Shares of FuelCell Energy (NASDAQ:FCEL) are up 6% to $19.63 in Monday morning trading, while Bloom Energy (NYSE:BE) shares are down 6% to $202.92. The split reveals a fuel-cell trade that has stopped moving as one.
Peer Plug Power (NASDAQ:PLUG) shares are down 2% to $2.13, still stuck in the low single digits after a punishing multi-year drawdown. Year to date (YTD), Bloom Energy stock is up 133%, FuelCell Energy stock has gained 167%, and Plug Power stock is up by just 7%.
The setup matters because all three names ride the same AI data center power thesis. Today, the market is cheering one and doubting another, and it doesn’t look like a coincidence.
Bloom Energy Slides on TD Cowen Caution
Bloom Energy shares are under pressure after TD Cowen reiterated a Hold rating with a $235 price target this morning. The analyst flagged that flagship Oracle (NYSE:ORCL | ORCL Price Prediction) and American Electric Power (NASDAQ:AEP) data center projects face major delays that could pressure 2027 and 2028 estimates.
TD Cowen also called Bloom Energy stock fully valued at a P/E ratio of 514x and a price-to-book ratio of 66. That reset lands on a stock already carrying an overhang from the July 8 Hunterbrook “Bloom’s Big Lie” short report, which alleged hidden China dependence for scandium supply.
Bloom Energy has pushed back hard. The company categorically rejected the allegations as “false and misleading” in an 8-K filing. Management framed the report as an opportunistic attack on a name that has run sharply this year, and the response has been unambiguous in defending the supply chain narrative.
Other desks remain constructive on Bloom Energy stock. Baird kept an Outperform rating with a $310 target, UBS reiterated Buy at $350, and RBC held Outperform at $335. Bloom Energy also recently posted a profitable quarter with $0.23 in earnings per share, but the premium multiple leaves little room for slippage on execution.
FuelCell Energy Extends Rally on AI Power Optimism
FuelCell Energy stock’s rally on Monday appears to be a continuation of a bullish backdrop tied to AI data center power demand.
The setup started with UBS upgrading FuelCell Energy to Buy with a $27 target on July 14, sending shares 12% higher that day. B. Riley had already moved to Buy with a $32 target on June 29. Siemens then signed a collaboration on 100-plus MW fuel-cell systems, and Fit Energy agreed to source up to 380 MW of on-site power for AI data centers.
UBS has framed the Fit Energy agreement as a small-first, scale-later playbook similar to Bloom Energy’s Oracle and AEP pattern. FuelCell Energy remains unprofitable, with trailing EPS of -$6.20 and TTM revenue of $167.87 million, so today’s story is about pipeline conversion rather than earnings power.
Plug Power Lags as the Sector Splits
Plug Power shares continue to drift. There’s no near-term catalyst to close the gap with FuelCell Energy and Bloom Energy, and the company remains loss-making with $150 million in Q1 2026 operating cash burn against $223.2 million in unrestricted cash.
Recent asset sales to Brookfield Asset Management (NYSE:BAM) affiliate Stream Data Centers have added liquidity but done little for Plug Power stock. The market evidently wants proof of cash generation, not survival milestones, and that gap may continue to weigh on PLUG stock.
What to Watch
The narrow, volatile Global X Hydrogen ETF (NASDAQ:HYDR) holds all three names in its top positions, making the ETF a clean read on how the sector prices this divergence. It’s a concentrated, single-theme fund, and the cross-currents inside it can be sharp.
Bloom Energy’s next earnings report is slated July 28, which sets a hard test for the bull thesis after today’s TD Cowen call. Investors can watch for whether FuelCell Energy stock holds above $19 in the coming sessions and whether Bloom Energy stock finds support at $200.
The takeaway is straightforward: the fuel-cell trade is no longer a single bet, and investors should keep their position sizes modest while the market re-prices the winners and doubts the rest.
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