Bloom Energy (BE) Soars to New High, Rides AI Rocket

We recently published AI Frenzy: 10 Stocks Crushing the Market, 6 Climb to Fresh Highs. Bloom Energy Corp. (NYSE:BE) is one of the top performers on Wednesday.

Shares of Bloom Energy rallied to a new all-time high on Wednesday, as investor funds flocked into AI stocks, supported by a new $43.9 million supply deal with India-based MTAR Technologies.

During the session, the stock soared to its highest 52-week price of $65.63 before trimming gains to end the day just up by 14.47 percent at $62.96 apiece.

According to reports, Bloom Energy Corp. (NYSE:BE) made orders from MTAR Technologies for hot box assemblies and electrolyzer units, critical to its solid oxide fuel cell (SOFC) systems.

Investors took the acquisition positively, especially with energy demand from data centers continuing to grow.

Last month, Bloom Energy Corp. (NYSE:BE) inked a supply agreement with Oracle Corp., under which it will deliver fuel cell technology to select Oracle Cloud Infrastructure (OCI) data centers in the US to support the growing demand for its cloud computing services. Details about expected revenues and supply volume have not been disclosed.

Bloom Energy Corp. (NYSE:BE) also hinted at similar deals “coming soon.”

In line with the booming artificial intelligence industry, Bloom Energy Corp. (NYSE:BE) said it was targeting to double its total capacity to 2 GW by the end of 2026 from 1 GW at present. Of the 1 GW, more than half is currently supplied to critical data centers.

While we acknowledge the potential of BE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.