Bloom Energy's demand may not become revenue when customers struggle to secure financing. Capital is difficult to raise in this climate; a reading of management's AI discussion also points to permitting, local opposition and customer credit as obstacles despite robust demand. Even after good earnings, the shares did not look very bullish. x.com  x.com 

Bloom Energy and T1 Energy are still too richly valued to deliver the profits investors expect, so a roughly 50% selloff likely is not over. Bloom Energy makes natural gas generators, neither high tech nor high-margin manufacturing long term, yet trades at 190 times earnings. T1 Energy remains deeply unprofitable and competes in solar, a business known for ultra-low margins. x.com 

Bloom Energy solves power-development bottlenecks, a reason to own its shares. Object Zero lists land, permits, grid access, equipment, fuel security and community political power among the constraints, and says the remaining development sites keep getting worse. x.com 

Bloom Energy's fuel cells cost twice as much as alternative power sources and are less reliable. The product also comes straight out of China, undercutting its appeal. x.com 

Bloom Energy might be a short because incremental power capacity from China, whether new or refurbished turbines, is really bad for quick fixes like fuel cells, which produce far less power per unit. Dongfang Electric earns most of its money from coal boilers and nuclear steam turbines, with data centers a small new business. x.com  x.com 

Bloom Energy's fast on-site generation could earn a premium by shortening the wait for AI compute. Anthropic's S-1 says it may buy generation equipment above prevailing market rates if it can be deployed faster. Some planned Anthropic data centers rely on dedicated on-site gas generation, and it has committed to cover consumer power-price increases they cause. Bloom's pitch is power in months rather than years waiting for the grid. x.com 

Bloom Energy's exposure to a possible 1-2 year delay at Oracle's Project Jupiter does not seem priced in at all. The Stargate behind-the-meter data center in New Mexico, which plans to use Bloom's fuel cells, faces permitting and pipeline-building blockers, as reported earlier this week. x.com 

Bloom Energy can't sustain a 205x EBITDA multiple: it has accumulated $4 billion of losses over its 25 years and can barely eke out a profit even during the biggest capex boom in decades. x.com 

Bloom Energy could look cheap if it hits its revenue targets amid exploding demand for on-site power. Revenue is projected at $4.5B in 2026 and $16B by 2029, implying 3.5x 2029 sales at a $56B market cap. It ranks alongside Forgent Power Solutions, perhaps better, as a buy at current levels. x.com  x.com 

Bloom Energy is probably already priced for perfection after running up like crazy, and it will likely keep trending down now that market sentiment has shifted. x.com