Bloom Energy (BE) Gets Beaten, Falls 12% Amid AI Selloff

We recently published 10 Big Names Investors Are Dumping. Bloom Energy Corp. (NYSE:BE) is one of the worst performers on Wednesday.

Bloom Energy extended its losing streak to a fourth straight day on Wednesday, shedding 12.14 percent to finish at $76.97 apiece as investors trimmed their positions in AI-linked stocks amid growing concerns about the industry.

Bloom Energy Corp. (NYSE:BE) took a hit from heavy AI selling, having been riding the wave since early this year, triggered by Blue Owl Capital’s pullout from its planned $10 billion financial support to Oracle Corp.’s data center in Michigan.

Pixabay/Public Domain

Investors became increasingly concerned about financial institutions’ growing concerns about technology giants’ ballooning spending on AI.

Bloom Energy Corp. (NYSE:BE) defied the rally in the energy sector.

Earlier this month, Bloom Energy Corp. (NYSE:BE) posted a bullish outlook about its business amid “powerful tailwinds” including the surging demand for electricity driven by AI and nation-state priorities, among others.

In the third quarter of the year, the company widened its net loss attributable to shareholders by 56 percent to $23 million from $14.7 million year-on-year.

Revenues, on the other hand, grew by 57 percent to $519 million from $330 million in the same period last year, on the back of a 55.7 percent jump in product and service revenues during the same period.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.