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Baker Hughes Signs New Power Framework Agreement with Venture Global
Baker Hughes (BKR) announced a new Power Frame Agreement with Venture Global (VG) and GE Vernova (GEV) to support the development of behind-the-meter power generation in the United States. "The framework is designed to support Venture Global's continued LNG production and liquefaction, as well as potential future LNG-adjacent data center development projects. The agreement establishes the framework for the supply of gas turbines, steam turbines and associated equipment and services for up to 16 new power island units. In addition, Baker Hughes will provide the controls and electrical integration technology required to operate each island, including the E-house and electrical control systems. The framework builds on the LNG power island architecture previously deployed by Baker Hughes for Venture Global facilities, providing a repeatable model for behind-the-meter power generation designed to serve LNG production and related industrial operations at scale, with potential support of adjacent applications. Deliveries contemplated under the agreement are scheduled from 2028 through 2034," Baker Hughes stated. Venture Global currently expects to place the first power island purchase order by the end of 2026, with additional orders anticipated beginning in 2027, the company added.
Stocks Fall as Fed Raises Rates, S&P 500 Drops 0.45%
Stocks fell toward their lowest levels since July as the Federal Reserve signaled the possibility of further policy tightening after raising rates for the first time since 2023. Equities erased gains, with the S&P 500 dropping 0.45% and the Dow Jones Industrial Average losing over 1% after the Federal Open Market Committee voted unanimously to increase the benchmark rate to a range of 3.75% to 4%. The Fed's "dot plot" that signals members' view of the outlook for the path of monetary policy suggests one more hike may be coming this year.Get caught up quickly on the top news and calls moving stocks with these five Top Five lists.1. STOCK NEWS:OpenAI has held early conversations with investors about raising another private funding round at a $1.2T valuation before its planned IPO,SK Hynixis in talks with Intelabout a deal to manufacture memory chips in the U.S. for the first time,Appleis developing an enterprise AI server using its own chips and potentially Nvidianetworking equipment,Starbucksis exploring a sale of a majority stake in its Japan business,Trucker J.B. Huntissued abeing hurt by higher costs2. WALL STREET CALLS:Alvotechfrom Underweight at BarclaysStellantisfrom Buy at BerenbergSimilarwebfrom Hold at NeedhamExpediafrom Equal Weight at Morgan StanleyCiti opened anon Metaahead of the company's Connect conference on September 233. AROUND THE WEB:Nvidia, MetaCEOs argue against AI slowdown, FT reportsMucinex and Lysol maker Reckitt Benckiserplans to invest about $400M more over the next four years in the U.S. to speed up product innovation and demand response, WSJ reportsChicago District Judge John Tharp dissolved a previous order that required multiple listings service provider Midwest Real Estate Data to temporarily maintain Zillow'saccess to listings, Reuters saysMetaplans to release a camera-free pair of smart glasses this fall, The Information reportsGoogleis giving all its engineers access to Anthropic's Claude Opus 5 via Antigravity, and says "Gemini remains our primary and foundational model for internal development," Business Insider says4. MOVERS:GE Vernovaafter the power equipment company said it expects to grow to a $200B backlog early next yearTormafter announcing Hafniahas agreed to acquire 4.5M of its sharesBloom Energyafter releasing "The New Rules of AI Power" reportBraskemafter UBS downgraded the stock to SellBorr Drillingafter providing an operational update5. EARNINGS/GUIDANCE:Cienaannouncedout to fiscal year 2029Huntington Bancsharesfor FY27Mercury Systemsfor FY27Trip.comreported, with CEO Jane Sun commenting the company delivered a "resilient performance" in Q2Ispire Technologyreported, with EPS and revenue higher year-over-yearINDEXES:The Dow fell 631.21, or 1.21%, to 51,461.90, the Nasdaq lost 3.15, or 0.01%, to 25,978.42, and the S&P 500 declined 33.92, or 0.45%, to 7,551.81.
GE Vernova CEO Expects Future Services Revenue to Reach $100 Billion
GE Vernova CEO and President Scott Strazik stated earlier while presenting at the Morgan Stanley Laguna Conference: "A few thoughts on the businesses. I referenced before the backlog, $176 billion growing to north of $200 billion, and we spent a lot of time in that backlog talking about our gas power capacity additions, and for good reason. We're going to grow our gas capacity additions by 50% over the course of this year. What I think we can do a better job is helping you understand the services economics associated with those gigawatts on contract... By the end of next year, we'll have contracted $100 billion of future services revenue, and it's just one example on why we see so much growth in this business over the course of the next decade."
GE Vernova Shares Rise 5% to $927.83
Shares of GE Vernova are up $45.02, or 5%, to $927.83 after the company's presentation at the Morgan Stanley Laguna Conference.
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