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Power & ElectricalSEC filings
GE Vernova (GEV)
Gas turbines (HA-class), grid equipment, electrification for DC power
Modeled AI capex flow
$13.9B
from Big 5 forward AI-attributable spend
Hyperscaler exposure
20.0%
of revenue (latest 10-K)
Top hyperscaler customer
AMZN
modeled $4.0B flow
Total backlog
$116.0B
Q4 2025
Forward visibility: Total backlog
The leading indicator AM analysts read as capex commitments convert to supplier revenue.
Gas Power + Grid + Electrification + Wind. Heavy-duty gas turbine slots booked into 2028+. Behind-the-meter DC interconnect demand a key driver.
As of: Q4 2025Source filing
Flow attribution by hyperscaler
Modeled dollars from each hyperscaler's AI-attributable forward capex.
| Customer | Modeled flow | % of total |
|---|---|---|
| Amazon (AMZN) | $4.0B | 28.5% |
| Microsoft (MSFT) | $3.2B | 23.3% |
| Meta Platforms (META) | $2.8B | 20.3% |
| Alphabet (GOOGL) | $2.7B | 19.4% |
| Oracle (ORCL) | $1.2B | 8.5% |
Computed from disclosed customer concentration and per-hyperscaler accelerator preferences. Per-edge values can be reconstructed from the Methodology page.
Notes & source
Multi-year turbine backlog, lead times pushing to 2028+. Indirect AI capex play via behind-the-meter gas.
View SEC filings page