Bloom shares soared 20%, News.Az reports, citing foreign media.
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The rally built on Monday’s broad bounce in software stocks, which boosted Oracle nearly 13%. ServiceNow, Palantir and Applovin gained 3% on Tuesday, while HubSpot and Unity Software jumped more than 4%. Salesforce and Adobe added more than 1%.
Over the last few months, software stocks have tumbled as concerns mount that new artificial intelligence tools will upend their business models. The selloff has also sparked worries of rising default risks in private credit, a major lender to the sector.
Oracle expanded its capacity partnership with Bloom Energy on Monday, days after receiving a warrant to purchase $400 million of the fuel cell power company’s stock.
As part of the deal, Oracle expects to procure up to 2.8 gigawatts of Bloom’s systems as it races to feed skyrocketing data center energy demand.
The software giant has already raised over $100 billion in debt to support data center scaling, a massive AI buildout, and is a key technology partner in the massive Stargate project.
Oracle shares have dropped 15% this year.
