Bloom Energy Slides as AI Power Trade Loses Momentum

Bloom Energy shares fell to about $253.72 in midday trading on Monday, September 14, erasing 8% as investors trimmed positions in the fuel-cell names that had become proxies for the artificial-intelligence power buildout.

The decline arrived less than a week before Bloom is scheduled to enter the S&P 500. S&P Dow Jones Indices said the change will take effect before trading begins on Monday, September 21, with Bloom replacing Molson Coors Beverage in the benchmark. That creates a predictable source of demand from index funds, but it did not prevent traders from taking profits first.

FuelCell Energy dropped roughly 5% to about $15.06, while Plug Power slipped around 1% to $2.08. The broader hydrogen trade also weakened, with the Global X Hydrogen ETF down about 4% during the session. The moves suggested that Monday’s pressure was aimed at the AI infrastructure theme rather than at a new operational setback announced by Bloom.

Bloom has become one of the market’s clearest listed bets on the shortage of electricity needed by data centers. Its solid-oxide fuel-cell systems generate power at the customer’s site, a feature that can help developers avoid waiting years for new grid connections. In April, the company said Oracle intended to procure as much as 2.8 gigawatts of its systems, including 1.2 gigawatts already contracted for deployment across U.S. projects.

The opportunity has attracted a valuation that leaves little room for disappointment. Bloom’s shares had gained about 192% in 2026 before Monday’s retreat, according to the wire report, and the stock was trading at more than 300 times trailing earnings. That makes the equity unusually sensitive to any suggestion that AI spending, data-center construction or the pace of model development might cool.

Recent comments from Anthropic chief executive Dario Amodei and OpenAI chief executive Sam Altman helped revive that debate over the speed and economics of frontier AI investment. The immediate question for Bloom is whether the coming index inclusion can overpower the profit-taking. The longer one is harder: whether demand for onsite power becomes durable revenue, rather than another crowded AI narrative.