Hydrogen market is quietly making a comeback. After years of hype and crash cycles, a $1.4 trillion opportunity by 2050 is still very much alive — but only for companies that survived the culling.

Here's the reality: 96% of hydrogen projects announced since 2020 are dead. The survivors? They're sitting on potential goldmines if they can execute.

**Plug Power (PLUG)** - The high-risk play. Down 79% from peak, burning cash hard, but just raised $370M with $1.4B backup funding. Walmart and Amazon partnerships are real. If vertical integration works, this could be a 10-bagger. If execution fails, it's a slow bleed.

**Bloom Energy (BE)** - The sweet spot. Profitable on non-GAAP basis, $2B revenue, solid oxide fuel cells beat competitors on efficiency. Riding the AI data center boom hard. Valuation might be stretched though.

**Linde (LIN)** - The boring money play. Already printing cash ($6 dividend annually), building green hydrogen plants across US and Europe. No moonshot potential, but you sleep at night.

The catch? 99.9% of hydrogen is still "dirty." Green hydrogen was only 0.1% of production in 2023. Government policy is the X-factor — 60+ nations have hydrogen strategies, but implementation speed varies wildly.

Take your pick based on risk appetite. The next 20 years will separate the winners from the graveyard.