GE Vernova, Vertiv Pull Powerhouse Profits from Hyperscalers’ Data Center Investments

Every AI superstar needs a solid crew behind the scenes. Now that crew is getting its due. 

Energy equipment manufacturer GE Vernova and digital infrastructure company Vertiv both beat first-quarter earnings expectations Wednesday, underscoring how surging demand for grid infrastructure and data centers is creating new plays for investors. GE Vernova reported earnings per share of $17.44 and sales of $9.3 billion, soaring past analysts’ expectations of $1.97 and $9.2 billion, respectively. The company also raised its full-year revenue forecast to $44.5 billion to $45.5 billion. 

Vertiv, which just joined the S&P 500 last month and is a key Nvidia partner, reported earnings per share of $1.17, above the $1 analysts expected. Its revenue increased 30% to $2.65 billion, also above Wall Street’s estimate of $2.64 billion. 

Power Spending   

Mag 7 players such as Amazon, Alphabet and Microsoft may be getting all the attention for their hundreds of billions in capital spending, but that means they’re pouring money into companies that can get them the data centers, power grids and cooling systems they need. 

In a call with analysts, GE Vernova CEO Scott Strazik said that the company’s electrification backlog has grown from $9 billion at the end of 2022 to $42 billion with data center order growth, and that it expects “substantially more growth moving forward.” In the first quarter, GE Vernova secured $2.4 billion in equipment orders to support data centers, more than in all of 2025. Giordano Albertazzi, Vertiv’s CEO, said in a statement that it’s seeing requirements for data center infrastructure “evolve significantly, with customers prioritizing optimized design, deployment speed and operational efficiency.” 

The spending doesn’t appear to be slowing: 

• The top hyperscalers have projected spending of $710 billion this year, according to JLL. 
• Amazon CEO Andy Jassy spent a fair amount of his most recent letter to shareholders defending the company’s $200 billion capex for the year. 

Stock Swings: GE Vernova stock jumped nearly 14% Wednesday following the earnings report, widening the past year’s gains to 246%. Vertiv, meanwhile, dropped 2.3% after forecasting lower sales and profit this quarter than what some analysts had expected.