Hydrogen Stocks Pull Back as Bloom Energy Leads AI Rally Reversal

Hydrogen/fuel-cell stocks Bloom Energy, FuelCell Energy, and Plug Power fell Friday in a sector-wide selloff after strong AI-fueled rallies. Bloom Energy dropped about 13%, FuelCell Energy around 9%, and Plug Power roughly 4%, though all remain well above their start-of-year levels. The HYDR hydrogen ETF also slid, signaling broad sector pressure rather than company-specific issues. Bloom Energy’s Oracle partnership underpins the AI data-center bull case, while FCEL posted mixed quarterly results with an impairment, and Plug Power highlighted hydrogen monetization progress and a path to positive EBITDAS later in 2026. Investors will watch whether the pullback continues next week and how upcoming earnings news reshapes the narrative.