We recently published These 10 Stocks Surprisingly Lead Gains While Wall Street Naps. Plug Power Inc. (NASDAQ:PLUG) is one of this week’s top performers.
Plug Power saw its share prices increase by 8.48 percent on Friday to finish at $1.79 apiece as investors took path from research studies that the fuel cell market is expected to expand at a compounded annual growth rate (CAGR) of 21.2 percent through 2029.
In a report released by research firm BCC Research LLC, the fuel cell generator market is projected to increase to $3.1 billion over the next four years from $1.4 billion in 2024 amid the growing demand for uninterrupted power supply from businesses and critical services like hospitals and data centers.
“Fuel cell generators provide a steady and dependable power source, especially during grid outages, making them a smart choice for backup or even main power,” it said.
Plug Power Inc. (NASDAQ:PLUG), one of the leading fuel cell companies in the US, is among the companies that stand to benefit from the projected expansion, to be supported by the ongoing AI expansion in the US.
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For the second quarter of the year, Plug Power Inc. (NASDAQ:PLUG) expects to book revenues between $140 million and $180 million, with additional improvement from the first quarter in gross margin and working capital performance anticipated throughout the year.
While we acknowledge the potential of PLUG as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
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Disclosure: None. This article is originally published at Insider Monkey.
