Fuel-Cell Stocks Tumble: Bloom Energy Down 13%, FuelCell Energy 9%, Plug Power 4%
On July 24, 2026, fuel-cell stocks experienced a significant selloff, with Bloom Energy falling 13%, FuelCell Energy dropping 9%, and Plug Power slipping 4%. The decline is attributed to high-beta profit-taking and a broad risk-off session, rather than company-specific catalysts. The Global X Hydrogen ETF (HYDR) also fell 5%, confirming sector-wide pressure. Despite the drop, Bloom Energy and FuelCell Energy remain up 119% and 192% year-to-date, respectively, driven by AI data center power deals. Bloom Energy's rally was supported by a warrant partnership with Oracle and strong Q1 2026 revenue growth of 130.4% YoY. However, a short-seller report from early July questioning supply-chain claims remains an overhang. FuelCell Energy's Q2 2026 earnings were mixed, with revenue down 5% YoY but a strong data center pipeline. Plug Power's smaller decline reflects its more modest 7% YTD gain.
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