The rapid growth of the power demand from data centers used for artificial intelligence (AI) and cryptocurrency technologies has been a significant driver of revenue for GE Vernova, a spin-off of General Electric. This trend is expected to continue, with the company's power demand reaching an all-time high this year.
GE Vernova's segment has seen growth at mid-single digit percentage rates over the past couple of years, driven by the increasing need for data centers to support AI operations. The growing use of AI technologies such as machine learning and natural language processing require significant computational power and storage capacity, driving up energy consumption.
The company's ability to meet this growing demand has made it a key player in the industry, with its products and services used by major data center operators around the world. As companies like GE Vernova continue to innovate and expand their offerings, they are well-positioned to capitalize on this growth opportunity.
GE Vernova's second-quarter earnings report, scheduled for release on July 23, is expected to provide further insight into its performance in this area. The trend towards increased power demand from data centers is expected to continue, driven by the ongoing adoption of AI technologies.