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GE Vernova a Wall Street darling posts earnings
A GE Vernova gas turbine (China News Service/Getty Images)

GE Vernova jumps after Q2 earnings beat, as CEO hails firm’s role in the AI capex supercycle

Its nearly 240% gain over the last year is a supercharged part of the AI data center trade.

Matt Phillips

GE Vernova jumped in premarket trading Wednesday after the energy equipment giant posted better-than-expected Q2 results.

The supplier of gas turbines to the energy sector — one of three companies formed when General Electric completed its split-up last year — reported earnings per share of $1.86 compared to consensus expectations of $1.67, per analysts polled by Bloomberg. Sales also overachieved at $9.1 billion compared to forecasts for $8.8 billion.

Management upped its guidance for adjusted EBITDA and free cash flow for the full year.

“We are at the beginning of an investment supercycle into more reliable baseload power, grid infrastructure, and decarbonization solutions,” CEO Scott Strazik said. “Our near-term results are improving, but more importantly, our long-term potential is accelerating faster.”

It’s likely that some had even higher hopes, as the stock’s remarkable rise of roughly 240% in the 12 months that ended Tuesday has pushed its price-to-forward-earnings ratio to a multiple of more than 57x.

A few years back, it would have been difficult to imagine market sentiment toward this aging industrial giant — its roots go back to the old GE’s Power Systems division — would be so ebullient. (As an industrial conglomerate, GE sported an average forward P/E of less than 15x for most of the decade before the company was split up.)

But GE Vernova is clearly catching a bid from its proximity to the superhot AI power trade, capitalizing on the scramble to provide juice for the investment boom in the data centers that could provide computing power for the artificial intelligence revolution. Similar dynamics have also driven up Vistra (up 150% over the last 12 months), NRG (up 109%) and Constellation Energy (up 70%).

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Claire Yubin Oh

Amazon introduces one- and three-hour delivery options in hundreds of new towns and cities

Harder, better, stronger, faster... Amazon, not content with completely altering our expectations for how quickly our goods should arrive, is rolling out one- and three-hour deliveries in new cities in the US as it continues to double down on ultrafast delivery.

Per the company’s press release, one-hour delivery is now available in “hundreds of cities and towns” in the US, and three-hour options are offered in “over 2,000 cities and towns,” both available seven days a week though their regular same-day shopping experience. More than 90,000 products, which are typically available in local supercenters, are currently eligible for delivery under the two plans, and Amazon expects to bring the new scheme to more areas in the coming months.

Delivery fees for Prime members are set at $9.99 for one-hour delivery and $4.99 for three hours, though this price range more than doubles to $19.99 and $14.99, respectively, for customers without a Prime membership.

Regarding the new delivery options, Udit Madan, Amazon’s senior vice president of worldwide operations, said: “we’re excited to say that two decades after Prime launched, we’re still innovating to make delivery even faster, while maintaining the same everyday low prices and vast selection Amazon is known for.”

Indeed, since it launched same-day delivery in 2015, Amazon has been experimenting with a number of ultrafast delivery options, including recently piloting a 30-minute delivery service in selected US cities, built on its network of fulfillment centers and on-demand workers. The e-commerce giant’s latest push also comes as competitors like Walmart started to boost its delivery capacity, touting that it can deliver to 95% of American households in less than three hours.

Tasha Matsumoto
16h
Stocks rebound as the price of oil retreats

Every sector traded higher, with tech leading gains on increased optimism that tankers will be able to pass through the Strait of Hormuz.

Aberdeen Angus Bull
Luke Kawa
17h
Nvidia briefly spikes after Jensen Huang sees at least $1 trillion in AI chip sales through 2027

The stock then gave it all up and then some.

Jensen Huang at 2026 GTC in San Jose
markets
Luke Kawa

Oil’s retreat propels US stocks higher

Front-month West Texas Intermediate futures are down more than 4%, while Brent futures are off more than 2% as of 1:25 p.m. ET as traders glom on to some optimistic signs about the flow of oil through the all-important Strait of Hormuz:

  • A Pakistani-owned tanker passed through the strait this weekend while broadcasting its signal, per Reuters, “indicating ‌that some countries are able to negotiate safe passage for their vessels despite the U.S.-Israeli war on Iran.”

  • US President Donald Trump said that some “fairly local” countries would soon be helping ships traverse the strait (while having added that other countries are “not enthusiastic” about the prospect of participating).

The SPDR S&P 500 ETF and Invesco QQQ Trust are both up over 1% amid oil’s retreat.

That being said, the news flow is far from universally positive.

Reuters reports that the UAE’s crude output has been cut in half since the Mideast conflict started; Bloomberg says Kuwait’s production has suffered a similar decline.

Trump urges allies to help reopen Strait of Hormuz as tanker traffic nearly vanishes

Trump urges allies to help reopen Strait of Hormuz as tanker traffic nearly vanishes

  • A Pakistani-owned tanker passed through the strait this weekend while broadcasting its signal, per Reuters, “indicating ‌that some countries are able to negotiate safe passage for their vessels despite the U.S.-Israeli war on Iran.”

  • US President Donald Trump said that some “fairly local” countries would soon be helping ships traverse the strait (while having added that other countries are “not enthusiastic” about the prospect of participating).

The SPDR S&P 500 ETF and Invesco QQQ Trust are both up over 1% amid oil’s retreat.

That being said, the news flow is far from universally positive.

Reuters reports that the UAE’s crude output has been cut in half since the Mideast conflict started; Bloomberg says Kuwait’s production has suffered a similar decline.

markets
Matt Phillips

Sandisk and memory stocks rip ahead of Nvidia CEO’s speech

Memory stocks such as Sandisk, Micron, and disk drive makers Western Digital and Seagate sprinted ahead Monday, as this week’s big AI conference for tech bellwether Nvidia gets underway with a speech from the CEO slated for this afternoon.

As Luke Kawa pointed out earlier, CEO Jensen Huang’s speechifying at high-profile company announcements or industry events hasn’t always been a good thing for Nvidia shares. (The chip designer is holding its GPU Technology Conference, or GTC, this week.)

But Huang’s pronouncements have, at times, been pretty dang helpful for share prices of some companies in the orbit of the AI gods. Perhaps foremost among them are the memory stocks that have blasted toward the top of the S&P 500 in terms of price performance in recent years.

Case in point: the nearly 30% gain that Sandisk posted on January 6, the day after Huang’s keynote speech at the Consumer Electronics Show in Las Vegas, in which he spotlighted memory as a key bottleneck constraining the AI build-out. (Fellow memory plays Western Digital, Seagate Technology Holdings, and Micron also posted double-digit gains that day.)

Memory stocks have been the highest-profile outlet for bullish AI industry impulses this year, and notable comments from Huang could put the wind back in their sails after they had slowed in recent weeks.

Of course, there are also other things happening in the sector, such as Micron’s announcement Sunday that it completed an acquisition of a new manufacturing site in Taiwan.

Either way, memory stocks are pushing higher after having exhaled a bit lately.

What Wall Street’s looking for from Jensen Huang’s keynote GTC address

What Wall Street’s looking for from Jensen Huang’s keynote GTC address

But Huang’s pronouncements have, at times, been pretty dang helpful for share prices of some companies in the orbit of the AI gods. Perhaps foremost among them are the memory stocks that have blasted toward the top of the S&P 500 in terms of price performance in recent years.

Case in point: the nearly 30% gain that Sandisk posted on January 6, the day after Huang’s keynote speech at the Consumer Electronics Show in Las Vegas, in which he spotlighted memory as a key bottleneck constraining the AI build-out. (Fellow memory plays Western Digital, Seagate Technology Holdings, and Micron also posted double-digit gains that day.)

Memory stocks have been the highest-profile outlet for bullish AI industry impulses this year, and notable comments from Huang could put the wind back in their sails after they had slowed in recent weeks.

Of course, there are also other things happening in the sector, such as Micron’s announcement Sunday that it completed an acquisition of a new manufacturing site in Taiwan.

Either way, memory stocks are pushing higher after having exhaled a bit lately.

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