Plug Power (PLUG) shares surged 5.14% in pre-market trading on Wednesday, following the company's announcement of a strategic pivot towards AI power deals and plans to raise cash. The hydrogen firm's stock experienced significant volatility as investors digested the news of its new business direction.

According to recent reports, Plug Power intends to sell electricity rights and forge partnerships focused on AI power deals. This move is seen as an attempt to capitalize on the growing demand for energy solutions in the rapidly expanding artificial intelligence sector. By leveraging its expertise in hydrogen and fuel cell technology, Plug Power aims to position itself as a key player in powering AI infrastructure.

While the stock initially showed mixed reactions to the news, the pre-market surge suggests that investors are becoming increasingly optimistic about Plug Power's new strategy. The company's plan to raise cash through the sale of electricity rights could potentially strengthen its financial position, allowing for further investments in AI-related power solutions. As the market opens, all eyes will be on Plug Power to see if this upward momentum continues throughout the trading session.