The Part of the AI Power Story Everyone's Ignoring -- and the Stock Cashing in on It

The massive investment in building AI data centers is one of the biggest storylines this year. It coincides with a similar headline. Power is the biggest bottleneck in developing this crucial AI infrastructure. That's driving robust demand for all forms of power, including gas, nuclear, and battery storage.

However, data centers aren't the only AI infrastructure that requires power. The companies manufacturing the chips, servers, and other equipment vital to these facilities also need energy. That's providing an additional opportunity for Bloom Energy (NYSE: BE) to cash in on the AI power story. The hydrogen fuel cell company recently expanded its partnership with MiTAC Computing Technology, a leader in high-performance, energy-efficient server solutions for AI data centers.

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Setting the standard for AI onsite power beyond data centers

Bloom Energy will deploy fuel cell systems for an islanded microgrid at MiTEC's AI server manufacturing campus in Fremont, California. It's an expansion of its existing partnership with MiTEC. Bloom has also installed a fuel cell microgrid at the company's San Jose manufacturing facility.

Companies like MiTEC are facing the same power constraints as AI data center developers. They need more power quickly, which is an issue given the time required for permitting and grid interconnection. They can't wait for the grid to supply their needs, which is why they're turning to Bloom Energy's rapidly deployable onsite power solutions.

MiTEC is one of the nearly two dozen AI infrastructure companies now deploying Bloom Energy's solutions. It's currently providing them with about 250 megawatts (MW) of contracted capacity, up from about zero for this segment two years ago. That's in addition to the hundreds of MWs of fuel cell technology Bloom has deployed at data centers. This number will grow rapidly, driven in part by the expansion of several strategic partnerships. Cloud giant Oracle expanded its strategic partnership with Bloom in April to deploy up to 2.8 gigawatts (GW) to accelerate AI infrastructure build-out. Meanwhile, global investment firm Brookfield Asset Management expanded its strategic AI partnership with Bloom fivefold to $25 billion in June.

Why this matters for Bloom Energy

Deploying fuel cells at data centers is a massive opportunity for Bloom Energy. Power demand by U.S. AI data centers alone could top 100 GW by 2035.

However, the overall opportunity is much larger for Bloom as the AI infrastructure megatrend extends well beyond data centers. Advanced manufacturing facilities, such as MiTEC's AI server campus, also face the same power, timing, and water constraints. Those are issues Bloom Energy's onsite power solutions address. That's adding another growth engine for the company.

Non-data-center AI infrastructure power is still a small part of Bloom's business and will remain in the shadows of that massive opportunity. However, the expansion of its partnership with MiTAC indicates that the total addressable market for Bloom's fuel cells is much larger.

Bloom is becoming the standard for AI on-site power

The data center power boom will continue to dominate the headlines in the coming years as developers ink deals for all forms of electricity. However, when it comes to providing rapidly deployable power solutions, Bloom's fuel cells are becoming the standard for on-site power for companies building AI data centers and AI hardware. Bloom's ability to quietly cash in on the even larger AI infrastructure power story enhances the long-term investment thesis.

Matt DiLallo has positions in Brookfield Asset Management and has the following options: short August 2026 $150 puts on Bloom Energy. The Motley Fool has positions in and recommends Bloom Energy, Brookfield Asset Management, and Oracle. The Motley Fool has a disclosure policy.