Could AI Infrastructure Fuel GE Vernova’s (GEV) Next Rally?

The Parnassus Core Equity Fund, an investment management company, released its second quarter of 2026 investor letter, detailing its performance and outlook. The fund returned 16.83% in Q2 2026, outperforming the S&P 500's 15.20% gain. The fund's performance was bolstered by its holdings in Information Technology, Communication Services, while Energy exposure, Financials, and Healthcare detracted from its returns.

The fund is positioning itself for long-term growth in AI infrastructure, semiconductors, electrification, and industrial automation, while maintaining defensive positions in high-quality, competitively advantaged businesses. GE Vernova Inc. (NYSE:GEV), an energy technology company, was highlighted as a new position in the fund's letter.

The company provides power generation, electrification, and grid solutions to support the global energy transition. Over the past 52 weeks, GE Vernova's shares traded between $530.16 and $1,195.94, with a market capitalization of approximately $279.50 billion as of August 13, 2026. The fund's Q2 2026 letter noted that GE Vernova had previously sold off significantly and reached a valuation that was compelling, gaining on increasing confidence in the durability of AI supply chain power needs.