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Bloom Energy (BE) Jumps to 52-Week High on Revenue Blowout

We recently published 10 Stocks Defying Wall Street Slump; 8 Hit Fresh Highs. Bloom Energy Corp. (NYSE:BE) is one of the best-performing stocks on Thursday.

Bloom Energy jumped to a new 52-week high on Wednesday, as investors cheered its strong revenue performance in the third quarter of the year, despite recording a higher net loss.

At intra-day trading, Bloom Energy Corp. (NYSE:BE) soared to a fresh record high of $144.2 before paring gains to end the day just up by 18.04 percent at $133.71 apiece.

Pixabay/Public Domain

In an updated report, Bloom Energy Corp. (NYSE:BE) said it grew its third-quarter revenues 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.

Net loss attributable to shareholders, however, widened by 56 percent to $23 million from $14.7 million year-on-year, but was lower by 46 percent than the $42.6 million net loss in the last quarter.

Earlier this month, Bloom Energy Corp. (NYSE:BE) clinched a $5 billion financial backing from Brookfield Asset Management for the development of AI factories to take advantage of the growing demand for computing capacity.

The two firms are actively collaborating on the design and delivery of AI factories globally, including a site in Europe that will be announced before the end of the year.

While we acknowledge the risk and potential of BE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than BE and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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.

The $250 Trillion AI Hype is Real. A few years from now, you’ll probably wish you’d bought this stock.

When Jeff Bezos said that one breakthrough technology would shape Amazon’s destiny, even Wall Street’s biggest analysts were caught off guard.

Fast forward a year and Amazon’s new CEO Andy Jassy described generative AI as a “once-in-a-lifetime” technology that is already being used across Amazon to reinvent customer experiences.

At the 8th Future Investment Initiative conference, Elon Musk predicted that by 2040 there would be at least 10 billion humanoid robots, with each priced between $20,000 and $25,000.

Do the math. According to Musk, this technology could be worth $250 trillion by 2040.

Put another way, that’s roughly equal to:

  • 175 Teslas
  • 107 Amazons
  • 140 Metas
  • 84 Googles
  • 65 Microsofts
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  • Bill Gates sees artificial intelligence as the “biggest technological advance in my lifetime,” more transformative than the internet or personal computer, capable of improving healthcare, education, and addressing climate change.
  • Larry Ellison — through Oracle, is spending billions on Nvidia chips and partnering with Cohere to embed generative AI across Oracle’s cloud and apps.
  • Warren Buffett — not known for tech hype — says this breakthrough could have a ‘hugely beneficial social impact.

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