions and restored shipping flows through the Strait of Hormuz have reduced fears of prolonged supply disruptions. Live Events Economists and analysts forecast Brent crude will average $84.50 per ‌barrel in 2026, against $90.44 projected last month. At the time of imposition of ​the export ​levy, exemption ⁠was provided for exports of petrol, diesel and ATF made by public sector oil companies to Nepal, Bhutan, ​Bangladesh and Sri Lanka. The exemption has now been extended also to exports made by public sector oil companies to Mauritius and Maldives. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

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Transformers and Rectifiers (India) Limited has secured a significant order exceeding Rs 1,000 crore from Power Grid Corporation of India Ltd (PGCIL). This "ultra mega order" involves the manufacturing of various rated transformers and all associated work. The substantial deal highlights a major development for the company in the power infrastructure sector. View More

New Delhi: Transformers and Rectifiers (India) Limited on Tuesday said it has bagged an order worth over Rs 1,000 crore. The orders have been secured from Power Grid Corporation of India Ltd ( PGCIL ), Transformers and Rectifiers (India) said in an exchange filing. Read more: Anti-dumping duty on electrical steel may push transformer costs, impact grid expansion: GTRI It is an " ultra mega order ", the company said about the size of the order. As per its classification, ultra-mega orders are of Rs 1,000 crore and above. Live Events The scope of the order is for Manufacturing Transformers of various ratings, along with all associated work. Read more: Transformers and Rectifiers bags Rs 228.26 cr order from Gujarat Energy Transmission Corporation .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

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In an extraordinary turn of events, Delhi's power consumption skyrocketed to an all-time high of 8,748 MW on Monday, driven by a relentless heatwave. City officials commend the effective power infrastructure and strategic foresight that allowed for uninterrupted service. Nevertheless, this surge places immense pressure on transmission capabilities, with forecasts suggesting continued rises in usage throughout the season. View More

New Delhi: The prevailing heatwave conditions caused the city's power demand to reach an all-time high of 8,748 MW on Monday, according to officials. The previous highest peak power demand was recorded at 8,656 MW on June 19, 2024, they added. "Today, Delhi made history by successfully meeting an all-time high peak power demand of 8,748 MW, shattering previous records by nearly 100 MW," Delhi Power Minister Ashish Sood said. In 2025, Delhi's highest peak power demand was 8,442 MW, recorded on June 12, 2025. The new all-time high demand at 8,656 MW is 306 MW higher than last year's peak. Sood said that no major breakdowns or infrastructure failures, despite the unprecedented load on the transmission network, are credited to the seamless execution of the Delhi government's proactive Power Master Plan. Live Events "The real achievement today isn't just the record-breaking numbers, but the fact that the entire city went about its day seamlessly. Our robust power network held strong with zero breakdowns or major infrastructure failures," he added. This summer season's previous highest peak demand was recorded at 8,439 MW on May 25. It was the highest ever peak power demand recorded in the city in May. According to SLDC projections, Delhi's peak power demand is expected to cross 9,000 MW this summer. Tata Power Delhi Distribution Limited (TPDDL) "successfully" met its all-time highest peak power demand of 2,497 MW, recorded on the day between 3.15 pm and 3.30 pm, ensuring uninterrupted power supply across its distribution network, said a spokesperson of the company. According to the real-time data of the State Load Dispatch Centre, Delhi's peak power demand clocked 8,748 MW at 3.17 pm, the highest ever for the city. BSES discom also successfully met the peak power demand in their respective areas, with BRPL meeting 3,906 MW and BYPL meeting 1,876 MW load, company officials said. According to the India Meteorological Department (IMD), heat wave conditions have been realised at many places over Delhi. This is the second day of the heat wave conditions over Delhi. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

GE Vernova turbines are powering Elon Musk's xAI Colossus 1 data center and Microsoft just bought seven to power its data center in Texas. View More

In this articleGEVFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO3:4403:44How the AI data center buildout is creating boom for the gas turbine industryTech An exclusive look inside GE Vernova's largest gas turbine plant in Greenville, South Carolina, offers fresh evidence that the artificial intelligence boom is going strong. Inside, engineers are working alongside factory workers to speed up production of this complex machine. The company hired 200 workers last year, and 300 more are expected to start working at this factory by the end of the year.Fueling the growth is AI.Hyperscalers — companies like Amazon, Google, Microsoft and Oracle — are lining up to buy the company's gas turbines. With AI data centers requiring a considerable amount of energy and bottlenecks in the grid emerging, these companies are increasingly relying on standalone energy sources, like gas turbines."Right now, when you need power at scale and you need firm power, the industrial gas turbine is one of the leading solutions for that," Pablo Koziner, chief commercial and operations officer at GE Vernova, told CNBC.The AI opportunity is prompting leaders from OpenAI and other companies to gain a deeper understanding of industrial design and power generation.Executives from nearly every major hyperscaler have walked the floor of the factory, according to a person familiar with the visits, who asked not to be named because the details are not public. Read more CNBC tech newsOracle stock has worst week since 2001 dot-com bust as AI financing concerns escalateOpenAI hasn't held pre-IPO investor meetings or set timeline yet, sources sayOpenAI and Anthropic face new AI reality as users shift from 'tokenmaxxing' to efficiencyOpenAI limits new AI models to 'trusted partners' at request of U.S. government The turbines are massive, at 31 feet tall and weighing 280 tons. One turbine can power roughly half a million homes."When we think of what the world needs for electrification and what we need to power this AI surge that we're living, a lot of that stuff comes right out of this factory," said Koziner.Microsoft just bought seven of them to power its data center in Texas. At 2.7 gigawatts, it's enough electricity to power about 3 million homes. GE Vernova turbines are already online at Elon Musk's xAI Colossus 1 campus in Tennessee, and nearly a gigawatt more are being deployed at OpenAI's Stargate project in Texas, according to Cleanview, an organization that tracks data center development. Demand for these machines far outstrips supply, with the order book full through 2029. Koziner added that the company is booking more into 2030 and even 2031."Today, about 20% of our gas power order book is going to a data center, artificial intelligence-type of application," he said. One turbine can cost more than $250 million, according to industry estimates. The price has soared, up 300% in the last 3 years, according to analysts at Melius. The steep rise in prices underscores why AI capital expenditure budgets continue to move up, a leading concern among tech investors.That spending surge has been a boon for GE Vernova, with its stock gaining nearly 60% in the past six months.Public pushback on data center development and growing environmental concerns could challenge the AI buildout.GE Vernova said it's working on making its turbines more environmentally friendly."We also put a lot of time and effort into the sustainability of these machines," Koziner said. "And the turbine that you're looking at here is two times more efficient than a turbine that we would have produced 20 years ago." Stock Chart IconStock chart iconGE Vernova stock chart. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

The department on Friday held a pre-EoI meeting with public and private sector companies, including NTPC, the Solar Energy Corporation of India (SECI), fertiliser manufacturers, technology providers and green hydrogen developers, to discuss the proposed project framework. View More

New Delhi: The Department of Fertilisers has invited expressions of interest (EoIs) to set up green urea plants as the government looks to decarbonise fertiliser production and reduce import dependence. The department on Friday held a pre-EoI meeting with public and private sector companies, including NTPC , the Solar Energy Corporation of India (SECI), fertiliser manufacturers, technology providers and green hydrogen developers, to discuss the proposed project framework. Officials discussed financial support available under the National Green Hydrogen Mission , including incentives for green ammonia production and a possible differential pricing mechanism to bridge the cost gap between conventional and green urea. India imports about 10 million tonnes of urea annually. The government said integrated projects combining renewable energy , green hydrogen, carbon capture, green ammonia and urea production could strengthen fertiliser security while advancing the country's 2070 net-zero target. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)