Analysts Spotlight AI Spending Beneficiaries

Bloom Energy and Manhattan Associates are drawing investor attention due to the expansion of AI infrastructure.

Updated on Oct. 26, 2026 in Investing

Isometric editorial illustration of a modular industrial power unit and logistics crates, representing modern AI infrastructure investment. — Investment analysts have identified Bloom Energy and Manhattan Associates as critical beneficiaries of the massive capital spending fueling new AI infrastructure projects. AI Illustration. Upload story photo >

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Do you plan to invest in companies providing power or software for the artificial intelligence boom?

Investment experts have identified Bloom Energy and Manhattan Associates as key players poised to benefit from the massive capital expenditure surrounding AI infrastructure. The surge in AI development is fueling demand for on-site power solutions and specialized supply-chain software.

Why it matters

Rising AI infrastructure build-out and software adoption necessitate increased capital spending by major companies. High costs to connect to the traditional grid drive demand for faster on-site power solutions provided by firms like Bloom Energy.

Bloom Energy reported third-quarter revenue of $1.24 billion, while Manhattan Associates achieved 26% year-over-year cloud revenue growth in the second quarter. The 10-year U.S. Treasury note yield reached an intraday peak of 5.37% on Oct. 7.

The players

Bloom Energy

This company manufactures solid-oxide fuel cell systems that provide on-site electricity generation.

Manhattan Associates

This technology firm specializes in supply chain, inventory, and omnichannel software for retail and wholesale businesses.

Meta Platforms

This technology conglomerate owns social media platforms and is currently undergoing significant capital expenditure for AI.

SpaceX

This aerospace manufacturer and space transportation company is heavily investing in large-scale compute infrastructure.

Sowmdeb Sen

He is an investment professional at Silvant Capital Management based in Atlanta.

The details

Bloom Energy produces on-site power equipment fueled by natural gas, biogas and hydrogen, while Manhattan Associates provides supply-chain software used by retailers. These companies are navigating a market landscape characterized by massive capital investments, including Meta Platforms' plan to raise $95 billion through stock offerings.

2025 Q3 marked the baseline revenue period for Bloom Energy.
2026 Q2 saw Manhattan Associates report 26% cloud revenue growth.
Oct. 7, 2026, was the date the 10-year U.S. Treasury yield hit 5.37%.
Oct. 20, 2026, was the date of the latest SpaceX earnings call.
2027 is the projected year for SpaceX to add 10 gigawatts of compute.

Market Dynamics

The push for on-site power generation follows a pattern set by the energy infrastructure priorities established under the Inflation Reduction Act. This movement underscores a broader structural shift as businesses bypass traditional grid limitations to support energy-intensive AI compute.

Retail investors should note that firms providing essential physical and digital infrastructure for AI are seeing significant capital interest. High interest rate environments like the current Treasury yield peak can increase borrowing costs, potentially impacting the stock performance of firms like Bloom Energy.

The takeaway

Investors should monitor capital expenditure trends among large tech companies, as these figures often forecast growth for auxiliary service providers. Evaluating forward price-to-earnings ratios alongside macroeconomic interest rate data is essential for assessing risks in the AI infrastructure sector.