🤖 The Grid Queue

Good morning to everyone who thinks the AI trade ends at chips.

A congressional filing just lit up Bloom Energy.

And one of the congressional traders had a stake in it, up tens of percent.

Today, why that trade exists.

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Pelosi bought Bloom Energy $BE ( ▲ 7.35% ) on July 24 and July 28.

Fifteen thousand shares, plus 200 call options struck at $100 and set to expire in June 2027.

The buys showed up in Nancy Pelosi’s Periodic Transaction Report filed August 21.

From the July 24 close at $184.89 to the September 4 close at $252.87, that run is about 37%.

From the July 28 close at $166.84, closer to 52%.

Then Friday, S&P Dow Jones Indices said Bloom joins the S&P 500 before the open on September 21. Now, index funds will have to own it.

Here is why the camera found Bloom.

AI data centers need electricity now.

Chip deliveries only help if the building has power the day the racks go live. New utility hookups sit in interconnection queues that can stretch for years, a waiting list before your site can draw power from the grid.

That wait is now a project killer. A campus can sit finished and dark. Hyperscalers will pay for a workaround.

Bloom sells solid oxide fuel cells that run on natural gas right at the building.

You park the boxes next to the racks. Gas comes in on a pipe that already exists in most industrial parks. The cells make electricity on site.

You get power in months while the utility paperwork keeps moving.

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On August 19 the company launched Power Connect, a factory-assembled install kit that Bloom says can cut onsite setup time by over 40%.

Less field wiring. Fewer surprises on the concrete. Faster install is the product. Time-to-power is the scarce input.

Bloom’s July 28 print: $1.065 billion in revenue, up 165.5% year over year. Product revenue jumped about 215%.

Non-GAAP diluted EPS hit $0.78 against a consensus near $0.40.

Full-year guidance went to $3.9 to $4.2 billion, roughly double at the midpoint.

Oracle has a framework for up to 2.8 gigawatts of Bloom systems.

Brookfield expanded a financing package from $5 billion toward $25 billion.

Big names are paying for speed, demonstrating that the queue is still the scarce input.

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