Shares of Bloom Energy Corp. (NYSE:BE) are trading higher Thursday morning. The upward momentum builds on a 16% monthly climb, driven by surging demand for its solid-oxide fuel cell technology across artificial intelligence data centers, constructive backlog projections and lingering momentum from recent institutional investment disclosures.
- Bloom Energy stock is among today’s top performers. What’s driving BE stock higher?
Data Center AI Boom And $50 Billion Backlog Projections Fuel Momentum
Underpinning August’s rally is investor digestion of Bloom’s second-quarter financial update reported on July 28, where the company posted record quarterly revenue of $1.07 billion, up roughly 166% year-over-year, and adjusted EPS of 78 cents, comfortably beating Wall Street expectations.
The rapid top-line growth has been powered by AI infrastructure developers seeking rapid, off-grid power solutions to bypass long utility grid interconnect delays.
Sentiment received a further boost after Chief Executive Officer KR Sridhar confirmed during the second-quarter earnings call that backlog expansion continues to outpace revenue growth.
Additional catalysts supporting the move include a public congressional filing on Aug. 21, disclosing that Nancy Pelosi’s spouse, Paul Pelosi, acquired up to $12 million in BE shares and call options across July 24 and July 28, as well as an analyst price target raise by Jefferies to $229 on August 14.
BE Shares Climb Thursday Morning
BE Price Action: Bloom Energy shares were up 5.52% at $230.25 during premarket trading on Thursday, according to Benzinga Pro data.
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