From the depths of despair, the most epic rallies can emerge. Or at least, that’s the going theory for Plug Power’s (NASDAQ:PLUG) brave, steadfast investors in 2024. There are no guarantees whatsoever, but Plug Power stock could stage a comeback in the coming months, as the company has already been through the wringer and is still standing.

Granted, there’s a big difference between just surviving and actually thriving. Can Plug Power actually bridge that gap? Anything’s possible on Wall Street, so risk-tolerant hydrogen-market bulls can give Plug Power a chance and pick up a few shares on the cheap.

Plug Power Stock’s Gut-Wrenching Round Trip

Soon after the onset of the Covid-19 pandemic in 2020, Plug Power stock traded for $3 and change. It rallied to $68 in early 2021, but is now back to $3 and change, believe it or not.

Surely, it’s not a mere coincidence that PLUG stock’s rise and fall paralleled the post-Covid-19 path of easy-money policy followed by monetary-policy tightening. Thus, if you expect the Federal Reserve to return to more accommodative monetary policy, you might want to pick up a few Plug Power shares.

Along the way, Plug Power issued a “going concern” warning but then soon assured that the “going concern” issues were resolved. Despite that reassurance, Plug Power stock never recovered and is still down year-to-date.

This presents an opportunity for courageous contrarians. Just maybe, Plug Power actually doesn’t have “going concern” issues anymore, but the market still has trust issues.

Also, Plug Power is reportedly finalizing a $1.6 billion loan from the U.S. Department of Energy. A capital infusion of that size could finally put the market’s “going concern” concerns to rest.

Could Data Centers and AI Save Plug Power?

It’s no secret that the fast-growing artificial intelligence technology market will require a whole lot of energy. According to a Reuters report, “Electricity demand in the United States is expected to boom from power-hungry artificial intelligence-based data centers.”

Don’t be surprised if, sooner or later, lawmakers and regulators require power-intensive businesses to deploy more sustainable energy sources. Could clean hydrogen be the answer? It’s entirely possible, and Plug Power could benefit if hydrogen becomes a go-to power source for large-scale data centers.

Plug Power CEO Andrew Marsh made it crystal-clear that his company is leaning into this potentially lucrative hydrogen-power niche market.

“So when you look at the three major data center operators, Plug is engaged and planning some initial deployment and tests with all,” Marsh declared (though he didn’t actually name the data-center operators).

Granted, this isn’t expected to provide Plug Power with an immediate revenue source. Marsh acknowledged, “I don’t think it’s a 2024 event, I think it could be a late 2025 event where you start seeing some deployments at some scale.”

Plug Power Stock: Be a Hero or Get a Big Zero

PLUG stock is so far down that it feels like the market is ignoring the company’s positive points. First of all, Plug Power seems to have resolved its “going concern” issues. Moreover, accommodative Federal Reserve policy could boost Plug Power’s top and bottom lines.

Additionally, the AI revolution will require a lot of power. If businesses turn to clean-energy sources and particularly hydrogen, Plug Power should be positioned for a windfall. Therefore, contrarian investors might consider taking a tiny, speculative share position in Plug Power stock.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.