Shares of BE hit a record $330 after a report highlighted AI-driven data center power shortages and onsite fuel cell adoption.
Bloom Energy (NYSE: BE) shares climbed 15% to nearly $330, reaching an all-time high, following a mid-year update to its data center power report. The report underscored the growing electricity demand from AI and the grid’s inability to meet it, positioning fuel cells as a viable solution for onsite power generation.
The update revealed that 61% of data center developers would opt for self-generated power if grid capacity falls short. It also noted regulatory hurdles, including 18 state bills and 86 local moratoriums proposed as of May. Despite these challenges, contracts are materializing, with Oracle selecting Bloom as a sole power provider for undisclosed projects.
Fuel cells, which produce electricity through a chemical reaction, allow data centers to bypass lengthy utility hookups, accelerating deployment. The report’s findings align with a series of large supply agreements, reinforcing Bloom’s role in addressing AI’s power infrastructure gap.