BE - Bloom Energy

Too complex/risky, recently accused of fraud, not confident in evaluating, high speculation

Host says Bloom Energy 'looks expensive as ever' and questions the durability of its earnings at 100+ PE.

Bloom Energy provides on-site power solutions critical for AI data centers.

Part of the energy layer, builds fuel cells for the grid. AI data centers consume massive power and the current grid can't keep up. Bloom Energy helps address this gap.

Textbook shallowing consolidation breakout pattern after a massive move from 25 to 150, indicating institutional accumulation and supply being sucked out.

Still a top 10 holding but trimmed by about a third. Aschenbrenner maintains conviction in fuel cells for data center power but took some profits

Aschenbrenner bought ~$875M in Bloom Energy at ~$105/share, a fuel cell company that generates electricity on-site for data centers, bypassing the broken US grid. The position grew to $2.2B within 6 months. The host validates this thesis, noting the power infrastructure bottleneck is real.

Host notes the $2.6B agreement with Nebius to install, operate, and maintain fuel power supply systems. This is mentioned in the context of energy being the largest bottleneck for AI growth.

Cited as a leader stock example, up 217% year-to-date, far more than double the S&P 500 performance. Part of the leading energy industry.

Bloom Energy has a deal with Oracle and AI data centers need uninterrupted power. Fuel cells are critical for powering data centers at scale, making BE a key energy play for AI infrastructure.