Bloom Energy Stock: MiTAC Order for AI Campus
Article excerpt
An analyst reiterates his price target of 350 dollars, the fuel cell specialist reports new orders from the AI business – and yet the stock slides. Bloom Energy closed on Friday with a loss of 4.63 percent at 189.60 Euros. Anyone following the news over the past few weeks quickly understands why investors remain nervous despite strong operational development: A deep trust gap currently exists at Bloom Energy between record figures and legal disputes. Evercore ISI analyst Nicholas Amicucci reiterated his Buy rating and price target of 350 dollars on Tuesday, after Bloom announced an expansion of its partnership with MiTAC Computing Technology. The fuel cell manufacturer is now supplying a microgrid for MiTAC's AI server manufacturing campus in Fremont, California, in addition to an existing facility in San Jose. For the first time, Bloom also quantified how many customers it now serves in the AI infrastructure business: almost two dozen, significantly more than the previously known names Oracle, Nebius, Brookfield, AEP, and Equinix. For me, this is precisely the real core of the Bloom story – a business that is visibly detaching itself from a few large customers. The second quarter provided the fundamental basis for this. On July 28, Bloom reported record revenue of 1.065 billion dollars, exceeding the billion-dollar mark for the first time and representing a 166 percent...
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GAAP operating income turned from a loss in the prior-year quarter to a profit of 182.2 million dollars.
