Only 20% of GE Vernova's Order Book Is Data Centers. Here's Why That's the Bull Case, Not the Risk.

Indeed, GE Vernova's lack of dependence on one single industry -- the AI industry, no less -- actually makes it even easier for investors to own.

Top 10 Stocks to Buy Now › It's often highlighted as one of the bigger beneficiaries of the artificial intelligence (AI) revolution.

And to be fair, it does serve a decent-sized swath of the AI industry.

However, AI only makes up a minority of GE Vernova 's ( GEV +0.73% ) total business.

About 20% of its power-production arm's backlog (measured in gigawatts) is orders for its power-generating equipment to be installed at AI data centers (mostly natural gas turbines).

The rest of its order book reflects demand from conventional customers like power utilities , oil refineries, and other high-power-consumption facilities that don't want utility-supplied electricity.

Indeed, GE Vernova's lack of dependence on one single industry -- the AI industry, no less -- actually makes it even easier for investors to own.

The company will gladly sell as much of its wares as any paying customer is willing to buy.

And the swell of demand from the fast-growing AI industry has given GE Vernova some margin-widening pricing power to be sure.

Artificial intelligence isn't exactly a panacea for this outfit, however.

As was noted, only about one-fifth of the power-generating capacity that's already been ordered but not yet delivered is equipment earmarked for data centers.

Similarly, while the data center industry's 2026-to-date orders of GE Vernova's electrification solutions are more than double this arm's orders through the first half of 2025, at a total of $5 billion, these orders still only account for roughly one-third of its total new electrification orders received during the first two quarters of the fiscal year.

And, electrification itself only accounts for about one-third of the company's current revenue mix.

In other words, GE Vernova's stock isn't quite the AI trade it's sometimes made out to be.

At first blush, this reality check seems to dial back the bullishness that had been surrounding this ticker; maybe it undermines some of the premium valuation the market might have otherwise been willing to price in.

Expand NYSE : GEV GE Vernova Premium Feature Moneyball Superscore 83 /100 Today's Change ( 0.73 %) $ 7.24 Current Price $ 1,004.04 Key Data Points Market Cap $267B Market cap calculated using publicly traded shares outstanding only.

Does not include unlisted, private, or dual-class non-traded shares.

Day's Range $ 963.29 - $ 1006.00 52wk Range $ 530.16 - $ 1195.94 Volume 10.5K Avg Vol 2.3M Gross Margin 20.16% Dividend Yield 0.17% There's arguably more upside than downside, though, simply because GE Vernova doesn't face the risk of AI mania suddenly losing steam and bringing a quick end to its backlog's growth .

The company is largely meeting the ever-growing power needs outside of the data center market, which may not be as flashy, but are certainly far more sustainable.

For perspective, thanks to the ongoing proliferation of electric vehicles, the need for more air conditioning, and other needs beyond AI data centers, the International Energy Agency expects global demand for electricity to grow 3.6% this year, up from 2025's pace of only 3%, en route to 3.8% growth in 2027.

Admittedly, those numbers aren't very big.

By worldwide power-production measures, though, they're huge.

They're also just a glimpse of the longer-term demand that the planet isn't yet equipped to meet.