GE Vernova Slides 10% as Meta's AI Capex Jitters Hit Power Equipment Stocks
GEV sits 55% above its 52-week low of $530.16.
Summary
GE Vernova fell 10.6% to $828 midday with no company-specific news — the drop tracks a broad AI-infrastructure selloff. Meta reported better-than-expected revenue but capital spending topped $33 billion versus less than $20 billion a year ago, and it nudged its annual capex guidance midpoint to $140 billion from $137.5 billion while creating a new share class to fund the buildout. Hyperscaler weakness is dragging the whole power-equipment complex: Bloom Energy is down almost 10% and Caterpillar 5%, after all three rallied Wednesday on SpaceX's blowout quarter and Elon Musk's comments on AI compute demand. The move is sentiment-driven, not a change in GE Vernova's order book — Q2 revenue was $11.1 billion (+22%) with orders nearly doubling on AI-driven gas turbine demand.
At the time of this announcement, GEV was trading at $821.47 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $218.8B. The 52-week trading range was $530.16 to $1,195.94. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.