Morgan Stanley has put a number on one of the AI boom’s most awkward constraints: the United States could face a roughly 33-gigawatt power shortfall through 2028 even after accounting for onsite generation and other accelerated power solutions. The bank’s September analysis points toward behind-the-meter generation and equipment suppliers as part of the bridge. Two public companies sit on different sides of that solution: Bloom Energy Corporation (NYSE:BE) can place fuel-cell generation close to the load, while GE Vernova Inc. (NYSE:GEV) sells the turbines and grid equipment needed to add large blocks of reliable power.
We recently examined why two AI-power stocks jumped even as the S&P 500 fell, and asked whether Fluence’s $6.4 billion backlog is masking a break in the AI-power story. The contrast is important here because a 33-gigawatt shortage can lift an entire theme while still rewarding companies on very different timelines.
Bloom can sell speed when the grid cannot
Bloom Energy Corporation has become one of the clearest ways to trade time-to-power. Its fuel cells can be deployed on site, allowing data-center operators to start adding megawatts while transmission or generation projects are still moving through queues. Bloom’s Q2 revenue topped $1 billion and management has guided to roughly $3.9 billion to $4.2 billion for the year. The bull case gets stronger if hyperscalers keep valuing months of saved deployment time more than the cost of onsite generation.
A Bloom Energy power generation system. Photo from Bloom Energy website
The bear case is that today’s urgency can fade. Fuel cells still compete with utility power, gas generation, batteries and eventual grid upgrades, and customer economics depend on fuel costs and project structure. The stock has already repriced sharply around AI demand. Insider Monkey counted 116 hedge funds holding Bloom in Q2 2026, up from 91 in Q1. Value Aligned Research Advisors held about 5.59 million shares after increasing its position 22%. Short interest was 18.26 million shares as of August 14, roughly 6.39% of float with 1.4 days to cover.
GE Vernova owns the slower, larger solution
GE Vernova Inc. benefits when utilities and developers choose permanent generation and grid expansion. Its gas-turbine and electrification backlogs give it exposure to multi-year power investment rather than a single data-center technology. That can make earnings more durable if AI demand persists. The downside is lead time: turbine slots, permitting and transmission buildouts can take years, exactly why Morgan Stanley sees a shortfall in the first place.
Hedge-fund ownership in GE Vernova fell to 106 funds in Q2 from 118 in Q1. That decline predates Morgan Stanley’s September call and does not necessarily imply a view on the new power forecast. The company still entered the quarter with a large institutional following after a major rerating.
These stocks therefore solve different clocks. Bloom is a bet that customers will pay for megawatts now. GE Vernova is a bet that the grid and generation fleet will eventually be rebuilt at scale. A 33-gigawatt deficit is large enough for both approaches to work, but the better operating outcome will depend on whether AI campuses prioritize speed, long-run power cost, or both.
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