Bloom Energy (BE) is up roughly 250% in 2025, massively outperforming the S&P 500. The main catalyst is AI data centers needing reliable off-grid power. They signed deals with Brookfield Asset Management and Oracle to supply fuel cells for this infrastructure. The company is profitable and has hit record revenue for four quarters in a row. For 2026, the thesis depends on whether data center build-outs continue at this pace. They do face competition from nuclear options like Oklo and NuScale, but grid constraints are keeping demand high for now.