The author lists recent concerns for AI-linked energy stocks, including a rise in the cost of insuring CoreWeave's bonds against default and Meta Platforms' silence on its 2027 capital expenditure plans. Constellation Energy (CEG), Vistra (VST), and Bloom Energy (BE) have fallen 36% to 38% from their all-time highs, but the author says the long-term thesis is unchanged and will keep holding all three. Constellation signed a 3.6 GW, 20-year PPA with Alphabet's Google, while Vistra secured a $4.2 billion U.S. Department of Energy commitment to finance 433 MW of nuclear uprates. Bloom's quarterly revenue grew 138% year over year to $1.2 billion, and its full-year revenue guidance was raised to $4.5 billion at the midpoint. Forward earnings multiples for Constellation and Vistra have fallen to 21 and 16, from about 43 and 37 last year.
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