Oracle and Bloom Energy shares fell after New Mexico rejected, for a second time, a permit needed for a pipeline serving Oracle's Project Jupiter AI data center.
- The proposed natural gas pipeline would supply power for up to 2.5 GW of Bloom Energy fuel cells planned for the site.
- The latest setback raises the risk that Oracle could miss its targeted August 15 timeline for key power infrastructure.
- ORCL and BE were among the top trending tickers on Stocktwits, with message volume more than doubling for both stocks over the past 24 hours.
Oracle (ORCL) and Bloom Energy (BE) shares plummeted in morning trade on Monday after analysts warned that a fresh setback for Oracle's Project Jupiter data center could delay one of Bloom Energy's largest growth projects.
BE’s stock dropped more than 7%, while ORCL’s shares fell 3.5%, trading at their lowest level since April 2025. According to VanEck analyst Matthew Sigel, the downswing is a result of New Mexico rejecting applications for a natural gas pipeline that would supply power for Oracle’s planned data center in the region.
The pipeline matters because Project Jupiter is expected to lean on up to 2.5 gigawatts (GW) of Bloom Energy's gas-powered fuel cells, making the rejection a direct hit to one of Bloom's most visible growth contracts. Oracle had targeted an August 15 in-service date for the relevant power infrastructure. That deadline now looks difficult to hit, and construction could slip into next year.
According to Shay Boloor, Chief Market Strategist at Futurum Equities, Energy Transfer, which proposed the pipeline, is expected to pursue an alternative route that avoids state trust land, though that would likely add time and cost to the project. Oracle was initiated with a ‘Hold’ rating at CLSA on Friday, adding to the day's negative sentiment around the stock.
TD Cowen also flagged off risks stemming from the delays in Oracle's flagship projects, even though potential orders in Texas and Spain remain on track. The firm has a 'Hold' rating on the stock, with a price target of $235.
Why Did The Pipeline Proposal Get Rejected?
New Mexico Land Commissioner Stephanie Garcia Richard rejected, for a second time, a request from Energy Transfer to build a roughly 0.6-mile stretch of pipeline across state trust land. The stretch is a part of a larger 17-mile natural gas pipeline meant to supply power to the site.
Garcia Richard said approving the request wasn't in the best interest of the state trust, citing concerns over greenhouse gas emissions and the project's impact on New Mexico's water supply. She first denied the request in March.
How Is Retail Feeling About ORCL, BE Stocks?
On Stocktwits, retail sentiment around Oracle remained in ‘extremely bullish’ territory over the past day, while sentiment around Bloom Energy trended in ‘bullish’ territory.
Platform data showed that message volume has nearly doubled around ORCL’s stock in the last 24 hours, and chatter around BE’s stock has surged by more than 150%.
Retail traders on the platform acknowledged the risk around building data centers and the corresponding delays.
ORCL’s stock has fallen nearly 40% this year, while BE’s stock has more than doubled its share price.
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