Wafer-scale technology could deliver 100X the performance while using 90% less energy...
Dear Fellow Investor,
While everyone’s fighting over AI scraps...
Trump just triggered what I believe is the biggest tech disruption since the internet.
I’m George Gilder. I’ve been calling tech revolutions for 40+ years.
When I predicted cell phones would change everything in 1991, people laughed.
When I said streaming video would kill Blockbuster in 1994, Wall Street ignored me.
When I called Amazon’s dominance in 1996, investors shrugged.
Those “crazy” predictions were followed by insane returns:
- Apple: 249,900% since IPO
- Netflix: 112,700% from going public
- Amazon: 216,100% since IPO
Now I see something even BIGGER brewing…
I see the death of big data centers coming. And My research suggests three companies are making it happen: building what I call the “Trillion Dollar Triangle”:
- Wafer-scale chips 100X faster than current systems
- 90% energy reduction
- Technology that makes AI data centers unnecessary
Make no mistake... This could be one of the biggest opportunities I’ve seen in over four decades.
>> Get the three company names before Wall Street catches on <<
To the future,
George Gilder
Editor, Gilder’s Technology Report
AI Power Crunch: Why Bloom Energy Is the Hidden Winner
Author: Jeffrey Neal Johnson. Published: 2/11/2026.
Key Takeaways
- Bloom Energy offers data centers a rapid power solution and efficient architecture that successfully bypasses traditional utility grid delays.
- Strategic partnerships with major asset managers and utilities have validated the technology and secured a massive backlog of future product orders.
- The company has achieved operating profitability while favorable government legislation provides long-term certainty for tax credits and expansion.
For the past two years, the stock market has been obsessed with the brains behind the artificial intelligence (AI) revolution. Investors poured billions into companies designing advanced chips and building large language models, driving valuations to historic highs. But while the market focused on computing power, a massive physical bottleneck quietly emerged that now threatens to derail the industry: a global shortage of reliable electricity.
The United States' electrical grid is aging, congested, and struggling to meet modern demand. In major data center hubs such as Northern Virginia and Silicon Valley, interconnection queues (the waiting list to connect new commercial facilities to the power grid) now stretch three to five years. Those delays are catastrophic for technology companies racing to deploy AI infrastructure.
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These companies must bring billions of dollars of AI chips online quickly to remain competitive. An AI data center cannot function without massive, continuous, and reliable power, and the traditional utility model is failing to keep pace.
Enter Bloom Energy (NYSE: BE). Once viewed primarily as a speculative bet on a future hydrogen economy, Bloom has pivoted to address this immediate crisis. It is no longer just a clean energy company; it has positioned itself as a critical infrastructure provider offering a rapid time-to-power solution that can bypass the utility grid entirely.
Wall Street is noticing. The stock has risen roughly 489% over the past year as investors recognize Bloom provides the physical heartbeat necessary to sustain the AI boom. The company's recent fourth-quarter earnings reinforced this momentum: Bloom delivered earnings per share (EPS) of $0.45, well above analyst expectations of $0.25.
The Competitive Moat: Speed and Physics
The primary reason Bloom is winning contracts over traditional utilities is one metric: speed. In the high-stakes world of AI, time is money. Every month a data center sits idle awaiting a power connection represents millions in lost revenue and a potential loss of market share.
Traditional utilities often require years to upgrade transmission lines and substations for a new hyperscale facility. Bloom offers a faster alternative by installing solid-oxide fuel cells on-site and effectively turning a data center into its own independent power plant. During the recent earnings call, CEO KR Sridhar said the company deployed a hyperscale AI "factory order" in just 55 days — well under Bloom's typical 90-day deployment window and orders of magnitude faster than multi-year grid timelines.
Beyond speed, Bloom holds an engineering advantage rooted in physics. The traditional electrical grid delivers power as alternating current (AC), while computer chips and server racks run on direct current (DC). Connecting a data center to the grid requires heavy, costly, and inefficient equipment to convert AC to DC. That conversion wastes energy as heat, which then demands additional cooling.
Bloom's Energy Servers generate electricity natively as DC. The company's new 800-volt DC architecture allows its fuel cells to connect directly to AI server racks, eliminating multiple conversion steps and removing the need for massive transformers and rectifiers. The result is a more energy-efficient system that produces less waste heat and occupies a smaller physical footprint — a meaningful advantage where floor space is premium real estate.
Institutional Validation: The $20 Billion Backlog
Bloom's shift from a niche energy product to essential infrastructure is reflected in the caliber of its contracts. The technology is being deployed at industrial scale by some of the largest capital allocators in the world.
In late 2025, Bloom announced a strategic partnership with Brookfield Asset Management. Brookfield established a $5 billion financing framework dedicated to deploying Bloom's fuel cells. That deal serves as a vote of confidence, validating the asset class and providing Bloom with a funded pathway to scale. Crucially, it enables Bloom to deploy units without leveraging its own balance sheet for every project, preserving capital for manufacturing expansion.
Utilities are also recognizing they cannot meet demand alone. American Electric Power (NASDAQ: AEP), one of the largest U.S. utilities, signed a supply agreement for up to 1 gigawatt (GW) of solid-oxide fuel cells. This signals a shift in utility strategy: instead of treating on-site generation as competition, major utilities are partnering with Bloom to address capacity constraints.
Further validation comes from the tech sector: Bloom's collaboration with Oracle (NYSE: ORCL) to power AI data centers included warrants giving Oracle the option to purchase more than 3.5 million shares of Bloom stock. That creates financial alignment where a major customer benefits directly from Bloom's success. These strategic wins have pushed Bloom's product backlog to roughly $6 billion — a 140% year-over-year increase. When combined with long-term service agreements, the total backlog now sits at about $20 billion, offering high visibility into future revenue.
Growth, Guidance, and Government Support
The financial data supports the bullish case. Bloom Energy finished fiscal 2025 (FY2025) with record revenue of $2.02 billion, up 37% year over year. Management projects FY2026 revenue between $3.1 billion and $3.3 billion — which, if realized, would represent year-over-year growth exceeding 50%.
Importantly, the company has improved profitability. For FY2025, Bloom reported non-GAAP operating income of $221 million, distinguishing it from many peers in the clean energy sector, such as Plug Power (NASDAQ: PLUG), which continues to struggle with cash burn and negative margins. Bloom has shown it can grow revenue while maintaining fiscal discipline.
Investors also benefit from a more stable policy environment. The One Big Beautiful Bill Act (OBBBA), passed in 2025, reinstated a 30% Investment Tax Credit (ITC) for fuel cells. The credit applies regardless of fuel source, so customers running a Bloom Box on natural gas today — or transitioning to hydrogen later — qualify. The ITC is available for projects starting construction through the end of 2033, creating decade-long certainty that supports large, multi-year customer commitments.
Scaling for the Future: A Derivative AI Trade
Bloom Energy has successfully shifted from a volatile clean-energy narrative to becoming a derivative play on the AI buildout. The company faces the operational task of doubling its Fremont, California, manufacturing capacity to 2 GW by the end of 2026, but it is well-capitalized to execute: Bloom finished 2025 with roughly $2.5 billion in cash.
Bloom's business model also includes a powerful recurring revenue engine. Every product sale comes with a 100% attachment rate to long-term service contracts. As the installed base grows, so does a steady stream of high-margin service revenue, creating a compounding financial foundation.
For investors seeking exposure to the AI boom without paying premium valuations for chip manufacturers, Bloom Energy offers a compelling alternative. It provides the essential physical infrastructure required to keep the digital revolution running. As long as data centers need power faster than the grid can provide, Bloom is well positioned to grow.
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