The turbine that GE Vernova can't build fast enough is now the AI trade's biggest bottleneck

GE Vernova, held at 11.5% by the AI Infrastructure tracker, is the scarce supplier: gas turbine backlog hit 116 GW in Q2 and sold-out slots now stretch to 2031, letting it price new equipment over 20% above late 2025. That pricing power is the payoff. The catch for the two NVDA-heavy trackers (Tepper 6.1%, Pelosi 18%): if turbines don't arrive until 2030-31 and utilities like Exelon are already cutting data center load forecasts, the power bottleneck could throttle the AI buildout those chip bets depend on.