New York, March 3, 2026, 12:55 PM EST — Regular session
- Bloom Energy shares slipped roughly 6% in midday trading, erasing some of their strong gains from earlier this year.
- Melius points to growing demand for on-site fuel cell power at AI data centers, though the firm says the stock looks pricey.
- Traders have their eyes on Bloom’s conference spots in March, plus the company’s upcoming earnings window.
Bloom Energy Corp dropped roughly 5.8% to $156.41 by midday Tuesday, after slipping to an intraday low of $147.79. Monday’s close was $166.00.
Shares are sliding in a name that’s turned into an AI infrastructure favorite. Melius Research flagged a surge in on-site fuel cell power demand as hyperscalers race to expand, noting a 2.5x leap in product backlog and a 1.5x climb in service backlog over the last year—backlog here meaning signed orders and service work waiting to be fulfilled. The firm described Bloom’s solid oxide fuel cells as running on natural gas, producing electricity by electrochemical reaction rather than burning fuel, and suggested the market might be underestimating future gas demand from this trend. Melius also said Bloom looks priced above “fair value.” 1
Tuesday’s selloff hit a weak market. Wall Street’s primary indexes dropped as traders dealt with the threat of a broader Middle East conflict, rising oil and gas costs, and stubborn inflation that could delay U.S. rate cuts. “Investors worry about additional inflation… the main concern is that oil goes over $100 a barrel and stays there,” said Robert Pavlik, senior portfolio manager at Dakota Wealth. 2
Fuel-cell stocks went their own ways. Plug Power surged, posting both quarterly and annual results and unveiling a shift at the top, bucking the market’s decline. 3
Bloom has been riding a wave of data-center demand, pushing its outlook higher. In its Feb. 5 results, the company logged 2025 revenue of $2.02 billion and put its total current backlog at roughly $20 billion, including $6 billion in product backlog. For 2026, Bloom is guiding for revenue between $3.1 billion and $3.3 billion, with non-GAAP diluted EPS expected to land between $1.33 and $1.48. Founder and CEO KR Sridhar put it plainly: “Bring-your-own-power has shifted from a slogan to a business necessity for AI hyperscalers.” 4
But there’s hardly any cushion for a misstep here. After such a sharp climb, the stock reacts quickly to shifts in risk appetite. Bloom’s case is pinned to steady data-center demand, solid project delivery, and a fuel cost trajectory that stays in customers’ favor.
Investors want to see if Bloom can move from making conference pitches to landing actual deals. The company is on the calendar for TechAdvantage in Nashville, March 8-11, with a Tech Talk set for March 11. It’s also listed as taking part in CERAWeek in Houston, March 23-27. 5
Earnings are up next. According to Investing.com’s calendar, Bloom’s next scheduled report lands May 6. 6
