Down 38% From Its High, Is Bloom Energy Stock a Buy?

Bloom Energy stock has fallen 38% from its 52-week high of $351 to $218, despite strong Q2 earnings showing 166% revenue growth and a return to profitability with $196M net income. The company raised full-year guidance to $3.9-4.2B revenue (100% growth), with CEO citing accelerating AI data center demand. However, at 80x forward earnings, the stock carries significant valuation risk with little margin of safety if tech spending slows.