Powerful rally! This Wall Street AI winner with 500% share price jump is not your typical chip stock

GE Vernova, spun off from General Electric in April 2024, has surged about 500 percent to trade above $1,100, valuing it at over $300 billion. The rally is driven by AI data centre demand for power equipment like turbines, transformers and switchgear. In Q1 2026, orders rose 71 percent organically to $18.3 billion, backlog grew by more than $13 billion quarter-on-quarter, and the company raised 2026 revenue guidance to $44.5-45.5 billion with free cash flow of $6.5-7.5 billion.