Growth in the coming years is already visible; what truly determines returns is how much longer this power equipment boom can last.

GE Vernova sits at the tightest bottleneck in global power equipment. AI data centers, utilities, and industrial customers are simultaneously boosting investments in power generation and grids, pushing orders for gas turbines, transformers, and switchgear out for years. While the company’s growth over the next two to three years is easy to foresee, the real challenge lies in judging whether this boom can extend beyond 2028—and how much margin for error remains at current stock prices.

My view is that GEV is worth being bullish on for the long term, but current prices lack a margin of safety. Gas turbines and…