Why GE Vernova Stock Fell Nearly 11% in May

GE Vernova stock dropped 10.6% in May despite a 71% surge in first-quarter orders and a backlog reaching $263 billion. CEO Scott Strazik at a May conference cautioned that more U.S. states are pushing back against new data center power projects. The company's gas power backlog and slot reservation agreements rose from 83 GW to 100 GW, with management expecting to cross 110 GW by year end. New turbine customers face a waiting list stretching to 2029.