Shares of Plug Power (PLUG) are surging 8.12% in intraday trading, as investors react positively to Federal Reserve Chair Jerome Powell's dovish remarks at Jackson Hole. Powell's comments have sparked optimism about potential interest rate cuts, which could significantly benefit growth stocks like Plug Power.

The Federal Reserve's shift in tone, suggesting a willingness to adjust monetary policy if job losses accelerate, has been interpreted by markets as a signal that rate cuts could come as early as this fall. This development has outsized implications for growth companies, particularly those in the clean energy manufacturing sector like Plug Power.

For Plug Power, lower interest rates could provide multiple benefits. It would reduce borrowing costs for scaling manufacturing and building hydrogen production plants, while also increasing the present value of long-term cash flows. This makes the company's growth story more attractive to investors, especially at a time when consumer demand is volatile and capital markets remain selective. Moreover, the potential for cheaper credit provides a critical tailwind to sustaining Plug's ambitious growth roadmap in the renewable energy sector.