Bloom Energy (NYSE: BE) has surged 149% in 2026 but sits 39% below its June peak as investors begin pricing in execution risk.
Oracle's Project Jupiter, a $165 billion New Mexico AI campus planning 2.45 GW of Bloom fuel cells, was rejected by regulators for a second time.
New York's one-year statewide data center moratorium signals that regulatory resistance is expanding beyond local disputes into state-level policy risk.
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Artificial intelligence has turned power infrastructure into one of the market's hottest investment themes in 2026. As hyperscale data centers multiply, companies that can supply electricity quickly have become Wall Street favorites. That enthusiasm has lifted everything from utilities to turbine manufacturers and fuel cell providers.
Yet the same growth story that fueled many of those gains is beginning to run into a less predictable obstacle: local opposition. For investors, the next phase of the AI infrastructure buildout may depend as much on regulators and communities as it does on technology. That shift matters for Bloom Energy (NYSE:BE).
Bloom Energy has delivered an enviable return in 2026, with the stock climbing 149% year to date. Yet that headline figure hides a growing loss of momentum. Shares now sit roughly 39% below the June peak after investors began reassessing how quickly the company's biggest opportunities can translate into revenue.
The first blow came earlier this month when a short seller questioned Bloom's long-term growth assumptions and customer concentration. While the market didn't fully embrace the bearish thesis, it added another layer of uncertainty just as expectations for AI infrastructure spending had become increasingly optimistic.
Now another development has put the spotlight back on execution risk.
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Oracle's (NYSE:ORCL) proposed Stargate campus in New Mexico, called Project Jupiter, represents a planned $165 billion investment, making it one of the largest AI infrastructure projects under development. The project originally planned to rely on a natural gas-fired power plant, but following concerns from local officials and residents over emissions and water consumption, that was abandoned in favor of deploying up to 2.45 gigawatts of Bloom Energy's solid oxide fuel cell technology.
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