Companies whose revenue is leveraged to GEV's growth. Data from Bloomberg SPLC, captured 2026-04-25. GEV stock $1,149 (+495% YTD), market cap $309B.
Tier-1 suppliers (total)
111
23 with disclosed % exposure
End-customers
83
Mostly global utilities
Top supplier (by GEV cost)
Arcosa
27.55% of GEV CAPEX
Most levered name
TPI Composites
56.4% of TPI rev = GEV
How to read this: "Supplier rev % from GEV" is the share of that supplier's revenue tied to GEV — high values mean the supplier rises and falls with GEV. "GEV cost share" is how much of GEV's spend goes to that supplier — high values mean GEV is concentrating its purchasing there. The disclosed tag means the relationship comes from filings (10-K, S-1, or supplier cash flow); inferred is Bloomberg's algorithmic match.
Supplier
Ticker
Country
Segment
Supplier rev % from GEV▼
GEV cost share
3M price
What they sell GEV
wind blades, towers, gearboxespower gas turbines, nuclear, steamgrid transformers, switchgear, T&Dmulti serves several segments
"What they sell GEV" is inferred from each company's public business description and product lines, not directly from Bloomberg SPLC. Use as a starting point for further diligence.
These are the raw materials GEV's suppliers buy in volume. Commodity producers benefit from GEV's growth one step removed from the direct suppliers — they're the "tier-2" exposure even without naming individual companies.
Commodity
1M
3M
1Y
Suppliers exposed
Top supplier
Steel
+1.24%
+1.75%
+0.83%
60
Nippon Steel
Copper
+9.99%
+1.48%
+41.70%
39
Nippon Steel
Nickel
+12.18%
+1.38%
+20.19%
25
Nippon Steel
Cobalt
+0.08%
+0.12%
+61.33%
9
Howmet Aerospace
Zirconium
+14.44%
+23.35%
+14.44%
4
ATI Inc
Cobalt and copper 1Y moves are striking — both are EV/electrification commodities, and GEV's grid build-out is a major driver of demand. Zirconium is heavily nuclear-linked (cladding for fuel rods); ATI is the top exposed supplier and one of GEV's tier-1 names.
Indirect commodity beneficiaries (industry-typical, not from Bloomberg SPLC)
These public producers are the most natural way to express the GEV-driven commodity thesis. Confirm exposure mix yourself — most are diversified, so GEV's pull-through is one factor among many.
Copper
FCX, SCCO, ANTO LN, BHP, RIO
Wiring, transformers, motors
Nickel
VALE, NILSY, GLEN LN
Stainless, superalloys
Cobalt & rare earths
MP, LYC AU, GLEN LN
Permanent magnets in wind generators
Steel (specialty)
NUE, STLD, X, MT, CLF
Wind tower plate, casing
Electrical steel
CLF, NUE, JFE JT, NSC JT
Transformer cores
Zirconium / titanium
ATI, HAYN, CRS
Nuclear cladding, gas turbine hot section
GEV's customers are global utilities. They're not beneficiaries of GEV's growth — they're the source of it. But knowing them helps map regional demand: where these utilities are spending CAPEX is where GEV is growing.
Customer
Country
GEV rev % from them
% of their CAPEX
3M price
Duke Energy Corp
US
0.86%
2.27%
+8.38%
National Grid PLC
UK
0.65%
2.38%
+8.69%
Korea Electric Power Corp
KR
0.64%
2.60%
−23.97%
Southern Co
US
0.64%
1.41%
+6.80%
RWE AG
DE
0.64%
2.46%
+16.75%
Entergy Corp
US
0.53%
2.59%
+21.94%
EnBW Energie Baden-Wuerttemberg
DE
0.46%
2.60%
+1.47%
Taiwan Power Co
TW
0.45%
2.60%
—
Elia Group SA/NV
BE
0.43%
2.54%
+21.55%
Enel SpA
IT
0.41%
2.29%
+8.92%
Engie SA
FR
0.36%
1.92%
+17.34%
Ontario Power Generation
CA
0.27%
2.60%
—
Constellation Energy Corp
US
0.23%
2.60%
+8.47%
Kansai Electric Power
JP
0.19%
2.35%
−0.43%
Iberdrola SA
ES
0.17%
—
+8.52%
Power Grid Corp of India
IN
0.16%
2.44%
+24.49%
Ternium SA
LU
0.14%
2.50%
−1.12%
Public Power Corp SA
GR
0.11%
1.52%
−6.22%
Baker Hughes Co
US
0.09%
2.60%
+27.86%
NRG Energy Inc
US
0.07%
2.38%
+7.04%
Top 20 of 83 customers shown. The diffuse customer base (no single customer > 1% of GEV revenue) is a structural strength — GEV's growth isn't tied to any single utility's CAPEX cycle.
Where GEV's own revenue comes from versus where its suppliers are based. The big number: 38 of 111 suppliers are domiciled in China — the largest single-country supplier base, despite China being only ~6% of GEV's revenue. That's a material geopolitical/tariff exposure.