Bloom Energy Slides 6.8% as AI Hype Fades Ahead of S&P 500 Debut

SentiSense · Published Sep 14, 2026, 8:46 AM ET · Updated Sep 15, 2026, 12:43 AM ET

Bloom Energy shares fell as much as 8% intraday on Monday before closing down 6.8% at $257.05, as enthusiasm around the company's AI-linked data-center power deals cooled just a week before its scheduled addition to the S&P 500 on September 21. The pullback followed weekend comments from Anthropic CEO Dario Amodei and OpenAI CEO Sam Altman suggesting frontier AI labs should slow the pace of capability gains, a remark that weighed on AI-infrastructure-adjacent names broadly: FuelCell Energy fell 5% and the Global X Hydrogen ETF (HYDR) fell 4%, while the broader market was down far less. The stock had gained 192% year to date before Monday's decline and still trades at a trailing P/E near 335x, and it also carries an ongoing securities class action alleging misleading statements about scandium sourcing, with a lead-plaintiff deadline of September 28.

Bloom Energy (BE) shares fell as much as 8% intraday on September 14 before paring losses to close down 6.8% at $257.05, as the AI-driven rally that had lifted the stock began to unwind just a week before the company's scheduled entry into the S&P 500 on September 21. The move came after weekend comments from Anthropic CEO Dario Amodei and OpenAI CEO Sam Altman suggesting that frontier AI labs should slow the pace at which they improve model capabilities, a signal that rattled AI-infrastructure-adjacent stocks broadly rather than Bloom Energy alone.

The selloff was sector-wide rather than company-specific: FuelCell Energy (FCEL) dropped 5% to $15.06 and Plug Power (PLUG) slipped 1% to $2.08, while the Global X Hydrogen ETF (HYDR) fell 4%. The broader market moved far less: the S&P 500 was down about 0.6% and the Nasdaq about 1.5% in early trading, according to Investing.com, while the SPY ETF finished the session down just 0.33%, according to Yahoo Finance. That gap underscores how disproportionately the decline hit high-multiple, AI-adjacent momentum names.

Valuation is part of the backdrop. Bloom Energy had gained 192% year to date before Monday's drop and trades at a trailing twelve-month P/E near 335x, within a 52-week range of $61.37 to $351.28, leaving little room for disappointment. The stock also faces an ongoing securities class action alleging misleading statements about its scandium sourcing through Chinese intermediaries, with a lead-plaintiff deadline of September 28. Separately, Mizuho carries a $351 price target on the stock, implying roughly 45% upside from current levels.

Investors should watch two offsetting forces into the S&P 500 addition on September 21: continued unwinding of anticipatory buying that had built into the stock ahead of the add, against mechanical index-fund purchasing that typically accelerates as the effective date approaches. Bloom Energy's next earnings report is scheduled for October 29, which could clarify whether the AI-linked demand narrative that drove the run-up remains intact.