Roxxon begins performing deep sea exploration in the Norwegian Sea, when suddenly, their sea base is attacked by Frost Giants.

Meanwhile, on the Moon, in the shadow of Asgardia, Odin approaches the crowd of Asgardians who are watching Thor, who is kneeling dejectedly before Mjolnir, which for some reason he has become unworthy of wielding it following the Avengers battle against Nick Fury and has spent sleepless, hungry weeks, speaking only to the hammer. After another failed attempt to pick up his hammer, Thor laments that it all it took was a whisper from Fury to make him unworthy of Mjolnir. Odin demands to know what Fury whispered but gets no response from his son. Freyja counsels her husband, suggesting that he tone down and talk to his son. The All-Father scoffs at the thought of "coddling" Thor and accuses her of going soft in his absence, to which she retorts that Asgardia had not fallen during that time. The Warriors Three interject that all of the Asgardians assembled could not budge Mjolnir, so maybe the fault lies with the hammer. As Freyja reminds Odin that it was he who placed the enchantment that gave that thing the power to decide who was worthy, Odin casts Thor aside and attempts to pick up his creation but to his frustration, even he, the enchanter, cannot move it. As Odin furiously blasts the hammer with his magic, Freyja comforts Thor, telling him that a weapon doesn't define him.

Suddenly, Hugin and Munin, Odin's ravens, arrive to inform the All-Father of the presence of Frost Giants on Midgard. Odin orders his subjects to return to Asgardia, stating it's not their fight, though Freyja intends to march to war. Odin dismisses her order, declaring that her position as All-Mother is abolished with his return, though Freyja disagrees. Thor then rises up, announcing his intent to get a weapon and head home. Odin he means Asgardian and orders the Asgardians to head home. Freyja interjects that Thor is headed for Midgard and insists on restraining him given his weakened state, only for her husband to interrupt her, declaring that he will reassert his authority as the All-Father and Freyja will remember her place. Freyja then stares at Mjolnir.

Back on Earth, the Roxxon employees wonder what's going on. Suddenly, Malekith the Accursed appears behind them, explaining the nature of Frost Giants and that they've come for something in Roxxon's possession. He kills two men when they deny knowing what he's looking for, before the third man agrees to help. Then out of nowhere, Thor comes riding in on a goat, wielding Jarnbjorn against the Frost Giants. When he takes notice of Malekith, the dark elf humorously notes of a certain change in the Thunder God before slicing off his left hand. As the control room floods with seawater, Malekith casts a spell to allow him to breath while his Roxxon hostage drown. He then calls out to the giants, telling him he knows where to find their prize.

Back on the Moon, an unidentified female says, "There must always be a Thor." and grasps the hammer, which changes its inscription to "Whosoever hold this hammer, if she be worthy, shall possess the power of... Thor" and successfully lifts it off the ground.

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