🥛 Why Bloom Energy tripled ⚡

Q: Bloom Energy is up ~218% YoY with a ~$20B backlog after revenue grew 166% in the last quarter.

Bloom Energy is up ~218% YoY with a ~$20B backlog after revenue grew 166% in the last quarter.

Q: Constellation and Vistra fell ~16-17% over the year, but Constellation jumped 12% on Google's 3,590

Constellation and Vistra fell ~16-17% over the year, but Constellation jumped 12% on Google's 3,590 MW nuclear deal.

Q: PJM's proposal requiring data centers to bring their own power or face cutoffs is shifting the AI po

PJM's proposal requiring data centers to bring their own power or face cutoffs is shifting the AI power trade toward on-site equipment sellers.

·Monday, October 12, 2026·4 min read

Finance Energy Business

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AI Summary

The newsletter explains why the AI power trade is split: equipment sellers like Bloom Energy and GE Vernova surged while power plant owners Constellation and Vistra fell. Recent nuclear deals from Amazon and Google boosted plant owners, but the broader trend favors agile on-site power equipment over grid-dependent plants.

Key Facts

✓Bloom Energy is up ~218% YoY with a ~$20B backlog after revenue grew 166% in the last quarter.

✓Constellation and Vistra fell ~16-17% over the year, but Constellation jumped 12% on Google's 3,590 MW nuclear deal.

✓PJM's proposal requiring data centers to bring their own power or face cutoffs is shifting the AI power trade toward on-site equipment sellers.

Author Takes

Bullish

AI power trade

The equipment sellers are agile, while the plant owners are forced to move at the speed of government.

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