BUZZ-Clean energy stocks rise on broadening AI rally
Clean energy stocks are experiencing a significant rally, driven by a surge in AI-related investments on Wall Street. Notable gains include Plug Power up 18.9%, Fluence Energy up 3.2%, and Ballard Power Systems up 9.5%. The AI boom is prompting major tech companies to seek reliable energy sources for data centers, benefiting utilities and clean energy firms. Fluence and Ballard have each gained about 50% this month, while Plug Power has surged 95% and Fuelcell's shares have more than doubled in value.
Shares of clean energy companies rally on signs of AI surge on Wall Street broadening
Hydrogen fuel cell maker Plug Power (PLUG.O) up 18.9% at $3.1, renewable energy storage provider Fluence Energy (FLNC.O) gains 3.2% to $10.9
U.S.-listed shares of Ballard Power Systems (BLDP.TO) (BLDP.O) up 9.5% to $3.2, Fuelcell energy (FCEL.O) up 1.5% at $9.8
Other clean energy stocks such as First Solar (FSLR.O) and Sunrun (RUN.O) rise 1.5% each
Utilities companies have benefited as megacaps and AI leaders including Microsoft (MSFT.O) , Alphabet (GOOGL.O) and Meta (META.O) look for reliable sources of energy to power their data centres
The market is capitalizing on the AI boom, which needs power to run data centres and computing, says Robert Pavlik, senior portfolio manager at Dakota Wealth
It’s like selling the picks and shovels during a gold rush, Pavlik adds
Fluence Energy and Ballard Power Systems have gained about 50% each this month
On a monthly basis, Plug Power has jumped 95%, while Fuelcell’s shares have more than doubled in value
