[DEVELOPING] The AI power buildout becomes the tape's dominant capex narrative as GE Vernova and Quanta draw fresh buy calls
With Nvidia guiding top-five hyperscaler capex toward ~$800B in 2026 and ~$1.3T in 2027 and Oracle carrying $455B of remaining performance obligations, the electrical-supply chain that feeds those data centers moved to the front of the trade. GE Vernova (backlog ~$176B; Bernstein Outperform $1,206) and Quanta Services (backlog ~$48.5B) drew fresh Sept 17 buy calls and were validated as desk buys today, both on the beneficiary side of the AI-power theme. The risk is valuation — GEV trades near 40x forward earnings — and any sign the buildout is being financed from within the AI industry rather than by outside demand.