Chevron, GE Vernova Partner to Power AI Data Centers With Natural Gas

Chevron (CVX) and GE Vernova (GEV) have partnered with investment firm Engine No. 1 to build natural-gas power stations for artificial intelligence (AI)-developing data centers in the U.S.

The companies plan to utilize seven GE Vernova natural-gas turbines to deliver up to 4 gigawatts (GW) of power to data centers across the country, with service expected to come online by the end of 2027. For comparison, 4GW could power 3 million to 3.5 million homes, the press release said. 

The stated goal of the partnership is to enable “current and future generations of AI to be developed in the U.S.” That’s notable, as the announcement comes days after Chinese startup DeepSeek released an AI model that runs on less-advanced chips and at a lower cost than those of U.S. rivals like OpenAI.

Concerns over high costs sent shares of nuclear power providers—seen as essential to powering AI data centers—into a spiral Monday, with Constellation Energy (CEG) and Vistra (VST) shares each sinking more than 20%.

GE Vernova, which has a nuclear power division, also saw its stock drop more than 20% Monday. Its shares rose nearly 2% Tuesday, while Chevron shares slipped 1%.