Is Bloom Energy in Its Nvidia Moment?

Bloom Energy (NYSE: BE) just reported monster earnings on July 28 for the second quarter of 2026, but the stock price has still been wobbly.

• July 24 opening price: $214.19
• July 28 opening price: $175.30
• July 29 opening price: $183.50

As of this writing, the stock price is trading at around $218 in the early morning of July 31, roughly where it was on July 24. Some of the choppiness in the recent trading activity could simply be due to Bloom's success over the last several years. And just as with Nvidia (NASDAQ: NVDA), when a company becomes so successful, expectations become that much harder to meet.

Image source: The Motley Fool.

A dominant quarter

The energy technology company reported revenue of more than $1 billion in its 2026 second-quarter earnings report, an increase of 165.5%, and the first time Bloom surpassed $1 billion in a quarter.

Even more impressive was that Bloom reported a generally accepted accounting principles (GAAP) net profit of $196.3 million compared to a net loss of $42.6 million in the second quarter of 2025. It also showed it's improving its operational efficiency with GAAP gross margin improving from 26.7% to 33.4%.

That report shows that demand for Bloom Energy's technology, which provides on-site power generation, continues to grow. That should help allay some fears about slowdowns in artificial intelligence (AI) infrastructure spending, as Bloom's sales are a sign there is still robustness out there. And with the increases in both revenue and profitability, one might think the stock price would rise after earnings. That, however, is not what happened.

The difficulty of impressing the market now

As of this writing, there are three numbers worth noting. The first is Bloom's return so far in 2026, which is nearly 140%. The second is its return over the last 12 months, which is 453%. And the final one is 850%, which is the Bloom stock price return over the last five years.

It's simply a stock that has delivered significant gains to its shareholders in a relatively short time. That will make it more difficult for the energy technology company to surpass earnings expectations, as it has already set the bar so high.

It's something Nvidia has experienced itself. It was the poster child of the AI trade with its advanced chips, and in 2023 and 2024, the Nvidia stock price climbed nearly 240% and over 170%, respectively. But in 2025, it finished the year up 38.9%. So far in 2026, it's up 4.5%, trailing the S&P 500's return of 8.6%.

That comparison doesn't make Bloom a poor investment choice, nor Nvidia itself, as both companies can continue to reward long-term investors. But the point of the comparison is that it may start getting more difficult to impress the markets, and a blowout quarter may not carry the same weight for Bloom as in the past.

Jack Delaney has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bloom Energy and Nvidia. The Motley Fool has a disclosure policy.