Heavy Electrical Equipment

Bualuang Securities said the government is considering expanding the One Million Rooftop Solar scheme from 1 million to 1.5 million households, with the subsidy unchanged at 50,000 baht per household and the additional generation quota of 500 MW unchanged. If expanded to 1.5 million households, it would require about 75 billion baht, which remains within the 200 billion baht ceiling of the second funding tranche under the energy transition plan, leaving fiscal space to accommodate it. A key point beyond the larger project size is the reduction of installation restrictions, through loans repaid via electricity bills from GSB, GHB and BAAC, and the shortening of approval times from as long as one year to just 7 to 30 days, which helps accelerate Solar Roof projects and increases orders for installation work and equipment. GUNKUL benefits most directly, from its EPC business and equipment sales, with an existing backlog of about 4.2 to 4.5 billion baht. A follow-on positive is investment in power systems to accommodate a large number of distributed generation sources, including smart meters, smart grids, power stations, transmission systems and battery energy storage systems, or BESS, which represents a multi-year investment opportunity. The research team maintains an overweight stance on power plant stocks relative to the market, with GUNKUL the clearest beneficiary, while GPSC and BGRIM benefit indirectly from the investment cycle in grid systems and BESS. GULF is barely affected in terms of the economics of its main power plants, since the subsidy comes from the government budget and does not pass through the Ft tariff or affect the margins of existing PPAs.

GUNKUL executives explained at a Virtual Conference hosted by Bualuang Securities that the PDP2026 plan is still in its Public Hearing phase in September 2026, with a target to submit it to the Cabinet in November or by the end of this year at the latest. As for the Community Solar scheme, auction results are expected by late 2026, PPA signing in mid-2027, and investment recognition beginning in 2028. Meanwhile, the Direct PPA framework is expected to become clear by the end of 2026. The major auction rounds under PDP2026, covering 2,700MW of wind and 24,000MW of solar, are likely to take clearer shape in 2027, with the auction expected to open around mid-year, the first batch of PPAs signed in 3Q27, and power delivery beginning in 2029-30. Executives confirmed the company's historical auction win share of about 10%, in line with EPC assumptions. The company also continues to focus on smart meters and 230-500kV high-voltage grid upgrade work, where fewer than 10 competitors operate, supporting the Grid Modernization/EEC Fast-track assumption of 2.7 billion baht per year. On Data Centers, regulations must still be awaited before auctions open, with investment estimated at about 5-6 million US dollars per MW, excluding GPU and electrical/EPC system work, which accounts for 10-15% of total investment. Current staffing can support up to 500MW of private-sector Data Center work. In the short term, 3Q26 remains strong, with wind power generation in just July and August matching the whole of 3Q25, boosting the profit share from the Wind JV, expected to rise to 327 million baht from 132 million baht in 2Q26. Core profit in 3Q26 is expected at 618 million baht, up 35% year-on-year and 9% quarter-on-quarter, with a chance of setting a new high. The EPC backlog stands at 5.0 billion baht, with about 1.6 billion baht expected to be recognized in 3Q26. The recommendation remains Buy with a target price of 6.50 baht, and the utilities sector weighting remains Overweight.

Bualuang Securities said the government is considering expanding the solar roof scheme from 1 million to 1.5 million households, with the subsidy held steady at 50,000 baht per household and the additional generation quota unchanged at 500MW. Expanding to 1.5 million households would use about 75 billion baht, which remains within the 200 billion baht ceiling of the second funding tranche under the energy transition plan, leaving fiscal room to support it. The key point beyond the larger project size is the easing of installation restrictions through loans repaid via electricity bills from GSB, GHB and BAAC, and the shortening of approval times from as long as one year to just 7 to 30 days, which helps accelerate the Solar Roof project and increases orders for installation work and equipment. GUNKUL benefits most directly from its EPC business and equipment distribution, which already has a backlog of about 4.2 to 4.5 billion baht. Another positive follow-on effect is investment in power systems to accommodate a large number of distributed generation sources, including smart meters, smart grids, power stations, transmission systems and battery energy storage systems, or BESS, which represents a multi-year investment opportunity and builds on existing electrical system work related to the EEC and data centers. Bualuang Securities maintains an overweight stance on the power plant sector, with GUNKUL the clearest beneficiary, while GPSC and BGRIM benefit indirectly from the grid system and BESS investment cycle. GULF is barely affected in terms of the economics of its main power plants, since the subsidy comes from the state budget and does not pass through the Ft tariff or affect the margins of existing PPAs.

GE Vernova and Vineyard Wind have reached a settlement ending their legal battle over the major offshore wind development off Massachusetts. Under the agreement announced Wednesday, GE Vernova withdrew its notice seeking to terminate its involvement in Vineyard Wind, while both sides agreed to dismiss all outstanding legal claims, with financial and other terms not disclosed. The dispute escalated earlier this year after GE Vernova sought to exit contracts covering turbine construction and maintenance, arguing it had not been paid more than $300 million for work on the project, prompting Vineyard Wind to challenge the move in Massachusetts state court and secure an injunction requiring GE Vernova to continue working at the wind farm. The disagreement was also tied to costs and delays following the failure of a GE Vernova turbine blade in 2024, an incident that scattered debris along nearby beaches and triggered extensive inspection and repair work. The roughly $4.5-billion Vineyard Wind 1 development consists of 62 turbines with total capacity of about 806 MW, and the companies said Wednesday that all of the turbines are now capable of producing electricity, with the project designed to supply power equivalent to the needs of more than 400,000 homes and businesses. Vineyard Wind is owned equally by Avangrid Renewables and funds managed by Copenhagen Infrastructure Partners, according to the project's website.

GE Vernova told the Morgan Stanley Laguna Conference that its total order backlog will surpass $200 billion in early 2027, sending the shares up 4.5% in the afternoon session. Management said the backlog reached $176 billion in the second quarter of 2026, driven by stronger pricing, higher gas-turbine production run rates, and more than $5 billion in electrification orders from data centers in the first half of the year. Chief Executive Officer Scott Strazik pointed to robust demand visibility and a planned 50% increase in gas power capacity in the current year. The company also projected it will secure $100 billion in cumulative future services revenue by the end of 2027, and said upcoming financial reports will carry further detail on equipment margins and backlog ahead of its spring 2027 capital markets day. The shares closed at $926.75, up 5% from the previous close.

S&P Dow Jones Indices announced on September 4, 2026, that Bloom Energy and Illumina are joining the S&P 500 benchmark, with the changes taking effect before trading opens on September 21, 2026, replacing Molson Coors, The Trade Desk, and Builders FirstSource. Bloom Energy arrives after product revenue jumped 215% last quarter on hyperscaler demand for onsite fuel-cell capacity, and management raised full-year revenue guidance to $3.9 billion to $4.2 billion. Illumina returns to the index with second-quarter revenue up 9% and raised EPS guidance of $5.30 to $5.40, though management flagged ongoing China and tariff headwinds. The swap barely moves returns for the Vanguard S&P 500 ETF, since new S&P 500 entrants typically begin well under a tenth of a percent of the index, while Vanguard's June 30, 2026 factsheet showed 38% of the fund in its ten largest holdings, including 8% in NVIDIA alone. The composition shift tilts the index toward growth at the margin, with Bloom carrying a beta of 3.81 and a forward P/E of 57x and Illumina at a forward P/E of 34x, while the departing Molson Coors trades at 7x forward earnings with a 4.9% dividend yield and Builders FirstSource at 14x.

Forgent Power Solutions shares jumped 9.5% after the company reported fourth-quarter fiscal 2026 adjusted earnings of 25 cents per share, beating the Zacks Consensus Estimate of 23 cents. Skyworks Solutions shares surged 13.6% as CEO Philip Brace expressed confidence that the $22 billion Qorvo merger could close by late September or early October, while Qorvo shares advanced 9.3%. Axon Enterprise shares slipped 9.8% after announcing plans for a $1 billion debt issuance, adding to investor concerns over borrowing costs. Valero Energy shares rose 3.7% as surging crude prices boosted energy stocks amid escalating Middle East supply concerns.

Tisco Securities has initiated coverage of GE Vernova Inc., or GEV, with a Buy rating and a target price of 1,035 US dollars per share, while setting a target price of 34.00 baht per share for the GEV80 depositary receipt, implying 16.2% upside from the current price of 29.25 baht per share. The research team notes that GEV is a major global manufacturer of power generation equipment, particularly gas turbines and power transmission system equipment, and therefore stands to benefit from renewed growth in US electricity demand driven by artificial intelligence technology and data centers. Committed gas turbine capacity from customers, both in backlog and Service Revenue Agreements, or SRA, rose from 100 gigawatts in 2026 to 116 gigawatts in the second quarter of 2026. The company has an advantage from the structure of the large gas turbine market, which has only three main players, and gas turbine lead times of about seven years, meaning the market's constraint lies in production capacity rather than demand. Currently, about 7,000 gas turbines are installed, involved in roughly 25% of global power generation, with service and maintenance revenue accounting for more than 50% of RPO. On capacity expansion, the company plans to increase gas turbine production capacity from 20 gigawatts per year in the third quarter of 2026 to 24 gigawatts in 2028 and 30 gigawatts in 2030, while SRA has already begun converting into actual orders of about 10 gigawatts in 2026, driving Power segment orders up 134% compared with the same period last year. For its 2026 operating outlook, the company forecasts revenue at a midpoint of approximately 46 billion US dollars, an Adjusted EBITDA margin of 13%, and free cash flow of 12 billion US dollars.

Land and Houses Securities issued an analysis recommending the purchase of two stocks, BDMS and GUNKUL, giving BDMS a target price of 25.00 baht, with support levels estimated at 19.3 and 19.7 baht and resistance at 21.0 and 22.3 baht. It expects third-quarter 2026 profit to recover both year on year and quarter on quarter, after the second quarter of 2026 marked the year's low point amid the start of HIGH SEASON for Thai patients, the recovery of foreign patients, and easing pressure from Cambodian patients. July revenue accelerated 8% year on year from only about 1% year on year in the first half, supported by a 9% year-on-year rise in Thai patients and a 6% year-on-year increase in foreign patients. For GUNKUL, it set a target price of 6.30 baht, with support estimated at 4.8 and 4.9 baht and resistance at 5.4 and 5.6 baht. Short-term profit momentum in the third quarter of 2026 is positive thanks to the EPC business, which has a large BACKLOG awaiting revenue recognition, and seasonal factors for WIND FARM, where wind speeds are expected to increase. Full-year profit is growing more strongly than the sector on the back of the EPC business, and the company is expected to benefit from the PDP2026 plan, including the power transmission system project, DIRECT PPA, the selection of new renewable energy projects, and policies supporting SOLAR ROOFTOP. There is also a long-term profit driver from the SOLAR project in the Philippines totalling 784 MWE with a combined value of 7.5 billion baht, which secures a fixed electricity rate of 3.53 baht per unit for 20 years and is set to begin construction late this year.

Forgent Power Solutions guided to fiscal 2027 revenue of $2.4 billion to $2.6 billion and adjusted EBITDA of $575 million to $625 million, alongside adjusted EPS of $1.26 to $1.40 and an adjusted EBITDA margin of approximately 24%, up from 22.7% in fiscal 2026. The guidance accompanied record fiscal fourth-quarter results, with revenues up 94% to $462 million and adjusted EBITDA margin expanding 200 basis points sequentially to 24.4%. For the full fiscal year, revenues rose 89% to $1.42 billion and adjusted EBITDA rose 91% to $323 million, while operating cash flow increased roughly 2.5 times to $109 million from $45 million, with management expecting more than $300 million in fiscal 2027. Chief Executive Gary Niederpruem said the company booked more than $1.5 billion of orders in the quarter alone, leaving backlog at $3 billion, and announced an incremental investment to build a dedicated 385,000 square foot Powertrain Solutions facility on its Tijuana, Mexico campus, expected online in the fourth quarter of fiscal 2027. For the first quarter of fiscal 2027, Forgent guided to revenues of $445 million to $465 million and adjusted EBITDA of $90 million to $100 million, including approximately $10 million of one-time costs, and said it will stop reporting orders and backlog quarterly while providing rolling quarterly revenue and adjusted EBITDA guidance.

Forgent Power Solutions reported record fourth-quarter and full-year fiscal 2026 results, with fourth-quarter revenue rising 94% year over year to $462 million and adjusted EBITDA climbing 163% to $113 million. For the full fiscal year, revenue increased 89% to $1.42 billion, adjusted EBITDA rose 91% to $323 million, and adjusted net income increased 136% to $208 million, results CEO Gary Niederpruem said exceeded the high end of guidance the company raised in May. Fourth-quarter bookings exceeded $1.5 billion, producing a 3.3x book-to-bill ratio and lifting year-end backlog to a record $3 billion, up 256% from a year earlier, with Niederpruem saying the backlog consists entirely of firm customer purchase orders. The company announced plans to build a dedicated 385,000-square-foot Powertrain Solutions facility at its Tijuana, Mexico campus, increasing Powertrain Solutions manufacturing capacity by more than 50% to more than 1 million square feet and raising total revenue capacity by approximately $800 million to $5.8 billion, with operations expected to begin in the fourth quarter of fiscal 2027. Forgent forecast fiscal 2027 revenue of $2.4 billion to $2.6 billion, adjusted EBITDA of $575 million to $625 million, and adjusted earnings per share of $1.26 to $1.40, with more than 90% of the revenue outlook already covered by backlog, though first-quarter adjusted EBITDA margin is expected to be about 21% due to approximately $10 million in one-time hiring and capacity-investment costs.

GE Vernova shares gained 0.4% on Tuesday, recovering slightly after an 8.5% plunge a day earlier when GLJ Research downgraded the stock to Sell and investors worried that a backlash against AI spending could expose the company to canceled orders. Bernstein analyst Sunaina Ocalan defended the company on Tuesday, saying GE Vernova is still "wired to win" and that the stock is not all about data centers. Ocalan noted that while data center orders were $5 billion in the first half of 2026, or about 38% of electrification orders, the remaining 62% was utility-driven, and utility spending should keep growing on grid reliability and resilience investments. Bernstein rates GE Vernova a Buy with a $1,298 price target, and nearly 80% of Wall Street analysts covering the company consider the stock a Buy, according to FactSet. Separately, GE Vernova announced an agreement with Eurus Energy Holdings to supply seven 4.2 MW, 117-meter wind turbines for the 29.4 MW Eurus Hiyamizutouge wind farm in Japan, part of its accelerating work in the country's expanding wind energy market; the company said its technology powers about half of Japan's installed heavy-duty gas turbine capacity and a quarter of its onshore wind capacity.

Forgent Power Solutions reported fourth-quarter GAAP earnings of $0.21 per share, beating estimates by $0.01, on revenue of $462 million, up 94.4% year over year and $32.06 million above consensus. The company also issued fiscal year 2027 guidance calling for revenues of $2,400 to $2,600 million versus a consensus of $2.09 billion, representing 76% year-over-year growth at the midpoint. Adjusted EBITDA is projected at $575 to $625 million, an 86% year-over-year increase at the midpoint, while adjusted EPS is guided to $1.26 to $1.40 against a consensus of $1.16, representing 95% year-over-year growth at the midpoint.

GUNKUL has signed a memorandum of understanding with the Philippine government to develop the 784.1-megawatt Laguna Lake Floating Solar project, holding a 40% stake under a 20-year power purchase agreement at 6.53 pesos per unit. It targets commercial operation in the fourth quarter of 2027 and full-year profit recognition from 2028. Among other developments in ASEAN this week, Thailand's cabinet approved financial assistance of 1.78367 billion baht to Laos for construction of the Chiang Man–Luang Prabang bridge, linking the route from Nan province. In the first five years, tourist numbers are expected to rise by an average of 80,000 per year, generating about 360 million baht in annual revenue. GULF, meanwhile, has teamed up with Singtel to develop the VTS submarine cable connecting Vietnam, Thailand and Singapore, with commercial service due to open in 2030. CRC has invested a cumulative total of more than 49 billion baht in Vietnam, expanding its network to more than 300 outlets across 26 provinces, and aims by 2028 to open 10 to 12 additional GO! branches and another 23 to 25 mini go! branches. Singapore is preparing to raise ministerial pay by up to 9%, effective October 15, after 15 years of being frozen. Prime Minister Lawrence Wong will receive a 64% increase, bringing his pay to 3.6 million Singapore dollars a year, seven times that of the US leader, and has announced he will donate the increase to charity for five years. The Philippines' unemployment rate jumped to 6% in July, the highest in four years, after the economy grew just 2.3% in the second quarter.

Bloom Energy reported record quarterly revenue of $1.07 billion, surpassing the $1 billion milestone for the first time and marking a 166% year-over-year increase, driven by soaring demand for its solid-oxide fuel cell systems from major U.S. hyperscalers and AI data center operators seeking reliable on-site power. The results arrive as the AI spending race accelerated in the Q2 earnings season, with Microsoft, Amazon, Alphabet and Meta reporting roughly $170 billion in capital expenditures: Microsoft reported $41 billion of CapEx, Alphabet spent $44.9 billion and raised its full-year CapEx forecast, Meta deployed $31.1 billion while maintaining its outlook, and Amazon led the group with $54.2 billion in property and equipment purchases. Bloom Energy is also set to join the S&P 500 in the next quarterly rebalancing near the end of September, a major positive for the stock's near-term action as index funds adjust their portfolios around the rebalance. The stock carries a Zacks Rank #1 (Strong Buy), with EPS expectations remaining on a bullish trajectory across the board.

Bloom Energy has introduced its Power Connect system, which could reduce on-site installation time for its solid oxide fuel cells by more than 40%. The system shifts complex wiring and integration work from the field into Bloom's own factories, pre-wiring, pre-connecting, and fully testing units before delivery, cutting deployment times to just one to two months. Bloom's SOFC systems, which convert natural gas, biogas, propane, and hydrogen into electricity without combustion, are already used by data center operators including Oracle, CoreWeave, Nebius, and Equinix, and Brookfield Asset Management funds their development and deployment through a $25 billion partnership. Bloom's backlog swelled to $20 billion at the end of 2025, ten times the $2.0 billion in revenue it generated that year, and analysts expect revenue to more than double to $4.1 billion this year, then grow 65% to $6.8 billion in 2027 and 46% to $9.9 billion in 2028. With a market cap of $79 billion, Bloom trades at 19 times this year's sales, a premium the company's SOFC market dominance, massive backlog, and Power Connect upgrade could justify.

Asia Plus Securities said the Ministry of Finance is preparing to open registration for household Solar Rooftop installation subsidies in mid-October 2026, initially for 1 million entitlements with a total budget of 50 billion baht, or 50,000 baht per household, and is considering raising this to 1.5 million entitlements, with a target of completing disbursements by the end of 2027. The government will pay out only once the system is connected to the grid, and a 5-kilowatt system is expected to generate about 1,000 baht per month from selling power back to EGAT over 25 to 30 years. Government Savings Bank, GH Bank and BAAC will extend loans to low-income participants, who will use the electricity sale proceeds to repay the bank debt first. Meanwhile, the power utilities are preparing to invest in replacing meters and developing Smart Grid and Battery Storage systems. The government is also considering cutting customs duties on components that cannot yet be produced domestically and using BOI measures to support domestic solar production. The research team views this as positive for the renewable energy group, especially operators with Solar Rooftop and EPC businesses such as GUNKUL, SOLAR and SPCG, and as positive sentiment for CRC, COM7, DOHOME and HMPRO. Considering the scale of the programme, the government is targeting 1 million households with an average installed size of 5 kW per household, implying total installed capacity of 5,000 MW, which is higher than the existing 500 MW public Solar Rooftop power purchase programme. It sees GUNKUL as the standout beneficiary thanks to its fully integrated business chain and names it the Top Pick for news-driven trading. However, GUNKUL's core profit still comes from its renewable power generation business and large EPC projects, making this scheme an opportunity to supplement growth rather than a main profit driver.

Nel ASA has entered into a framework agreement with Hydrasun to establish dedicated assembly and integration capabilities in Europe for the MC Series, Nel's modular and scalable PEM technology platform. Under the agreement, Hydrasun will procure, integrate and manufacture the balance of plant systems surrounding the electrolyser stack, enabling delivery of a fully integrated, modular and containerized electrolyser offering, while stack production continues at Nel's Wallingford, Connecticut facility in the US. The partnership gives Nel an experienced European integration partner alongside its existing integration setup in the US, expanding manufacturing flexibility and supply chain resilience and bringing production closer to key growth markets. Hydrasun's initiative is supported by the Scottish Government's Just Transition Fund and will see the company invest in and upgrade its Aberdeen facilities, with the potential to create up to 12 new jobs while safeguarding a further 11 existing roles. James Gaskell, Chief Executive at Hydrasun, called the agreement a defining moment in the company's evolution and said establishing Scotland's first electrolyser assembly and integration facility is a proud milestone, while Tushar Ghuwalewala, SVP PEM Operations at Nel, said the collaboration enhances Nel's ability to serve key markets with greater flexibility and scalability across its production network.

Bloom Energy has been officially named to join the benchmark S&P 500 index, a change effective before the market open on Sept. 21, 2026, and its stock rallied as much as 9.6% on Sept. 8 following the announcement. The company reported record revenues of $1.07 billion in the second quarter of 2026, a 166% year-over-year increase, driven by a 215% surge in product revenues, fueled by AI data center power demand. Management raised full-year 2026 revenue guidance to $3.9 billion to $4.2 billion, reflecting 100% growth at the midpoint, supported by a partnership with Oracle for up to 2.8 gigawatts of fuel cell capacity and a fivefold expansion of its funding framework with Brookfield Asset Management to $25 billion. The short-term price target from 22 analysts is $274.86, implying about 8.70% upside. Given Bloom Energy's high valuation with a price-to-earnings ratio of 67.99 versus the S&P 500's 20.09, ETFs offer a diversified way to gain exposure, including the Global X Hydrogen ETF, which holds Bloom Energy at 17.21% weight, the iShares Global Clean Energy ETF at 8.51%, and the Global X U.S. Electrification ETF at 5.53%.

Bloom Energy delivered power to an Oracle data center in just 55 days, underscoring the speed advantage that has made its fuel cells a critical bridge for AI infrastructure. The company's modular systems, which convert natural gas to electricity without particulate pollutants, can be deployed quickly while data centers wait for grid connections, and also provide backup power for near-100% uptime. Revenue surged 166% year over year last quarter to over $1 billion, beating analyst estimates, and its backlog reached $20 billion at the end of 2025, with $14 billion from future services revenue. However, the stock trades at a price-to-sales ratio of 22, and a slowdown in data center build-out could pressure shares despite long-term contracts.

Bloom Energy shares jumped 11.2% in afternoon trading after the company announced it will join the S&P 500 index on September 21, a move that typically boosts demand from index-tracking funds. Adding to the momentum, Hitachi revealed a collaboration with Bloom Energy to deliver fuel cell-based on-site electricity generation systems for data centers and industrial clients in Japan. The stock has been volatile, with 103 moves greater than 5% in the past year, but this jump is notable. Earlier, congressional filings showed former House Speaker Nancy Pelosi acquired 15,000 Class A shares and 200 call options with a $100 strike price expiring in June 2027, valued between $4.25 million and $14.5 million. Bloom Energy recently posted record revenue of $1.07 billion and raised its full-year outlook to between $3.9 billion and $4.2 billion. The stock is up 183% year-to-date, trading at $278.86, still 19.4% below its 52-week high of $345.85.

Commercial building products stocks reported a strong second quarter, with revenues beating analyst consensus by 1.9% on average. Johnson Controls led with revenues of $6.61 billion, up 9.3% year over year, exceeding expectations by 2.5%, and its stock rose 1.3% to $142.05. Apogee delivered the biggest estimate beat, with revenues of $342.7 million, down 1.1% but outperforming by 3.4%, yet its stock fell 5.9% to $39.97. Janus was the weakest, missing revenue estimates by 2.5% and cutting full-year guidance, with shares down 5.2% to $5.09. AZZ and Insteel also beat expectations, with AZZ raising full-year guidance and Insteel posting the fastest revenue growth at 9.9%.

Former House Speaker Nancy Pelosi's spouse purchased up to $12 million in Bloom Energy (BE) in late July, weeks before the company's addition to the S&P 500 sent shares surging, with the stock now up 214% year-to-date. The purchases, disclosed in an SEC filing on August 21, 2026, were made in four lots across two days, with the low end of the range totaling $3 million. Bloom Energy has repositioned as a key supplier of onsite power for AI data centers, reporting Q2 FY2026 revenue of $1.07 billion, up 165.5% year over year, and raising full-year guidance to $3.90-$4.20 billion. Broadcom (AVGO) and AMD posted triple-digit AI revenue growth, validating the hyperscaler power demand that made Bloom Energy the standard for onsite AI power. Meanwhile, Bloom directors sold shares at prices ranging from $239 to $250, and a securities class action lead plaintiff deadline is set for September 28, 2026.

Bloom Energy has officially earned a spot in the S&P 500, with S&P Dow Jones announcing on September 4 that the company, along with Illumina and Everpure, will join the index, while Molson Coors, Builders FirstSource, and The Trade Desk were removed. The stock jumped after hours on the news and is set to join the index on September 21. Bloom Energy has been a primary beneficiary of the huge power demand from AI data centers, addressing the bottleneck of grid connection delays with its solid-oxide fuel cells that can be installed on-site in three to four months. In the second quarter, revenue exceeded $1 billion for the first time, and management raised its full-year revenue projection to a range of $3.9 billion to $4.2 billion, a 100% increase year over year at the midpoint. Brookfield Asset Management expanded its partnership, increasing its project financing framework from $5 billion to $25 billion, and a separate $1.7 billion project investment was announced to support Nebius' AI infrastructure. Analysts project earnings per share to rise to $2.67, a 251% increase from 2025's EPS of $0.76, though the stock trades at about 94 times projected earnings for this year.

Bloom Energy Corp shares rose 5.1% to $265.70 in premarket trading after confirmation that the company will join the S&P 500 Index before the market opens on September 21. Inclusion in the benchmark means investment funds and exchange-traded funds that track the S&P 500 will need to adjust their holdings to reflect the revised index composition. Bloom Energy will be the first energy company added to the S&P 500 since 2022. The index announcement was accompanied by an updated assessment from UBS analyst Manav Gupta, who increased his price target for Bloom Energy to $325 from $300 while maintaining a Buy rating. Gupta based the revised target on an 11.25-times enterprise value-to-sales multiple applied to a 2028 revenue estimate of $8.9 billion. The latest developments follow Bloom Energy's second-quarter 2026 results, when the company reported revenue of $1.07 billion, more than double the corresponding period a year earlier and exceeding Wall Street estimates.

Bloom Energy (BE) is soaring after S&P Dow Jones Indices announced its inclusion in the S&P 500, following a disclosure that Paul Pelosi's accounts bought Bloom stock and options worth at least $3 million weeks earlier. The stock is up 26.46% over the past week and 206.75% year to date, trading near $266.53 with a market capitalization of about $74.5 billion. The Pelosi household filing, reported under Speaker Emerita Nancy Pelosi's name, lists four purchases in July 2026, with the combined value bands implying a floor of $3 million and a ceiling of $12 million. Bloom's second-quarter revenue hit $1.07 billion, up 165.5% year over year and beating the $827 million consensus by 28.8%, while non-GAAP EPS came in at $0.78 versus $0.41 expected. CEO KR Sridhar said all major US hyperscalers and over a dozen neoclouds have validated Bloom's power solutions for AI factories, and the company raised full-year revenue guidance to $3.9 billion to $4.2 billion. The S&P 500 inclusion adds a forced bid from index funds tracking roughly $10 trillion in assets, though the article notes that a well-timed trade followed by good news does not establish wrongdoing.

Changgao Electric Group Co., Ltd. announced that its wholly owned subsidiaries have won State Grid projects totaling approximately 299 million yuan, accounting for 17.96 percent of the company's 2025 revenue. The winning bids involve three product categories: gas-insulated switchgear, disconnectors, and switchgear cabinets, secured jointly by four subsidiaries: Hunan Changgao Electric Co., Ltd., Hunan Changgao High Voltage Switch Co., Ltd., Hunan Changgao Complete Electrical Equipment Co., Ltd., and Hunan Changgao Senyuan Power Equipment Co., Ltd. The projects come from State Grid's fourth public bidding and direct procurement for substation equipment under its 2026 power transmission and transformation program. The company stated that after contract signing, the projects will have a positive impact on performance in 2026 and beyond, and will not affect the company's independence.

Bloom Energy Corporation has been added to the S&P 500, with the change effective before trading on September 21, coinciding with the quarterly rebalance. The fuel-cell power company has surged over 150% since the start of 2026, driven by its role as a potential power provider for AI data centers. In Q2, Bloom delivered its strongest quarter ever, with revenue growth exceeding 166% year-over-year, and raised its full-year revenue outlook to $3.9 billion to $4.2 billion, representing 100% growth at the midpoint. The company has an agreement to supply Oracle with up to 2.8 gigawatts of fuel cell capacity and expanded its partnership with Brookfield Asset Management, boosting their funding framework to $25 billion. While S&P 500 inclusion may attract institutional investors, long-term performance hinges on sustained growth and successful execution of AI partnerships, amid concerns of a potential AI bubble.