Shares of FuelCell Energy (NASDAQ:FCEL) are down 10% to $26.89 in midday trading Tuesday, leading a coordinated slide across hydrogen and fuel cell names. Bloom Energy (NYSE:BE) stock is off 8% at $271.32, and Plug Power (NASDAQ:PLUG) stock is down 5% at $2.50. All three moves are landing on a broadly weak tape.
The declines are arriving without a negative company-specific catalyst. Each name actually has fresh positive news behind it. That combination points to profit-taking after outsized 2026 runs rather than any shift in the operating story.
The backdrop is heavy. The NASDAQ 100 is down 1.3% on the session, and the risk-off tone is hitting chips, memory, EVs, space, and AI miners alongside clean-power plays. Fuel cell names, up multi-fold this year, sit among the most crowded profit-taking targets when the tape turns.
Positive News Ignored as Traders Book Profits
Plug Power just won a 50-megawatt electrolyzer order tied to Orica’s Hunter Valley Hydrogen Hub in Australia after the project reached final investment decision (FID). Plug Power will supply its GenEco PEM electrolyzers to what is billed as the largest Australian renewable-hydrogen project to reach FID. It’s a headline order for a business that has been slowly rebuilding credibility on execution.
Bloom Energy and Brookfield expanded their AI-infrastructure partnership to $25 billion, up from the initial $5 billion announced last October. The joint venture is aimed at delivering onsite power for hyperscalers and AI data centers. It’s the clearest institutional stamp yet on the Bloom Energy data-center power thesis.
FuelCell Energy rode a stack of catalysts into month-end, including Russell index inclusion, a $49 million EXIM financing deal, and analyst upgrades. Today’s pullback gives some of that recent gain back rather than resetting the underlying story.
Massive 2026 Runs Set Up the Pullback
Bloom Energy stock has been the standout of the trio. Over the past year the shares are up 1,010%, powered by the AI power-demand thesis and successive guidance raises. Management lifted FY2026 revenue guidance to $3.4 billion to $3.8 billion after Q1 2026 non-GAAP EPS blew past estimates.
FuelCell Energy shares carried a triple-digit percentage gain into the session as well. The company’s sales pipeline grew to 4 gigawatts, up 267% from Q1 2026, with data centers making up roughly 90% of proposals. CEO Jason Few has anchored the story on a standardized 12.5 MW Energy Block aimed squarely at AI power demand.
Plug Power stock has lagged the group but has still climbed off multi-year lows, up 79% over the past year. Q1 2026 revenue rose 22% year over year (YoY) to $163.5 million, and management is targeting positive EBITDAS by Q4 2026 and full profitability by the end of 2028.
What to Watch Into the Close
Composite sentiment gauges still lean positive on the group. Readings sit at 65 (bullish) on FCEL, 64 (bullish) on BE, and 58 (neutral) on PLUG. Reddit chatter on Bloom Energy stayed bullish in the 76 to 78 range over the long weekend, suggesting retail is not panicking on the drawdown.
Investors can watch for whether the fuel cell trio finds support into the close, and whether any sell-side notes recharacterize today’s action as a buying opportunity or a warning about stretched positioning. Fresh analyst commentary on the Brookfield expansion could set the near-term tone for Bloom Energy shares in particular.
The bull case for the group remains intact. Bloom Energy’s expanded Brookfield joint venture, Plug Power’s Australian electrolyzer order, and FuelCell Energy’s growing data center pipeline all point to real revenue tied to the AI hyperscaler build-out. The secular “bring-your-own-power” trend behind the trade hasn’t gone anywhere.
However, these are unprofitable, high-volatility names, and FuelCell Energy’s trailing EPS sits near -$6.20 with no meaningful P/E ratio. Meanwhile, Plug Power still runs at deeply negative gross margins, and Bloom Energy’s valuation now embeds heroic growth assumptions.
When names like these post multi-hundred-percent runs, single-session drawdowns of this size come with the territory. Investors should consider keeping their position sizes modest across this cohort given the swings, as a single risk-off session shows how quickly sentiment can flip on stocks trading more on momentum than earnings. The next catalyst could be as simple as a fresh analyst note or a follow-on data-center power headline.
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