This AI Infrastructure Stock Is Up 14X in the Last Year (Hint: It's Not Micron)
After surging and sinking during the "green wave," Bloom Energy has rocketed higher as a hot AI data center play.
By Thomas Niel
When you think of top-performing artificial intelligence (AI) infrastructure stocks, names like Micron or SanDisk may first come to mind. And there's one name you may not expect to see: Bloom Energy (BE +0.58%).
While many of its publicly traded peers remain stuck at multiyear lows, this fuel cell company has positioned itself to benefit from booming electricity demand from AI data centers.
Bloom's AI boom
Bloom Energy, a specialist in solid oxide fuel cells, has been in business for over 20 years. Back in the early 2020s, the company appeared to be on the verge of its breakout moment, as U.S. energy policy suggested an accelerating shift from fossil fuels to cleaner energy sources.
However, economic and political changes stymied that trend. In turn, Bloom found itself struggling to live up to Wall Street expectations. As recently as early 2024, its shares were trading at single-digit prices. But in contrast to most other "green wave" companies, Bloom has successfully positioned itself as a leading provider of distributed, on-site power solutions to the data center industry.
Too late to buy, or too early to sell?
The data center boom has proven a boon for Bloom's financial performance. From 2023 to 2025, total revenue zoomed from $1.3 billion to over $2 billion, with gross profits increasing nearly threefold. While the company has so far reached only breakeven profitability, analysts anticipate rapid earnings growth.
Consensus estimates call for sales growth of 84.3% and 72.6% in 2026 and 2027, respectively. After earnings of $0.76 per share in 2025, estimates call for earnings to more than double in 2026, to $2.14 per share, then more than double again in 2027, to $4.36 per share. But with the stock's massive run-up, this growth may be factored into Bloom Energy's valuation -- and then some. Currently, shares trade for nearly 170 times forward earnings.
However, if the AI data center trade continues, and as Bloom continues to expand data center energy partnerships with major players like Oracle, I wouldn't wager against this top AI stock just yet.