Studsvik Selects GE Vernova Hitachi and Samsung C&T for 1.2

The global power-equipment industry is experiencing a boom driven by AI, data centers, and renewable energy. Companies like GE Vernova, Siemens Energy, Eaton, and Schneider Electric are expanding capacity and reporting strong demand. GE Vernova's backlog reached $176 billion, while Siemens Energy committed $1 billion to US manufacturing. Eaton's global backlog surged 103%, and Schneider Electric reported €11.459 billion in Q2 2026 revenue.

AI data centers face power shortages, with Anthropic estimating future models may need gigawatts of electricity. GE Vernova (GEV) is benefiting from surging demand for its gas turbines, with orders jumping fourfold in Q2. The company's backlog reached $176 billion, and it's involved in projects like Texas's Project Kilby for Microsoft's AI data center.

Anthropic highlights electricity as a major constraint for AI data centers, with the U.S. AI sector potentially requiring 50 GW by 2028. GE Vernova (GEV) is positioned to benefit, offering power solutions like gas turbines. GEV's orders surged in Q2, with a $176B backlog. It's involved in Project Kilby, a power facility for Microsoft's AI data center.

Nuclear energy sector is poised for long-term growth due to rising AI data center demand and government policies. Cameco (CCJ) benefits from uranium mining and reactor manufacturing. GE Vernova (GEV) is developing small modular reactors with a project scheduled for 2029. High-risk startups Oklo (OKLO) and NuScale Power (SMR) are seeking commercial agreements for future deployment.

Rivian's CFO, Claire McDonough, will join GE Vernova in November, leaving Rivian without a permanent successor. Rivian shares fell 6% and GE Vernova's shares declined 3% following the announcement. Morningstar raised its fair value estimate for Rivian to $22 per share. Charter Communications and Pinterest also announced CFO changes.

Chevron, ONGC, GE Vernova, Eni, and GeoPark are finalizing energy deals in Venezuela, bringing foreign investment into oilfields and power infrastructure. New contracts allow companies to export crude and receive proceeds directly. Chevron seeks additional blocks in the Orinoco Belt and Monagas. ONGC plans to invest $200 million in the San Cristobal field. Venezuela aims to rebuild its industry with foreign capital.