Bloom Energy stock has surged 1,300% in a year as data centers seek immediate power solutions, but short-seller Jim Chanos warns that today's energy scarcity may be temporary—leaving the company's lofty valuation vulnerable if grid bottlenecks ease.

What happened

Bloom Energy, which makes fuel cells that generate electricity on-site at data centers, has climbed roughly 267% year to date and more than 1,300% over the past 12 months. The company expects record revenue in 2026. Meanwhile, famed short-seller Jim Chanos argues that today's AI energy shortage is actually a temporary infrastructure bottleneck driven by permitting delays and transmission constraints, not a permanent supply problem.

What to watch

Bloom faces several key risks—customer concentration remains elevated, AI infrastructure spending could slow, and insider selling has increased in recent months. The core question for investors is whether Bloom can grow fast enough over the next several years to justify a stock that has already risen more than 1,300% in a year, since the valuation leaves little room for mistakes.