Can GE Vernova's Gas Turbines Make Up for a Collapsing Wind Business?

• GE Vernova's gas turbine revenue (+14%) and orders (+135%) are offsetting a wind turbine slump (-11% revenue). • Combined Q2 orders across power and electrification hit a record $24.2 billion. • Only 20% of the power unit's backlog comes from AI data centers, limiting AI-slowdown risk. Investors are weighing whether GE Vernova's booming natural gas turbine business can offset its declining wind turbine business. The numbers suggest yes. Wind power revenue fell 11% year over year to $2 billion in Q2, with orders down 40%, continuing a slide that began in 2024 — reflecting a shift in preference rather than a renewables downturn broadly. Meanwhile, gas turbines, the bulk of the power division, grew revenue 14% to $5.5 billion and orders 135% to $16.7 billion, extending established trends. Combined with the electrification segment (transformers, switchgear), total orders hit a record $24.2 billion in Q2. The main constraint now is production capacity, which the company is working to expand. Long-term, CEO Scott Strazik noted only 20% of the power division's backlog comes from AI data centers, meaning even a pullback in AI capital spending wouldn't derail this growth engine, since most demand comes from conventional customers like utilities.