Bloom Energy shares rallied 13% to $238 on Wednesday following an announcement that Nebius Group, an NVIDIA-backed AI cloud operator, selected the company's fuel cells as the power solution for its 300-megawatt AI data center project in Vineland, New Jersey. The stock has now advanced 171% year to date, according to reporting from 247wallst.com. Nebius management disclosed the partnership during its Q2 2026 earnings call, describing Bloom Energy's fuel cells as "an on-site power solution delivering reliable power quietly and ultra-low emissions," with no significant impact on the project timeline.
Company officials noted that the Bloom partnership helps unlock and expedite sites that had faced permitting, zoning, and community opposition related to proposed on-site gas generation. Nebius reiterated its goal of raising its contracted-power target to 5 gigawatts by year-end 2026, according to comments from Chief Commercial Officer Tom Blackwell and Chief Product and Infrastructure Officer Andrey Korolenko. The move reinforces narrative momentum building around Bloom Energy's AI data center power positioning.
CEO KR Sridhar stated during the company's July 28 earnings report that "all the major US hyperscalers and over a dozen US neoclouds, AI labs, and colocation data center operators have validated and approved our power solutions for their AI factories." Bloom Energy reported Q2 2026 revenue of $1.07 billion, representing 165.5% year-over-year growth, with product revenue climbing 215.4%. The Bloom Energy announcement lifted the broader fuel cell sector on a sympathy read-through. FuelCell Energy shares advanced 11% to $21.35, while the Global X Hydrogen ETF (HYDR) gained 4% to $46.13.
Plug Power, which led the sector on Tuesday with a 10% gain following its own Q2 2026 margin turnaround and raised 2026 guidance, lagged on Wednesday with a 3% advance to $2.29. FuelCell Energy has posted a 192% year-to-date gain, reflecting rapid capital rotation into fuel cell names as the AI power narrative gains traction. The HYDR ETF concentration in U.S. fuel cell names—with Bloom Energy at 15.5%, Plug Power at 10.8%, and FuelCell Energy at 7.2% of net assets—means the ETF's 4% move represents a direct pass-through rather than a diversified sector signal.
NBIS stock itself surged 26% to $243.54 following the Q2 earnings report, while NVIDIA shares climbed 3% to $223.14. Bloom Energy's analyst target price sits at $273.51, above the current spot price, though the shares carry a P/E ratio of 284.64x and a beta of 3.832. The full-chain put/call ratio reads 1.5, with hedging concentrated in later-dated tenors.
Source: 247wallst.com
Source: 247wallst.com