Once obscure gas turbines are experiencing a remarkable resurgence, driven by the power demands of the AI era. To meet the escalating electricity needs of artificial intelligence, global capital, particularly from the North American market, is focusing on traditional power generation equipment like gas turbines, gas internal combustion engines, and diesel generators. Stimulated by this demand surge, related A-share companies are seeing both orders and stock prices climb significantly. Yingliu Co., Ltd., a supplier of turbine blades for gas turbines, has seen its stock price increase by over 50% year-to-date. Dongfang Electric Corporation, a direct manufacturer of gas turbines, has also witnessed a stock price rise exceeding 30% this year.

Analyses from financial institutions suggest that the ongoing global expansion of data centers will create substantial new power demand. It is projected that U.S. AI data centers alone will require an additional 31 gigawatts (GW) of electricity over the next five years. Gas turbines, with advantages such as quick start-up, ease of deployment, stable power generation, energy efficiency, environmental friendliness, convenient maintenance, and low cost, are positioned as a potentially optimal power solution for AI data centers (AIDC).

The gas turbine sector is witnessing a simultaneous boom in orders and stock prices, fueled by the electricity demand from continuous AIDC construction. On the evening of February 1st, Jereh Group announced that its wholly-owned subsidiary, GenSystems Power Solutions LLC (GPS), signed a sales contract with a U.S. client to supply gas turbine generator sets worth $181.5 million (approximately 1.265 billion RMB). Following a breakthrough in the North American market in November 2025, Jereh has secured four consecutive orders in the region, with a total contract value of around 3.4 billion RMB. Buoyed by these substantial orders, Jereh's stock price has performed strongly. The company's stock surged 96% throughout 2025, and has gained another 38.94% in less than two months this year. Similarly, Yingliu Co., Ltd., a supplier of turbine blades, has seen its stock price rise over 50% year-to-date, while Dongfang Electric Corporation, a direct manufacturer, is up more than 30%.

This positive momentum in the global gas turbine market is expected to continue. Zhongtai Securities predicts that U.S. AI data centers will require an additional 31 GW of power over the next five years. Global data center electricity consumption is forecast to grow from 415 terawatt-hours (TWh) in 2024 to 945 TWh by 2030, with the U.S. accounting for 45% of this demand. Soochow Securities also points out that North America's power shortage stems from the conflict between the non-linear growth of AI-related power demand and aging grid infrastructure. On the demand side, a surge in U.S. AIDC projects is driving rapid growth. On the supply side, while total supply may meet demand in the short term for 2025, the U.S. faces challenges of declining stable long-term supply and regional shortages. Based on North American supply-demand imbalances and rising AI capital expenditure, the North American Electric Reliability Corporation (NERC) anticipates an average annual peak capacity shortfall of over 20 GW in the U.S. from 2027-2030, with significant risks in Texas, the Mid-Atlantic, the Midwest, and California. The Department of Energy (DOE) forecasts an average annual peak shortfall of 20-40 GW by 2030.

Soochow Securities stated, "Considering factors like cost, construction cycle, and environmental impact comprehensively, gas turbines currently represent the optimal solution for AIDC self-built power, with gas internal combustion engines, Solid Oxide Fuel Cells (SOFC), and diesel generators serving as effective supplements." In combined-cycle configurations, gas turbines can achieve power generation efficiency exceeding 60%, with the lowest cost per kilowatt-hour. Current gas turbine installation rates are accelerating, with global new installed capacity in 2025 expected to approach the peak of the previous cycle rapidly. Order backlogs for leading manufacturers like GE Vernova, Siemens, and Mitsubishi Heavy Industries extend to 2029. Furthermore, according to a Gas Turbine World report, global gas turbine sales orders in megawatts (MW) are projected to increase from 58 GW in 2024 to 71 GW in 2025, with the number of unit orders rising from 471 in 2024 to 964 in 2025.