Why GE Vernova Stock Crushed it on Wednesday
Key Points
It's a gas-and-nuclear hybrid operation that will supply power to AI data centers.
This buttresses GE Vernova's position as a trusted supplier for both technologies.
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Wednesday was a forgettable day for many stocks, but GE Vernova (NYSE: GEV) was an outlier. The engineering company's shares bounced nearly 5% higher, on news of progress in a crucial project in which it's involved. That rise stood out on a day when the benchmark S&P 500 index slumped by 0.5%.
A powerful piece of news
Nuclear energy developer Blue Energy announced it had submitted the initial part of its application for a construction permit for a project in Texas. That application, filed with the U.S. federal government's Nuclear Regulatory Commission (NRC), covers the first small modular reactor (SMR) planned for a natural gas-and-nuclear power plant.
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That facility will supply power to artificial intelligence (AI) data centers in the region.
This matters for GE Vernova because the company will supply components for both the gas and, through a subsidiary, nuclear assets used in the facility. Although there's no guarantee that the NRC will approve the application, it's a significant step forward for the project.
Exquisite timing
It also burnishes GE Vernova's reputation as a go-to supplier of products for two distinct methods of power generation, one of which (nuclear) is seen as crucial for the build-out of AI compute assets. The company has had its ups and downs, but given that it's clearly well-positioned to capitalize on hot trends in energy generation, it's looking like the right business at the right time.
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Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends GE Vernova. The Motley Fool has a disclosure policy.
