Shares of Plug Power jumped almost 8% on Thursday following Bloom Energy’s impressive AI-related earnings report, sparking a rally across US fuel-cell stocks. Bloom’s second-quarter results showed record revenue above $1 billion, positive cash flow, and better margins, signaling growing demand for AI-driven onsite power solutions.
Bloom Energy’s revenue soared 165% year-over-year to $1.065 billion, with operating cash flow hitting $226 million and gross margins topping 33%. The company highlighted its role as a key supplier for data centers powering artificial intelligence workloads, driving Mizuho to upgrade Bloom’s stock and set a $242 price target. This operational strength helped lift other fuel-cell players.
FuelCell Energy surged over 28%, Ballard Power gained nearly 9%, and Plug Power climbed to roughly $2.05, breaking a six-day losing streak. Despite the sector-wide gains, gaps remain. Bloom Energy outperformed Plug Power by over 17 percentage points, underscoring Plug’s continued challenges despite partial recovery from recent lows.
Plug Power had dropped from $2.27 on July 21 to $1.90 on July 29 and continues to trade below late July levels. Investors are now watching for Plug’s liquidity status, upcoming quarterly results, and potential contracts for powering AI data centers.
