GE Vernova (GEV) experienced a 14% stock surge, reaching all-time highs following its Q2 earnings report released on Wednesday. The stock’s year-to-date growth is now 90%, positioning it as the second-best performer on the S&P 500, just behind Palantir.
GEV reported strong second-quarter results which solidified its reputation in the AI-boosted energy sector, encompassing nuclear, natural gas, electrification, and grid expansion technologies. The company’s strategic plans to triple U.S. nuclear energy capacity by 2050 align with a broader demand from AI companies like Meta, Amazon, and Microsoft, urging investments in next-gen nuclear technologies.
Additionally, GEV’s recent contracts in natural gas have boosted its backlog to 29 gigawatts. The stock soared approximately 280% over the past year and 345% since its April 2024 IPO, outpacing other major AI-focused stocks.
