$Bloom Energy(BE.US) dropped by over eight points today. A report from TD Cowen brought the delays of two flagship projects to light: the air permit for Oracle's 2.45 GW campus hasn't even been approved yet, and the timeline for the Wyoming project has been pushed back by two years within a 90-day window; on top of that, there are concerns about scandium raw materials being choked off by export controls.
$QuantumScape(QS.US) has been flat. The timeline for solid-state batteries is inherently distant, so there's not much room to fall.
The $25 billion AI power order from early in the month still hangs over $Bloom Energy(BE.US). The gap between the order story and delivery capability is the source of current volatility. With both large orders and delays existing simultaneously, which side do you believe? I believe the middle ground—the orders are real, and the slow delivery pace is also real. Position sizing should be based on 'half-realization'.
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