電網基礎設施建設時差可能延遲雲端大廠 CapEx 兌現，需提防估值風險溢價。

AI資料中心面臨電力瓶頸，能提供高效發電與智慧調度技術的重電商，其訂單能見度直達2030年。

電網與重電板塊能見度拉長至 3 年以上，受惠於台美兩地巨大的變壓器缺口，物理瓶頸帶來定價權。

GE Vernova stands to benefit enormously from the structural power constraints facing utility companies and data center operators. As one of only three major global manufacturers of CCGT turbines, the company has seen its power-generation equipment pricing double within a very short timeframe. This immense pricing power makes it a key beneficiary of the industrial reshoring and AI power tailwinds.