GE Vernova, Vertiv surge on AI data center demand

What happened

GE Vernova reported Q1 2026 revenue of $9.34 billion（約1.5兆円） (up 16% year-over-year), with grid equipment orders growing 86% and a single quarter of data center bookings ($2.4 billion（約3800億円）) exceeding all of fiscal 2025 combined. Vertiv reported Q1 2026 revenue of about $2.65 billion（約4200億円） (up 30%), with net income rising to about $390 million（約620億円） from $164.5 million（約260億円） a year earlier. Both companies raised full-year guidance.

Why it matters

AI data centers require constant electricity and cooling to operate. GE Vernova supplies the power infrastructure (turbines, nuclear services, and grid equipment), while Vertiv supplies thermal management and power systems to prevent overheating. As hyperscalers and data center builders ramp up spending, these two companies stand to benefit directly—they occupy a less-noticed but essential layer of the AI buildout.

What to watch

At current prices, GE Vernova trades at a price-to-earnings ratio around 29 and Vertiv around 78—neither appears cheap. The main risk is that if hyperscalers slow data center spending, Vertiv will feel it more acutely. Vertiv's partnership with Nvidia on the Vertiv OneCore Rubin DSX cooling stack is a notable competitive advantage.