Bloom Energy shares fell as much as 13% on Tuesday.
The stock retreated from an all-time high after gaining 275% year-to-date.
Investors cited rising competition in the market for powering artificial intelligence data centers.
Chevron and Microsoft reached a deal to use natural gas turbines for a West Texas data center.
The U.S. Department of Energy announced $17.5 billion in loans for new large-scale nuclear reactors.
These developments signal increased support for energy alternatives to Bloom’s fuel cell technology.