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GE Vernova – one of only three major makers of gas turbines globally – has yttrium inventories to last the rest of 2025 and into next year, Strazik said, although he did not disclose how long into next year supplies would last.

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The company is also investing in alternatives to replace certain rare earths used in production if it became necessary, although there were cost or performance trade-offs in some cases, he added.

“We are very focused on it every day,” Strazik said in response to a question about yttrium shortages at an investor day on Tuesday.

“We’re in good shape for the foreseeable future based on the fact that we have everything we need for this year into next year. But we will continue to be opportunistic whenever there’s an opportunity to add to the inventory,” he added.

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Warner Bros Discovery investors met Paramount chief executive David Ellison in New York on Tuesday as he tried to convince them that his company was a better bet than Netflix in the fight to control the Hollywood group.

Ellison and his deputies left several WBD shareholders with a positive view of the advantages of Paramount’s $108bn bid over Netflix’s offer, according to investors and others who attended the meetings.

Flanked by his chief legal officer Makan Delrahim and chief strategy officer Andy Gordon, Ellison tried to assuage concerns about Paramount’s reliance on investors from the Middle East to fund its offer — which became a point of contention in negotiations with WBD’s board.

“They . . . did an extraordinarily good job at answering questions at a regulatory level, state level and global level with regards to the difference between Netflix and Paramount,” said Mario Gabelli, a fund manager and veteran media investor who attended Tuesday’s meetings.

His fund holds WBD stock worth about $160mn at Tuesday’s share price.

Paramount’s tender offer to acquire stock from current shareholders would circumvent WBD’s board of directors.

Gabelli said: “My clients would be better off . . . tendering their stock [under the Paramount offer] if Netflix doesn’t change the structure of their proposed bid.”

The bidding war has thrown the future of the Warner Bros movie studio, HBO and CNN into question and drawn in US President Donald Trump, who has said he “would be involved” in the decision. 

A deal would require approval from federal competition regulators, and could face scrutiny from US states as well.

Gabelli said Paramount’s bid would probably close faster because it was “less complicated” from a regulatory standpoint. “Netflix has to bump the price.”

Semafor earlier reported some details of the meetings with Ellison, which took place alongside a UBS investor conference.

Netflix was also meeting with WBD shareholders this week, according to people familiar with the matter.

The meetings come after WBD on Friday accepted a $83bn bid from Netflix to acquire its studio and streaming business. On Monday, Paramount countered with an all-cash $108bn hostile offer that values the whole of WBD, including its television channels, at $30 a share. 

The showdown has propelled WBD’s share price from $12 in September to $28 at the market close on Tuesday.

“We’ve been pleased with what the board has done,” said Robert Bierig, portfolio manager of the Oakmark Fund at Harris Associates, the fourth-largest WBD shareholder, who would not disclose which bid they preferred. “When an asset like this goes up for sale, there’s an argument to pay more than the standalone value [of Warner].”

Netflix has offered $23.30 in cash and $4.50 worth of Netflix stock for each WBD share — and would not acquire WBD’s traditional television channels, including CNN.

WBD shareholders have until January 8 to accept Paramount’s bid, while its board has to respond by December 22.

Some WBD shareholders expect Paramount to lift its bid before the tender offer expires, after Ellison’s company said in a regulatory filing that $30 was not its “best and final” price.

Paramount is privately weighing an increase, or whether to instead add sweeteners intended to give WBD’s board greater confidence in its regulatory prospects versus Netflix, according to people familiar with the matter. 

Paramount declined to comment. WBD and Netflix did not immediately respond to requests for comment.