GE Vernova (GEV)

The sleeper story is gas turbine capacity becoming a genuine infrastructure bottleneck - they're now sold out through 2030 vs 2029 last quarter, creating a pricing moat that's front-loading profits into 2027-28 faster than models capture. Everyone sees the $22B quarterly orders beat, but the real story is $8 billion in equipment margin added to backlog this year with most deliveries 2+ years out. The binding constraint isn't demand or even supply chain - it's their own factory capacity decisions, which they're deliberately constraining to maximize pricing. Strazik's most revealing quote: 'We continue to like the economics of what we're booking and don't necessarily see us losing parts of the market that we care about' - translation: they're choosing margin over volume. My view changes if gas turbine orders start converting to delivery slots beyond 2030 or if competition emerges with meaningful capacity before 2028.