Bloom Energy spent a decade as a story stock. Q1 2026 turned it into an industrial: $BE just printed 130% revenue, raised guidance twice, and signed Oracle as sole power provider for a 2.45 GW campus. Here’s the setup: The grid problem nobody can wait out US interconnection queues now run 4–7 years for a new large data center load. Hyperscalers building for 2026–2027 can’t wait. Turbines need permits and emissions allowances. Diesel is a stopgap. Solar battery still can’t deliver 24/7 hyperscale baseload. Bloom’s solid oxide fuel cells: 12–18 months from order to operational. Behind-the-meter. Permitted as commercial generation, not utility-scale. The Oracle deal that changed the thesis Project Jupiter (New Mexico) was originally designed as a mix of grid turbines Bloom. April 2026 expansion redesigned it entirely: • 2.45 GW grid-independent campus • Sole power provider: Bloom • Turbines and diesel removed from the design • Master agreement covers up to 2.8 GW Bloom’s entire installed base before this deal was ~1.5 GW. Oracle is committing to nearly double Bloom’s historical deployment in one multi-year campaign. The signal matters more than the dollars. Oracle chose Bloom as the replacement for combustion, not a supplement. Every hyperscaler hitting grid constraints now has a proof point. Q1 2026 numbers • Revenue: $751M ( 130% YoY) • Product revenue: $653M ( 208%) • Gross margin: 30.0% ( 280 bps) • Adjusted EBITDA: $143M (5.7x YoY) • Net income: $71M (flip from loss) • Operating cash flow: $74M (first positive Q1) • Cash: $2.49B Then they raised the guide: • 2026 revenue: $3.4–3.8B (from $3.1–3.3B) • 2026 gross margin: ~34% • 2026 EBITDA: $650–800M • 2026 EPS: $1.85–2.25 Backlog: $20B total. Product backlog up 2.5x YoY. The 5-year math (from ~$70) Bull (50% CAGR, hyperscaler expansion): $27B rev, $18.80 EPS, 30x → ~$564 Base (35% CAGR): $16B rev, $8.56 EPS, 25x → ~$214 Bear (20%, only Oracle): $8.5B rev, $3.43 EPS, 20x → ~$69 Bull 8x. Base 3x. Bear flat. Downside floor anchored by the Oracle commitment alone. I’m watching: 1.Second hyperscaler. The name will be the multiple-expansion catalyst. 2.Capacity expansion past ~5 GW annual. 3.Whether the 34% gross margin guide holds. 4.Project Jupiter milestones — first power, commissioning pace. Risks worth naming Execution (2.45 GW is enormous). Natural gas pricing. Solar storage closing the 24/7 gap. State emissions regulation. Full deep dive in the replies. Not advice. Do your own work.

$BE Unclear where/when this was said. Anyone know? Nuclear is still a few years away. Data centers in space? Yeah also years away. Bloom Energy is the most immediate solution to the energy demand.

Is it April’s Fools? Did I miss something.

I'm still desperately looking for the next Bloom $BE. Can you guys help me out? I cannot find a single public company that truly ticks ALL the boxes for the AI data center power bottleneck. Must have: - on-site power generation, no grid connection needed - modular system, fast deployment - no air permit needed - no or very low water usage - 24/7 baseload power - scalable enough to power 100MW, 300MW or even 1GW data centers - available capacity, not sold out until 2030 - proven technology, not science project Nice to have: - real data center customers, ideally hyperscalers - confirmed orders or deployments today - founder-led or highly aligned management - CEO makes most of his money from equity, not salary I have looked at hundreds of stocks, but every single time there is a catch. If you truly know a ticker that meets ALL criteria, please write it in the comments or send it via DM. P.S. no, not $CGEH. I have already shared with subscribers why. I don't want to talk bad about them, but please suggest other tickers.

Bloom Energy spent a decade as a fuel cell narrative looking for a market. The April 2026 Oracle deal handed them the largest behind-the-meter power commitment of the AI buildout. The deal: - Project Jupiter: 2.45 GW grid-independent campus in NM - Bloom is sole power provider - Replaces gas turbines and diesel entirely - Master agreement up to 2.8 GW total Bloom's installed base before this was 1.5 GW. They nearly doubled it in one campaign. Q1 2026 print: - Revenue $751M, 130% YoY - Adj EBITDA $143M, 5.7x - Operating cash flow $74M (first positive Q1 ever) - Cash $2.49B - Backlog $20B 2026 guide raised to $3.4-3.8B. Gross margin moving to 34%. The math at $70: Bull (50% CAGR): $564, 8x Base (35%): $214, 3x Bear (20%): $69, flat Bear case is anchored by Oracle alone. Bull case is one more hyperscaler deal away. $BE Full breakdown:

Chris Camillo explains how Bloom Energy is solving AI data center energy usage problems… “ $BE is one of the only companies in the world that has a method to essentially bring almost an infinite amount of energy to these data centers." And we won't get into all the technology, but they are now working with hyperscalers and they are a resource for energy that will allow a data center to get ramped up quicker. "So, even though it costs a little bit more money today to put an energy cell from Bloom, an energy box from Bloom, which are energy cells, it essentially takes things like natural gas, but instead of burning the natural gas, there is a chemical process that turns that natural gas into energy for the data center."

I jumped onboard this freedom train. All in for me. This one is moving with a fantastic catalyst. $BE: From Story Stock to Industrial classicalinvestor.beehiiv.co…

Rep. April McClain Delaney just filed her 11th purchase of Nasdaq $NDAQ She sits on the House Subcommittee on Commodity Markets and Digital Assets The same subcommittee that wrote the Digital Asset Market Clarity Act Coincidentally, the Senate is now pushing toward a vote on that same bill in May Nasdaq's entire crypto trading business depends on it passing

$CRDO Q3 FY26 — what mattered on the call: • Record $407M revenue, 52% QoQ, 200% YoY • Non-GAAP GM 68.6%, EPS $1.07 (beat $0.89) • Management expects FY26 to triple FY25 → 6x revenue in two years • 3–4 customers projected >10% of revenue in coming quarters (real diversification past the lead hyperscaler) • Comira acquisition closed — adds protocol, ECC, security IP • PCIe Gen 6 retimers: FY26 design wins → FY27 production revenue • OmniConnect gearboxes ramp FY28 Brennan was clear on the strategy: faster cluster bring-up, higher XPU utilization, lower TCO. Reliability is the moat in AI infra.

I wrote about $CRDO today. Let me know what you classicalinvestor.beehiiv.co…

$CBOE Q1 2026 across the board: •Adjusted EPS came in at $3.70, topping the $3.25 consensus by $0.45  (~14% beat) •Revenue hit $728.9 million, a record for the company and well above the $693.75 million analyst estimate  (~5% beat, 29% YoY) •GAAP EPS of $3.66 vs. $2.37 prior year , up 54% •Stock price over 8% on Friday  to an all-time high -The driver was options. Strength in derivatives and options, especially proprietary SPX options, with broad-based strength across all segments including equities, futures, FX, and Data Vantage . Index options hit record volumes. Guidance was the bigger story though — they raised and cut at the same time: •Total organic net revenue growth to be in the ‘low double-digit to mid-teens’ range, up from prior guidance of ‘mid single-digit’  •Data Vantage organic net revenue growth is now projected to be in the ‘low double-digit’ range, up from our prior guidance of ‘mid to high single-digit’  •Trimmed adjusted operating expense guidance to $838 to $853 million from previous view of $864 to $879 million  Caveat on the cost side: 20% job cuts signal restructuring , part of the “strategic realignment” — that’s where the $100M–$120M annualized savings comes from. So some of the EPS leverage going forward is cost-driven, not just revenue.

$SIMO just emailed out in the newsletter. Hope you enjoy. classicalinvestor.beehiiv.co…

New article in the newsletter. Enjoy, $CBOE classicalinvestor.beehiiv.co…

I’m sending out an pre-print email about $CBOE this morning at 7am. Tomorrow earnings at 7:30am.

Analyst price targets are the worst stock-picking signal on Wall Street. 30-day earnings revisions are one of the best. Price targets are anchored to where the stock already is. Revisions show what analysts are learning — and the market reprices into them every time. If you’re following upgrades, you’re following the wrong number. $GOOG $AMZN $META $MSFT

When you need to hire and all the GenZ kids are asking recruiters the same question. $CRM

Claude is the way 🤣 wsj.com/tech/ai/openai-misse…

$IBKR classicalinvestor.beehiiv.co…

A few financials with possible ascending triangles: $NDAQ $ICE $SPGI *Not a recommendation