BE 2X Short ETF

$Bloom Energy(BE.US) | Clear Street 𝐮𝐩𝐠𝐫𝐚𝐝𝐞𝐬 𝐁𝐥𝐨𝐨𝐦 𝐄𝐧𝐞𝐫𝐠𝐲 from 𝐇𝐨𝐥𝐝 to 𝐁𝐮𝐲, sets 𝐏𝐓 𝐚𝐭 $𝟐𝟗𝟎

Analyst sees the recent pullback as a buying opportunity, viewing stock overhangs as transitory and seeing a clear growth trajectory into 2028.

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. SK Hynix $SK Hynix(SKHY.US) reported Q2’26 revenue of $54.6B vs $57.7B expected, up 257% YoY and 51% QoQ, while operating profit came in at $41.6B vs $44.2B expected, up 557% YoY. Operating margin hit a record 76%, with gross margin at 83% and EBITDA of $44.4B, or an 81% margin. Pricing remained extremely strong, with DRAM ASP up ~30% QoQ and NAND ASP up mid-50% QoQ, while Q3 guidance calls for DRAM bit growth of about 10% QoQ and NAND bit growth in the low-single digits. SK Hynix also said HBM4 shipments began in Q2 with a full ramp planned in 2H, while HBM4E samples were supplied to a major customer in 1H. Net profit surged to $64.6B, boosted by $43.5B of investment-asset gains, meaning net income exceeded revenue due to $42.8B of non-operating profit.

2. The Trump administration is proposing a change that would allow the FAA to waive certain environmental review requirements for commercial launch sites, rocket launches, and spacecraft reentries, according to WSJ. The move could speed up approvals as annual launches and reentries are expected to rise from 214 this fiscal year to more than 500 over the next decade. SpaceX $SpaceX(SPCX.US), Rocket Lab $Rocket Lab(RKLB.US), Blue Origin, and Stoke Space could benefit, though the proposal still has to go through public comment.

3. U.S. Central Command said IRGC forces launched multiple ballistic missiles from Iran today in an attempted surprise attack on U.S. forces stationed in the Middle East. CENTCOM said all Iranian missiles were successfully intercepted and that U.S. forces remain on high alert and ready to respond. Oil was up 5% after hours on the news even though it went down 4% today on earlier reports that Egypt, Qatar, and Pakistan were working to bring back the original MOU between the US and Iran. No updates on that original MOU coming back are in place yet, but the attacks after hours showcased further escalation.

4. The top 10 most active options today by contracts traded were $NVIDIA(NVDA.US) with 2.4M contracts, $Tesla(TSLA.US) with 1.7M contracts, $Apple(AAPL.US) with 1.0M contracts, $Intel(INTC.US) with 820K contracts, $SpaceX(SPCX.US) with 750K contracts, $Micron Tech(MU.US) with 737K contracts, $AMD(AMD.US) with 573K contracts, $SoFi Tech(SOFI.US) with 558K contracts, $Amazon(AMZN.US) with 495K contracts, and $Palantir Tech(PLTR.US) with 461K contracts.

5. Nvidia $NVIDIA(NVDA.US) CEO Jensen Huang reportedly met with Commerce Secretary Howard Lutnick as Nvidia faces growing scrutiny over China chip exports, per Axios. The meeting comes while the Commerce Department investigates potential violations tied to Nvidia’s Blackwell shipments to China, though the details of their discussion were not disclosed. Huang is also meeting with lawmakers from both parties as Washington prepares a broader AI framework covering advanced models, open-source AI, and China, expected by August 1.

6. OpenAI and Anthropic are reportedly lobbying the Trump administration ahead of an August 1 deadline for deciding which frontier AI models should face government evaluation, per The Information. The companies want rival models from players like Meta $Meta Platforms(META.US) and SpaceXAI included as well. Qualifying models could be subject to review at least 30 days before release if they raise cybersecurity or national-security concerns. OpenAI and Anthropic are also warning about Chinese open-source models allegedly built in part using their outputs, citing privacy, IP theft, and cybersecurity risks.

7. Moonshot AI is reportedly looking for more Nvidia $NVIDIA(NVDA.US) Blackwell chips as it discusses Kimi K4, a model expected to be significantly larger than its 2.8T-parameter Kimi K3, per The Information. K3 was reportedly trained partly in China using Blackwell chips accessed through multiple Chinese cloud providers, with Moonshot linking separate 8-chip servers across providers and data centers because no single provider had enough capacity. Inference is now another constraint, with Moonshot pausing new subscriptions within 48 hours of launch as demand overwhelmed capacity. The company reportedly uses Nvidia H20 chips for inference and recommends at least 64 chips to host K3. The report also says Alibaba trained its 2.4T-parameter Qwen3.8-Max using Nvidia chips, including Blackwell.

8. OpenAI CEO Sam Altman said a compute oversupply could emerge within 2 years if AI models become efficient enough to handle most tasks while human attention becomes the real bottleneck. He also said oversupply risk could rise if the industry hits a scaling wall and costs stop falling, making additional compute less economically attractive.

9. Bloom Energy $Bloom Energy(BE.US) crushed Q2’26 earnings, with revenue rising 166% YoY to $1.07B vs $827.6M expected and adjusted EPS jumping 680% YoY to $0.78 vs $0.41 expected. Product revenue surged 215.4% YoY to $935.4M, while adjusted gross margin expanded 604 bps to 34.3%. Bloom also raised FY26 guidance, now expecting revenue of $3.9B–$4.2B vs $3.73B expected and adjusted EPS of $2.55–$2.85 vs $2.16 expected. Management said all major U.S. hyperscalers, plus over a dozen neoclouds, AI labs, and data center operators, have approved Bloom’s power solutions for AI factories, calling Bloom a new standard for AI onsite power.

10. ADP data shows U.S. private hiring has slowed for the fifth straight week, averaging just 15,000 jobs per week through July 11, less than half the 35,750 weekly pace seen in early May. At the same time, Visa $Visa(V.US) is reportedly cutting 7% of its workforce, or about 2,600 jobs, adding to signs that labor-market momentum is cooling.

11. Retail investors are leaning heavily into Big Tech upside, with call options on U.S. Big Tech stocks now making up roughly 55% of all new retail options positions on a 20-day average basis, near the highest level on record. This tracks newly opened call positions, not total volume, making it a clearer read on directional retail bets. The figure is up 10 percentage points since the late-March market bottom, compared with a 57% peak during the 2020 pandemic rebound and a 35% low during the 2022 bear market.

12. Every component in the semiconductor index $SOX is now trading below its 50-day moving average for the first time since April 2025, a sharp reversal from early June when all 30 members were above that level. The SOX is down 18.9% so far in July, putting it on pace for its worst monthly decline since 2008, and now trades 11% below its 50-day moving average, the widest gap since March 30. Despite the pullback, semis remain up 63% YTD. Meanwhile, the semiconductor ETF $SMH has seen $1.3B of outflows month-to-date, tracking toward its second-largest monthly outflow on record.

WALL STREET IS THE GREATEST SHOW ON EARTH.

Source: amit

$Bloom Energy(BE.US) | JPMorgan 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧𝐬 𝐎𝐯𝐞𝐫𝐰𝐞𝐢𝐠𝐡𝐭 on 𝐁𝐥𝐨𝐨𝐦 𝐄𝐧𝐞𝐫𝐠𝐲, 𝐫𝐚𝐢𝐬𝐞𝐬 𝐏𝐓 𝐭𝐨 $𝟑𝟒𝟔 𝐟𝐫𝐨𝐦 $𝟐𝟔𝟕

Analyst sees significant growth to FY30, supported by existing partnerships, with new contract announcements expected to be the primary near-term catalyst.

📢 𝐉𝐔𝐒𝐓 𝐈𝐍: IDF and Oaktree Invest $1.7 Billion in Bloom Energy AI Power Project - $Nebius(NBIS.US) $Bloom Energy(BE.US)

👉 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬:

➤ 𝐈𝐃𝐅 and 𝐎𝐚𝐤𝐭𝐫𝐞𝐞 announce 𝐒𝟏.𝟕 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 AI infrastructure investment.

➤ Project will deploy 𝐁𝐥𝐨𝐨𝐦 𝐄𝐧𝐞𝐫𝐠𝐲 fuel cell technology.

➤ Power will serve 𝐍𝐞𝐛𝐢𝐮𝐬'𝐬 AI cloud infrastructure.

➤ 𝐈𝐃𝐅 leads project development with 𝐎𝐚𝐤𝐭𝐫𝐞𝐞 as minority equity investor.

➤ 𝐌𝐨𝐫𝐠𝐚𝐧 𝐒𝐭𝐚𝐧𝐥𝐞𝐲 acted as sole tax equity investor and placement agent.

➤ 𝐌𝐔𝐅𝐆 𝐁𝐚𝐧𝐤 provided senior debt financing.

➤ Project delivers dedicated 𝐛𝐞𝐡𝐢𝐧𝐝-𝐭𝐡𝐞-𝐦𝐞𝐭𝐞𝐫 power for AI operations.

➤ IDF and Bloom have developed over 𝐒𝟐.𝟔 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 in projects together.

➤ 𝐎𝐚𝐤𝐭𝐫𝐞𝐞 managed 𝐒𝟐𝟐𝟒 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 in assets as of March 31, 2026.

👉 𝐄𝐱𝐩𝐞𝐫𝐭 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭𝐬:

𝐀𝐦𝐚𝐧 𝐉𝐨𝐬𝐡𝐢, Chief Commercial Officer of Bloom Energy:

"AI infrastructure customers need more than innovative technology. They also need a path to finance and deploy power rapidly. Our collaboration with IDF demonstrates how institutional capital can help accelerate the build-out of AI infrastructure."

𝐍𝐢𝐤 𝐍𝐮𝐧𝐞𝐬, CEO of IDF:

"meet the energy demands of the AI economy."

𝐀𝐮𝐬𝐭𝐢𝐧 𝐏𝐞𝐚𝐫𝐬𝐨𝐧, Managing Director of Oaktree:

"confidence in Bloom's fuel cell technology"

Crossroads Capital @CrossroadsOnX is now short on Bloom Energy $Bloom Energy(BE.US) today after @hntrbrkmedia went short yesterday.

Core Short Thesis

> The Scandium Bottleneck: Bloom Energy’s aggressive multi-gigawatt growth story relies entirely on scandium oxide, a rare metal used to stabilize the ceramic electrolyte in its solid-oxide fuel cells (SOFC). There is no viable substitute for scandium without significantly reducing the cell's power output and increasing build costs.

> Physical Supply Wall: Wall Street models ~4.5 GW in deployments by 2030, and Bloom markets a manufacturing capacity of 5 GW. However, Crossroads estimates the actual physical supply ceiling of scandium will limit production to under 2.5 GW by 2030.

> Opaque Disclosures: Bloom does not disclose true long-term guidance, scandium volumes, procurement costs, or supply contract terms. Management explicitly structures updates around manufacturing footprint capacity rather than actual contracted shipments or revenue.

Hidden China Risks & Geopolitical Chokepoints

> Undisclosed Chinese Reliance: Despite Bloom’s CEO stating "there is no China supply chain for us," Crossroads calculates that Bloom's 2025 consumption (~30–36 tonnes) exceeded the entire global supply produced outside of China. They estimate roughly two-thirds of Bloom's scandium originates from China, likely washed and relabeled through Japanese refiners.

> Dual-Gate Export Controls: China's temporarily suspended extraterritorial rare-earth export controls are set to snap back into effect on November 10, 2026. If reinstated, it would give Beijing direct influence over 60% of global scandium availability, creating imminent risk of supply disruptions and forcing Bloom or its partners to apply for secondary Chinese export licenses.

Margin Compression

> Zero Cost Pass-Through: Bloom's joint venture and customer service agreements feature fixed pricing where Bloom explicitly absorbs all material cost overruns. This applies to both new equipment sales and the five-year stack replacement lifecycle across its $20 billion backlog.

> The Defense Pricing Threat: Legacy low-cost procurement contracts (estimated at $800–$1,000/kg) are set to roll over the next 4–6 quarters into a market where new supply is underwriting scandium at $3,000–$4,500/kg. Furthermore, the Pentagon acts as the price-insensitive marginal buyer, anchoring future refined tons near its stockpile contract ceiling of ~$6,250/kg.

> Margin Erosion: As scandium escalates from 2% of the build cost toward 6%–12%, Crossroads projects Bloom’s EBITDA margins will compress from the current ~20% baseline down to 13%–17%, starkly contrasting Wall Street’s expectation of expansion toward 30%.

Evaporating Competitive Advantage

> The Moat is a Temporary Backlog: Bloom’s premium-priced on-site power ($3,500/kW installed) is currently tolerated by AI hyperscalers solely for its quick "time-to-power" relative to backlogged large-frame utility gas turbines.

> Lower-Cost Competitors Scaling: Lower-cost modular gas engines and aeroderivative peakers are entering the market at $1,500–$2,000/kW (roughly half Bloom's cost). As these alternative supply chains scale into 2027–2028, and as data centers shift to areas with less restrictive air permitting, Bloom’s demand advantage is expected to rapidly evaporate.

📢 𝐉𝐔𝐒𝐓 𝐈𝐍: $Bloom Energy(BE.US) Bloom Energy Rejects Hunterbrook Report, Defends Financials and Supply Chain

👉 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬:

➤ 𝐁𝐥𝐨𝐨𝐦 𝐄𝐧𝐞𝐫𝐠𝐲 rejected claims made in a July 8 report by Hunterbrook Media.

➤ Company called allegations regarding its 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐫𝐞𝐬𝐮𝐥𝐭𝐬 and accounting "false and misleading."

➤ Bloom reaffirmed confidence in its 𝐚𝐮𝐝𝐢𝐭𝐞𝐝 𝐟𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐬𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭𝐬 and SEC filings.

➤ Company said it has sufficient 𝐬𝐜𝐚𝐧𝐝𝐢𝐮𝐦 𝐨𝐱𝐢𝐝𝐞 supply to meet current demand and backlog.

➤ Bloom stated its scandium oxide supply is 𝐧𝐨𝐭 𝐝𝐞𝐩𝐞𝐧𝐝𝐞𝐧𝐭 𝐨𝐧 𝐂𝐡𝐢𝐧𝐚.

➤ Company said future scandium oxide expansion also does 𝐧𝐨𝐭 𝐫𝐞𝐥𝐲 𝐨𝐧 𝐂𝐡𝐢𝐧𝐚.

➤ Bloom has supply chain visibility to support 𝟐𝟓 𝐆𝐖 annual fuel cell production.

👉 𝐖𝐡𝐲 𝐈𝐭 𝐌𝐚𝐭𝐭𝐞𝐫𝐬:

➤ Company aims to reassure investors following 𝐬𝐡𝐨𝐫𝐭-𝐬𝐞𝐥𝐥𝐞𝐫 allegations.

➤ Supply chain clarification addresses concerns over 𝐜𝐫𝐢𝐭𝐢𝐜𝐚𝐥 𝐦𝐚𝐭𝐞𝐫𝐢𝐚𝐥 availability.

➤ Reaffirming financial statements may help restore 𝐢𝐧𝐯𝐞𝐬𝐭𝐨𝐫 𝐜𝐨𝐧𝐟𝐢𝐝𝐞𝐧𝐜𝐞.

👉 𝐄𝐱𝐩𝐞𝐫𝐭 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭:

➤ "The report's claims regarding our financial results and accounting are false and misleading, and we stand behind the accuracy of our audited financial statements." — 𝐁𝐥𝐨𝐨𝐦 𝐄𝐧𝐞𝐫𝐠𝐲.

$Bloom Energy(BE.US) | Baird defends 𝐁𝐥𝐨𝐨𝐦 𝐄𝐧𝐞𝐫𝐠𝐲 from short report, reiterates 𝐎𝐮𝐭𝐩𝐞𝐫𝐟𝐨𝐫𝐦 and 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧𝐬 𝐏𝐓 𝐚𝐭 $𝟑𝟏𝟎

Analyst dismisses short report concerns on scandium supply, citing BE COO's blog post clarifying its supply chain can support 25GW of production.

$Bloom Energy(BE.US) | Jefferies 𝐦𝐚𝐢𝐧𝐭𝐚𝐢𝐧𝐬 𝐇𝐨𝐥𝐝 on 𝐁𝐥𝐨𝐨𝐦 𝐄𝐧𝐞𝐫𝐠𝐲, 𝐫𝐚𝐢𝐬𝐞𝐬 𝐏𝐓 𝐭𝐨 $𝟐𝟒𝟔

Analyst sees valuation as a key constraint, maintaining a Hold rating despite raised EBITDA estimates and expected project acceleration.

$Bloom Energy(BE.US) | Wells Fargo reiterates 𝐄𝐪𝐮𝐚𝐥 𝐖𝐞𝐢𝐠𝐡𝐭 on 𝐁𝐥𝐨𝐨𝐦 𝐄𝐧𝐞𝐫𝐠𝐲, maintains 𝐏𝐓 𝐚𝐭 $𝟐𝟏𝟕

Analyst notes Brookfield expanded its financing framework with Bloom 5x to $25B, but sees the upside as mostly priced into the current stock price.

📢 𝐉𝐔𝐒𝐓 𝐈𝐍: Bloom Energy, Brookfield Expand AI Power Partnership to $25 Billion - $Brookfield Asset(BAM.US) $Bloom Energy(BE.US)

👉 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬:

➤ 𝐁𝐥𝐨𝐨𝐦 𝐄𝐧𝐞𝐫𝐠𝐲 and Brookfield expanded their strategic partnership to 𝐮𝐩 𝐭𝐨 $𝟐𝟓 𝐛𝐢𝐥𝐥𝐢𝐨𝐧.

➤ Financing framework increased 𝟓𝐱 from 𝐨𝐫𝐢𝐠𝐢𝐧𝐚𝐥 $𝟓 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 announced in October 2025.

➤ Funding will support 𝐟𝐮𝐞𝐥 𝐜𝐞𝐥𝐥 power projects for 𝐀𝐈 𝐝𝐚𝐭𝐚 𝐜𝐞𝐧𝐭𝐞𝐫𝐬 globally.

➤ Partnership combines Brookfield's 𝐜𝐚𝐩𝐢𝐭𝐚𝐥 with Bloom Energy's 𝐨𝐧𝐬𝐢𝐭𝐞 𝐟𝐮𝐞𝐥 𝐜𝐞𝐥𝐥 technology.

➤ Expansion is backed by Brookfield's 𝐀𝐈 𝐈𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞 𝐅𝐮𝐧𝐝, targeting 𝐮𝐩 𝐭𝐨 $𝟏𝟎𝟎 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 in investments.

➤ Brookfield has already invested 𝐨𝐯𝐞𝐫 $𝟏𝟎𝟎 𝐛𝐢𝐥𝐥𝐢𝐨𝐧 in digital infrastructure and clean power assets.

👉 𝐖𝐡𝐲 𝐈𝐭 𝐌𝐚𝐭𝐭𝐞𝐫𝐬:

➤ Rising AI power demand is driving investment in 𝐚𝐥𝐭𝐞𝐫𝐧𝐚𝐭𝐢𝐯𝐞 𝐞𝐧𝐞𝐫𝐠𝐲 infrastructure.

➤ Expanded financing could accelerate deployment of 𝐝𝐚𝐭𝐚 𝐜𝐞𝐧𝐭𝐞𝐫 power solutions worldwide.

➤ The deal strengthens Bloom Energy's position in the fast-growing 𝐀𝐈 𝐢𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞 market.

👉 𝐄𝐱𝐩𝐞𝐫𝐭 𝐒𝐭𝐚𝐭𝐞𝐦𝐞𝐧𝐭:

➤ "Today's commitment reflects the momentum we are seeing in the market, as evidenced by recently announced large-scale deals. Bloom is uniquely positioned to address the urgent need for clean, reliable power to support the rapid growth of AI." — 𝐀𝐦𝐚𝐧 𝐉𝐨𝐬𝐡𝐢, Chief Commercial Officer of Bloom Energy.

➤ "The expanded commitment reflects the strength of this partnership and the conviction behind our broader AI infrastructure strategy, including integrated compute." — 𝐒𝐢𝐤𝐚𝐧𝐝𝐞𝐫 𝐑𝐚𝐬𝐡𝐢𝐝, Head of AI Infrastructure at Brookfield.