Sands Capital Management, LLC - Select Growth on Bloom Energy

Bloom Energy gives the portfolio exposure to data-center power, which Sands sees as an increasingly important bottleneck in the AI buildout. Its solid oxide fuel cells provide modular on-site baseload power for customers facing grid interconnection delays, limited turbine availability, and rising power costs. Oracle's decision to deploy up to 2.8 gigawatts of Bloom technology at a New Mexico facility is viewed as evidence that the solution has become more credible at scale. Sands believes faster time to power, lower water use, modular deployment, and potential cost competitiveness can expand the addressable market.