Key Highlights

● Bloom Energy soared and Constellation Energy and NRG jumped sharply.

● Constellation posted adjusted Earnings of $5.06 a share.

● Analysts expected $3.85 a share.

● Revenue was $9.55 billion versus $9.37 billion expected.

Artificial intelligence runs on electricity, and lots of it. That simple fact has turned utilities, fuel-cell makers and turbine builders into AI stocks in their own right. When the data-center trade cracked after the November 3 midterm elections, those power names cracked with it. On Monday, November 9, 2026, they came roaring back.

Bloom Energy (NYSE:BE), which makes fuel cells that can power sites on-site, soared. Constellation Energy (NASDAQ:CEG) and NRG Energy (NYSE:NRG) both jumped sharply, and Vistra (NYSE:VST) climbed, according to news reports. GE Vernova (NYSE:GEV) rose strongly as well.

Constellation's beat sets the tone

The anchor was Constellation's third-quarter report before the open. The power producer posted adjusted earnings of $5.06 a share, well above the $3.85 analysts expected, on Revenue of $9.55 billion against estimates of $9.37 billion, according to its 8-K filing. Adjusted Operating Income of $1.792 billion fell short of the $2.164 billion estimate, but investors focused on guidance: Constellation raised its full-year outlook to $12.50 to $12.80 a share, above the roughly $12.15 Wall Street had expected. Market data said the company is benefiting from deals to power Big Tech data centers.

NRG delivered its own beat, with adjusted earnings of $4.68 a share against $3.33 expected, and agreed to sell six gas-fired plants totaling 4.9 gigawatts to LS Power for $4 billion in cash.

Different reasons, same direction

Not every gain had the same driver. Market data tied Bloom's rebound to two fuel-cell contract wins, while others pointed to lower energy costs easing data-center build-out worries. GE Vernova announced a deal with Germany's Stadtwerke Heidenheim to Supply three onshore wind turbines plus 20 years of service, alongside the broader power rally.

Smaller names joined in. Nuclear developer Oklo (NYSE:OKLO) surged, appearing among mid-cap gainers; no company-specific news was found, and it moved with the broader power group. Geothermal company Fervo Energy (NASDAQ:FRVO) rocketed after its first quarterly report, in which it said the first unit of its Cape Station plant in Utah entered commercial operation and highlighted a 396-megawatt power deal with Google.

The macro tailwind

The backdrop helped. Brent Crude sank $5.75 to $92.57 and US crude fell $3.98 to $86.85 on hopes of a US-Iran peace deal, easing Inflation fears. The broader market surged, with the S&P 500 up 173.08 points to 7,549.94.

Oddly, the energy sector itself was the laggard among the 11 S&P groups, dragged by oil producers, and First Solar (NASDAQ:FSLR) slid as lower oil weighed on alternative-energy names, reports said. The power rally, in other words, appeared tied more to AI Demand than to energy prices. Natural Gas futures, a key fuel for many power plants, actually jumped on the day, reports said, yet the electricity names rallied anyway.

Not everyone is comfortable with the pace. Chicago Fed President Austan Goolsbee warned Monday that the AI data-center build-out is "starting to look like old fashioned demand overheating."

Political Risk to Power Demand

Power stocks will take cues from the AI-cloud reports this week from CoreWeave and Nebius, and from Nvidia's results on November 17, since those companies' spending plans drive electricity demand. Political risk lingers: voters blame data centers for rising power bills, and the new Democratic majorities in Congress could push on that issue. For NRG, investors will track progress on the LS Power sale. And Tuesday's October Consumer Price Index will shape the rate outlook that weighs on capital-heavy utilities.