Bloom Energy Is an AI Power Supply Bottleneck Bellwether. Why the Stock Is Tumbling.

Bloom Energy and other energy stocks related to the AI trade continued their declines Thursday. (Courtesy Bloom Energy)

Key Points

• Bloom Energy shares fall Thursday, following a 9.2% decline on Wednesday.
• The stock drop occurs as credit investors worry about mounting debt and future borrowing costs at AI infrastructure provider CoreWeave.
• Other energy stocks tied to the AI data-center buildout, including Plug Power and GE Vernova, also are declining.

Shares of Bloom Energy and other energy stocks closely related to the artificial-intelligence trade continued to fall in premarket trading Thursday as Wall Street’s concern about debt continued to hit the AI sector.

Bloom Energy stock fell 5.7% to $225.75 in premarket trading on Thursday after ending Wednesday down 9.2%. The company, which supplies on-site power solutions to data centers, has been viewed as somewhat of a bellwether for the AI energy supply bottleneck.

The stock has also been on a torrid pace and had gained 203% on the year prior to its decline on Wednesday as investors have been confident that the data-center buildout will support strong demand for Bloom Energy’s services.

That bellwether, however, flashed a warning signal Wednesday as CoreWeave saw a significant selloff in its corporate bonds as credit investors worried about the AI infrastructure provider’s mounting debt burden and future borrowing costs.

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Those fears continued Thursday with CoreWeave stock and shares of several other of the so-called neocloud providers falling again.

The fallout wasn’t just hitting Bloom Energy. Several other energy stocks that are deeply tied to the AI data-center buildout were also falling.

Shares of Plug Power were down 3.5% before the opening bell on Thursday, adding to a 7% decline from Wednesday. GE Vernova stock, declined 3.6% in premarket trading on Thursday after ending Wednesday down 6.2%.

Major power providers Constellation Energy and Vistra declined 5.5% and 6.5%, respectively, on Wednesday and continued to fall Thursday.

The once popular stocks of companies focusing small modular nuclear reactor technology were also sliding. Shares of Oklo, Nano Nuclear Energy, and NuScale Power all declined more than 8% Wednesday and were on pace to slide further Thursday.

Many of these stocks have experiences robust performances in recent years on expectations of surging energy demand brought on by AI. But these companies are also reliant on long-term contract with Big Tech companies and hyperscalers.

If debt and capital is a problem, Bloom Energy and these energy stocks could be the canary in the coal mine for the AI trade and it wasn’t looking good Wednesday and Thursday.

Write to Kit Norton at kit.norton@barrons.com

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