Huatai Securities: Bloom Energy's large orders respond to the AI power shortage theme, optimistic about three investment themes.

Huatai Securities pointed out that Bloom Energy announced a strategic agreement with Oracle to purchase a total of 2.8GW of fuel cells, accelerating data center infrastructure construction. The first phase of 1.2GW capacity has already been signed, and deployment is currently underway. This move may be a further validation of the high growth in electricity demand driven by US data centers, with demand increasing for transitional power sources such as fuel cells. Three investment themes are optimistic: 1) Bloom Energy is expected to benefit from subsequent expansion-related activities; 2) domestic fuel cell suppliers may benefit from the batch application and cost reduction brought about by the scale verification of SOFC; 3) Zr, Sc, and Cr as key metals for SOFC manufacturing, supply constraints may worsen, benefiting overseas rare earth suppliers.