The fuel-cell maker, whose equipment is meant to power the Project Jupiter campus, dropped about 6.5% after Oracle served a force majeure notice on the site's developer. Oracle fell about 5% and Blue Owl about 4.7%.
The company with the most direct exposure to the money behind Oracle's New Mexico data center is Blue Owl Capital. The company with the biggest stock decline on Thursday was Bloom Energy.
Bloom shares fell about 6.5% to roughly $257 on Thursday after Oracle served a force majeure notice on the developer of Project Jupiter, a campus designed to run on Bloom's fuel cells. Oracle, the site's future tenant, fell about 5%. Blue Owl, whose unit is the developer and whose funds are putting up equity, fell about 4.7%.
The clause Oracle invoked covers events outside a party's control, and it can defer or excuse what that party owes. Oracle said Project Jupiter "remains on our planned schedule" and that it is "fully committed to New Mexico and confident in our path forward." Blue Owl said the notice "does not change the financial commitments to this multiyear project."
Bloom's link to the site runs through its power plan. The campus was redesigned to use Bloom fuel cells instead of gas turbines, and those cells run on natural gas. Energy Transfer's pipeline to the site had a September start date. It now has a date, after the New Mexico State Land Office turned down its route more than once.
That makes Bloom's exposure a question of timing rather than credit. Bloom does not hold the project's roughly $18 billion construction loan or its equity. What it has is a role as a supplier, and its deployment at the site is tied to the site's schedule. If that timetable slides, the business Bloom expects from the campus slides with it. Thursday's decline suggests investors read the notice as a signal about the project's schedule, not only about who pays whom.
A second explanation is the stock's own history. Bloom had gained about 230% over the past year before Thursday, which leaves a stock more sensitive to any bad news about a flagship customer. The broader tape added to the pressure. Technology was the weakest sector of the S&P 500 in the morning, a semiconductor index fell almost 2%, and the 10-year Treasury yield sat at its highest level since 2007. Rising yields tend to hit hardest at companies valued on growth expected years from now.
Both explanations can be true at once. They point to different things to watch. If the selling reflects the schedule, the stock should respond to news on the pipeline, the site's denied energy permit and any update from Oracle on the 2028 opening. If it reflects valuation and rates, Bloom will trade with other AI infrastructure names regardless of what happens in New Mexico. A Bloom disclosure on how much of its expected business depends on Project Jupiter would help investors weigh the two.