Al Root
GE Vernova was making a comeback Thursday, after a very bad day the previous session.
Shares of the power-generation technology company plummeted 10.5% Wednesday, losing about $72 per share. The stock rose 6.1% early Thursday, up $37 a share, while the S&P 500 and Dow Jones Industrial Average gained 1% and 0.8%, respectively.
The drop appeared to be catalyzed by artificial-intelligence chip start-up Mythic, which recently raised $125 million to take on Nvidia. The start-up is trying to design AI chips that solve "the biggest problem of AI -- its insatiable, ruinous energy consumption," according to Mythic.
In theory, lower energy consumption means less electricity needed and fewer AI business opportunities for GE Vernova. And high-quality, low-cost AI chips from a start-up could eat away at Nvidia's market share and margin.
Nvidia's stock dropped 3.8% on Wednesday. Shares were up 1.6% early on Thursday.
For now, Mythic fears appear to have subsided. How things go from here is anyone's guess.
The AI sector, including utilities and power companies such as GE Vernova, recovered from January fears created by the Chinese AI start-up DeepSeek, which appeared to develop useful AI applications with cheaper microchips and less power.
Coming into Wednesday trading, before the selloff, GE Vernova stock was up 109% year to date. Nvidia shares had gained 32%.
Write to Al Root at allen.root@dowjones.com
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December 18, 2025 10:50 ET (15:50 GMT)
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