Nvidia became a standout winner with its advanced chips, helping it become the world's most valuable publicly traded company. However, investors are increasingly recognizing that the AI boom depends on far more than just chips, with critical inputs such as specialized materials, energy, tech products, and AI data centers.
Among the most critical are AI data centers that serve as the nucleus for AI infrastructure. These large data centers house the chips, fiber optic cables, HVAC, liquid cooling, and everything else that is needed for the AI boom. However, these same AI data centers need energy.
Bloom Energy (BE 1.05%) powers these data centers with its on-site solid oxide fuel cell technology, and investors have noticed. The stock is up by 700% over the past year and has more room to run.
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"Bring your own power" is here to stay
After sharing triumphant fourth-quarter 2025 results that featured 37.3% year-over-year revenue growth, Bloom Energy CEO KR Sridhar told shareholders that "bring-your-own-power has shifted from a slogan to a business necessity for AI hyperscalers and manufacturing facilities."
NYSE: BE
Key Data Points
A $20 billion backlog speaks to the rising importance of bring-your-own-power. Tech giants have loaded up on AI chips, but those chips don't do much good if there isn't enough energy. It's similar to someone who has 100 iPhones in their home but only 10 plugs. Some iPhones will sit idle in this example, and that same scenario is playing out for tech companies that have the AI chips but have insufficient power and AI data center space.
Bloom Energy's guidance also suggests that bring-your-own-power is gaining momentum. Full-year 2026 guidance calls for $3.2 billion in revenue at the midpoint, which is more than 50% higher than the $2.02 billion mark Bloom Energy set in full-year 2025.
Every new AI data center represents a lucrative income stream for Bloom Energy
Bloom Energy has established itself as a leader in the bring-your-own-power business model and already works with some of the largest companies. The company recently announced a partnership with Oracle to supply power for its AI data centers. Bloom also launched a $5 billion strategic AI infrastructure partnership with Brookfield Asset Management.
All these partnerships will strengthen Bloom Energy's credibility and turn it into the go-to resource as AI data center construction continues. Goldman Sachs projects AI's portion of the data center market to more than double to 30% over the next two years.
As more capital flows into AI, it creates more chips and data centers that will require energy. Bloom Energy is at the center of a tremendous long-term opportunity, which explains why it has crushed the S&P 500 over the past year.
