Nvidia Corp. (NASDAQ: NVDA) CEO Jensen Huang says securing power for AI data centers can take years, even as demand for the company's chips continues to outrun supply. Evercore ISI says that could create an opportunity for Bloom Energy Corp. (NYSE: BE), whose onsite fuel cells are designed to get data centers running without waiting years for new grid connections.
Huang told investors Wednesday that building an AI factory now requires companies to "secure the land, power, and shell," a process that he said can take two to three years.
The bullish call comes with Bloom shares still roughly 38% below their $351.28 52-week high.
Evercore Sees Bloom Benefiting
Evercore analyst Nicholas Amicucci said Nvidia's outlook suggests AI compute demand is running ahead of the physical infrastructure needed to support it.
He identified Bloom, Constellation Energy, Talen Energy, NRG Energy and American Electric Power as potential beneficiaries as Nvidia pushes further into solving the power problem.
Nvidia is already putting money behind that effort. The company this month agreed to provide credit support for the first 4.25 gigawatts of land, power and shell capacity at SB Energy's Ohio data-center campus and invested $1.5 billion in the developer.
Evercore has an Outperform rating and $350 price target on Bloom, among the more bullish calls on Wall Street. The stock closed Thursday at $217.83.
Prediction markets are also pricing continued growth in the number of U.S. data centers.
Kalshi traders give a 66% chance the count reaches at least 5,300 by the end of 2026. The odds of at least 5,400 stand at 52%, while 5,500 or more trades at 45%. Data Center Map, the source used to settle the Kalshi market, currently lists 4,767 U.S. facilities.
That expansion could put further pressure on the power infrastructure Nvidia says is already struggling to keep pace with AI demand.
Kalshi and Benzinga have an existing data collaboration agreement.
Bloom Pitches a Faster Route to Power
Bloom says its first system under a broader Oracle Corp. (NYSE: ORCL) partnership became fully operational in just 55 days. Oracle has contracted an initial 1.2 GW of Bloom capacity, with an agreement allowing it to procure up to 2.8 GW.f
That is far faster than the two-to-three-year infrastructure timelines Huang described.
Project Jupiter shows the potential scale. Oracle and BorderPlex Digital Assets said the New Mexico campus could use up to 2.45 GW of Bloom fuel cells, with the infrastructure intended to serve OpenAI.
The project also highlights the risks. The New Mexico Supreme Court on Sunday temporarily froze both the air-quality permit proceeding for Jupiter's microgrid and an emergency authorization allowing water from a new well for construction.
Responses are due Sep. 2, while an air-permit hearing had been scheduled for Sep. 14.
Bloom also faces a proposed securities class action alleging it misled investors about its reliance on Chinese-sourced scandium. The company has rejected the claims, saying its scandium supply is not dependent on China.
Bloom reported second-quarter revenue of $1.07 billion, up 165.5% year over year, and raised its 2026 revenue outlook to $3.9 billion to $4.2 billion.