Evercore Identifies the Winners of the AI Boom Following CoreWeave's Earnings Report. Who Does It Recommend Buying?

Evercore analysts believe that shares of Bloom Energy and other energy companies could benefit from growing demand for electricity for data centers. In their view, this week’s earnings reports and forecasts from CoreWeave and SoftBank confirm that construction of already planned data centers will not slow down, and demand for power generation equipment remains high. CoreWeave’s report triggered a sharp rise in the stock prices of companies involved in AI infrastructure on November 11.

Conference calls by SoftBank and CoreWeave executives offer a fresh perspective on the AI industry and position energy companies as clear beneficiaries, according to Evercore. Barron’s reports on this.

“We believe that both conference calls highlight the advantage of developers who are able to secure power supply and bring capacity online,” Evercore analyst Nicholas Amicucci wrote on November 11. “CoreWeave’s comments on pricing indicate that demand continues to outstrip available supply. This reinforces our view that the speed of gaining access to electricity and the reliability of that access will remain key competitive advantages for the foreseeable future.”

According to analysts, these circumstances support their recommendation to buy shares of energy companies Bloom Energy, Quanta Services, and American Electric Power. Evercore also advises investors to take a closer look at Constellation Energy and Talen Energy, Barron’s reports.

Shares of companies that were among the main beneficiaries of the AI rally in early 2026, including Bloom Energy, are rising in trading on November 11: the energy company’s shares jumped 17%, Sandisk shares rose 17%, and Marvell and Micron shares each rose 13–14%. CoreWeave’s shares rose more than 26%, while those of its competitors Nebius and Iren rose 19% and 7%, respectively.

If the construction of data centers in the industry slows down, computing capacity will become scarcer, and prices for graphics processing units (GPUs) will remain high longer than the market expected, said CoreWeave CEO Michael Intrator.

In responding to analysts’ questions, Intratator also sought to allay investors’ concerns about political opposition to the construction of data centers. This issue has become particularly pressing following the Democratic Party’s success in the midterm elections: the suspension of data center construction was one of the central issues in their political platform.

“We do not expect the recent large-scale regulatory changes to affect us in any way,” Intrator said. “Given the status of the permits and the construction phases of the data centers that will be used to fulfill orders from our contract portfolio, we are fully confident in the prospects for the implementation of our projects.”

Japanese technology conglomerate SoftBank reported on Tuesday a loss of $3.7 billion related to a revision of its plans to purchase energy equipment for data centers in the United States. The company had pre-ordered gas turbines with a total capacity of more than 13 GW, fearing a shortage amid a boom in AI infrastructure construction. However, it later became clear that it would not need that much equipment. SoftBank canceled some of the orders and lost the non-refundable advance payments it had previously made, according to The Wall Street Journal. This situation illustrates just how high the demand for energy infrastructure is.

This article was AI-translated and verified by a human editor