GE Vernova (GEV) Acquiring Alteia for AI-Grid Tools

GE Vernova Inc. (NYSE:GEV) is one of the best 52-week high stocks to buy now. On July 21, the company confirmed plans to acquire France-based Alteia as it seeks to bolster its arsenal of artificial intelligence tools that utility companies use to review their grids.

The company already offers Alteia’s software through its GridOS Visual Intelligence. The acquisition will enhance the system by integrating visual and operational data. The acquisition also comes at a time when GE Vernova is experiencing growth in its electrification software segment.

RBC Capital Markets expects robust growth in the electrification software segment, based on mid-single-digit percentage growth rates in recent years. That’s because GE Vernova is capitalizing on the growing demand for power from data centers, which are used in AI and cryptocurrency technologies. Power demand is expected to hit all-time highs this year.

GE Vernova Inc. (NYSE:GEV) develops and provides technologies and services for the energy industry, specifically in power generation, grid solutions, and electrification. It’s a key player in the global energy transition, aiming to deliver reliable, affordable, and sustainable energy solutions.

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Disclosure: None. This article is originally published at Insider Monkey.