[DEVELOPING] Rotation from silicon to the power stack holds; desk keeps Quanta and GE Vernova buys with a valuation flag
Coverage keeps framing generation and grid, not GPUs, as AI's binding bottleneck, with global data-center power demand projected above 200GW by 2030 and power lead-times outrunning data-center builds. Quanta carries a record backlog and GE Vernova's data-center orders topped $5B year-to-date, already double the full 2025 total. The desk continues to validate PWR and GEV as buys on this structural driver, but flags GLJ Research's Sept 14 Sell on GEV (target $470) calling it a cyclical gas-turbine maker priced as a secular compounder -- valuation and buildout pace are the offsets to watch.