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Investing.com -- Plug Power (NASDAQ:PLUG) stock rises 6.3% in premarket trading, extending its winning streak to a fourth consecutive session, after Republican Senator John Cornyn indicated lawmakers are considering a plan to rescue a tax credit for hydrogen production.
The hydrogen fuel cell company’s shares have gained momentum following Cornyn’s comments that a hydrogen tax credit rescue is "on the table." This potential legislative support comes as a positive development for Plug Power, which has seen its stock drop 40% year-to-date.
The upward movement builds on Tuesday’s gains, which were driven by news that Plug Power’s chief financial officer had purchased company shares. This insider buying signal, coupled with the potential preservation of hydrogen tax credits, has helped fuel investor optimism in the struggling clean energy stock.
Despite the recent rally, Plug Power shares remain significantly lower for the year as the company continues to face challenges in the evolving hydrogen market. The potential preservation of tax incentives could provide important financial support for hydrogen producers like Plug Power as they work to scale operations and improve profitability.
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