Plug Power falls 5% and Bloom Energy sinks 8% as the 10-year yield near its 52-week high compresses valuations and raises borrowing costs. HYDR has gained 44% year to date, but its narrow hydrogen focus provides no shelter when rising rates derate the entire sector at once. Bloom Energy's 8% drop contrasts with FuelCell Energy's near-flat session, pointing to a rate-driven derate rather than any underlying demand concern.
Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Plug Power didn't make the cut. Grab the names FREE today. Hydrogen and fuel cell stocks are sliding Tuesday morning as the 10-year Treasury note yield sits near the top of its 52-week range.
Plug Power (NASDAQ:PLUG) stock is down 5% to $2.17. Meanwhile, Bloom Energy (NYSE:BE) stock is falling 8% to $214.44. FuelCell Energy (NASDAQ:FCEL) stock is holding relatively steady, as it's only down 0.5% to $22.25.
Plug Power, Bloom Energy, and FuelCell Energy fund plants, manufacturing capacity, and long-duration projects, so higher discount rates compress their valuations while higher borrowing costs raise the price of buildout. Both effects push the same way. The 10-year Treasury yield at 4.728% sits below the 52-week high of 4.747% and inside a 52-week range that starts at 3.947%.
Rate-sensitive corners of the market feel this immediately, and Plug Power, Bloom Energy, and FuelCell Energy sit at the sharp end given cash burn and long project horizons. A higher discount rate compresses the present value of profits that management projects years out. Higher borrowing costs raise the tab on capital these companies need to build capacity.
Plug Power stock trails its peers on YTD gains despite a Q2 2026 report showing margin progress. The company's revenue reached $178.3M, representing 2.5% year over year (YoY) growth from $168.8M. The company's adjusted earnings were -$0.07, essentially in line.
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