Longview Research

@benitoz Totally agree. BTM power supply is the way to go. $BE and $CGEH are the best ways to play this and they are actually cleaner than turbines and available TODAY to ship. Read about it here: x.com/Longviewres/st…

Power is everything

@ekwufinance It is probably going to gap up higher again given three mega IPOs all growing at break neck speeds: OpenAI, Anthropic, and SpaceX are going to race to secure power supply to support growth that is materially unmet. Read about how $CGEH doing this here: x.com/Longviewres/st…

The US is pouring unprecedented amounts of money into AI in record time Meanwhile, the real constraint is energy and grid access... in the middle of the biggest energy crisis in history - AI = ~45% of the S&P - Energy = ~4% So everyone is massively overweight energy-hungry AI… while underweight the thing it literally depends on What could go wrong

@RealJGBanks How are you suggesting AI Power without names like $BE and $CGEH which are the 800VDC power suppliers for AI Infra. Read more here: x.com/Longviewres/st…

The AI Super Cycle rotates in phases Semis like $ARM $AMD $INTC were Phase 1. Money is already rotating: Memory → $MU Photonics / Optical → $NOK Networking → $ANET Compute → $IREN Power → $VRT Materials → $MP Space → $ASTS Defense / Drones → $KTOS $ONDS Robotics → $TSLA All you need to do is catch one part of one rotation of the cycle.

@RosannaInvests Some how you are missing the two most relevant companies: $BE and $CGEH

AI Data Centers need POWER! Long $CEG $VST $EOSE $EQT 💫

@StealthWedge358 Came out of bankruptcy ~2 years ago and has been dealing with Goldman lending unit who got really burned in the BK. Goldman is now out, Monarch did the recap, so the mgmt team can get back on track to the vision of AI. Read more about in my Monday write up.

@Longviewres over the counter stock for a reason? I remember this one almost 20 yrs ago when it was on the big boards. why still over the counter?

$CGEH thoughts. Monday report remains on track, which I believe will be a very comprehensive comparative deep dive of not just $CGEH, but will also frame in $BE, $GEV, $ENR, $MUFG, $FCEL, and several others in the ecosystem. I only see increasing evidence that $CGEH has a path to greater equity and industrial upside, and eventually broader institutional ownership. Just last night $CGEH changed its official name to "Capstone Energy+" which replaces the former "Capstone Green Energy Holdings" name. Full disclosure, I have sold all gas turbine holdings, like $GEV, after this week given the $BE news with $ORCL, and see a much more robust upside thesis for $BE and $CGEH from here given their relevance to the AI Power build-out that is set to accelerate, discussed in the report I released below (use this article as a preview to the main report so you can understand what you are playing for here, don't forget to follow me so you get the alert once published). Not investment advice, do you your due diligence. Know what you own.

@GunnarLarsen17 Oh there are plenty. I will publish a very extensive list that covers technological relevance, balance sheet size, execution risk, etc. To be clear this company does carry risk but the returns in this case far outweigh the risks. I call this a hyper-asymmetric investment.

@Longviewres You didn’t cover any of the risks, what do you feel the main ones are?

@_LittleFire1 It isnt.

@Longviewres I thought you said $FCEL wasn’t modular

$CGEH thoughts. Report on track for Monday. My report will include more than 10 data tables comparing $BE, $CGEH, and $GEV mainly for product specification and base power deployment installation (the perspective that matters to a hyperscale/colocation buyer). It has taken me months of reading to collect all this data hidden on company websites and product spec sheets to gather (not even web search through AI pro plans helped in this aggregation, too many misfires in the data collection). Please follow me to get this updated report Monday. I am also trying to figure out how to democratize the $CGEH model I built and I may have found a way to do do this using an AI Tool (like Gemini) with some prompts. If I get to a few thousand followers after this $CGEH long-form equity research report I will publish the prompt to build it and all the files needed to upload to produce the model. As long as you know what you are building it is easy to prompt for it. Also, if investors have questions on $CGEH before this report comes out please comment below so I can track, I already have a follow up report I need to write that sheds more light on the NIMBY (Not In My Backyard = NIMBY) dynamics that seem to be getting amplified by the day given the K-shaped economic dynamics of AI/data center development to non-tech employees. Read this punchy read for the preview linked below. Not investment advice, do your own due diligence, know what you own. x.com/Longviewres/st…

Hi. On item 1, there is no AI data center deal yet, that is why it is trading at a deep discount like this, pricing in zero deal. On item 2, no 1GW is the three shift output range, not TAM. The TAM is materially higher than 1GW. See last earnings call for the mechanics of the 1GW (it is basically three shifts of 8 hour each, multiplied by 7 Megawatts per week, so 21 MW per week multiplied by 52 weeks, gets you 1,092 MW or 1GW. On item 3, I think if you review what the Goldman overhang is you will realize that Monarch's deal is a complete release of the overhang and you stated the stretched worst case metrics for each of those; the PIK is not 13% it is 5% and goes up if CGEH do not execute and list on national exchange. the owernship is high because they injected 18Mil cash into CGEH in addition to knocking out the Goldman preferreds that owned 37% with full controlling interest of the company. You will find that the Monarch recap was a big value unlock, not a re-trap by another creditor.

Thanks, good writeup and appreciate the effort. Curious what your thoughts are on the below: 1. Backlog dropped to $11.6M with book to bill at 0.7x. Revenue is growing because they're shipping the old book, not booking new orders. Where's the AI traction in the actual numbers? 2. Factory throughput is 50 to 100 MW a year. The 1GW figure is TAM, not capacity. Does Monarch cash actually fund a manufacturing expansion or is it mostly balance sheet cleanup? Moreso concerned about their ability to scale manufacturing of microturbines to meet data center power requirements / magnitude. 3. Monarch has 42% on as converted, two board seats, 13% PIK ratchet, and a $45M accreted value board majority trigger. How are you thinking about that overhang at the current price?

@JSpitTrades Pls stop spreading misinformation…. $FCEL is not indexed to AI power like $BE or $CGEH are.

$FCEL looks compelling as a spec Broke out of a multi-month base on huge volume Catalyst was Bloom Energy $BE earnings report. FCEL is in the same industry. It's clean-tech company that designs, manufactures, and services fuel cell power systems. Albeit, much smaller. FCEL has a $700 million market cap. It's also weirdly unprofitable. Basically, it's degen BE. It's more of a speculative vehicle at this stage. This one also has a lot bag holders. (zoom out on the chart). And there's always a risk of dilution with these kinds of stocks. That said, I could see this running in sympathy with BE. Target of ~$32 in the right conditions. Higher long-term if it can secure some data center deals and get on an explosive growth track/road to profitability.

@Alex__0x0 $BE was actually under $10 when all this really started. See my write up on $CGEH, it is BE 2.0.

Just 1 year ago: $AXTI was $1 $LITE was $50 $COHR was $55 $SIVE was $3 $ONDS was $1 $OSS was $2 $SNDK was $30 $AAOI was $10 $NBIS was $20 $BE was $18 What stock is gonna be next?

Unfortunately no, I don’t think $FCEL is indexed to this at all. There are many differences, a longer convo for another day but the fact the company has been around forever and nothing has really materialized despite missing multiple insertion opportunities into AI infrastructure, this is just not the horse to bet on. It is moving on vibes or the fact the that it literally is called “fuel cell” despite not being as modular as $BE or $CGEH. Know what you own.

@Longviewres Great write up, but isn’t FCEL another alternative as well as reciprocating-engine gensets, not to mention many ither turbine providers?

Looks a lot more extreme for AI Power for $BE and eventually $CGEH!

😔

This may be tiny versus what a DC deal could look like. They are ramping for three shift 7 MW per shift, which gets you to 1,000MW per year (three shifts per day, 7 MW per shift per week). They aren't even at 100MW in the core business and they don't even have a DC deal yet, so the volumes they are preparing for are much higher than this EV deployment.

@Longviewres Looks like they already have a relationship with Amazon for charging Rivians - pretty fresh relationship w/ Nov 2025 deployment d1io3yog0oux5.cloudfront.net/_eb55411cde577…

@sambath47 Also if 3MW was the real max, why would the company mgmt and investor presentations be even entertaining a data center deal over 3MW? Seems kind of offbase for mgmt and/or Monarch to recap a company with that kind of limit per site.

@Longviewres From company website

this is not the new form factor product they have developed that is 800VDC standard, this is the prior gen product spec that is AC. The 800VDC C250S that can go to 5x C1250S is 1.25MW in lab tests with C1000S at 1MW already developed. They dont have a product page up for the 800VDC products since they arent shipping yet.

Very important to review emissions and efficiency of turbines. I am starting to believe that gas turbine popularity for AI deployments may drop dramatically given backlog lead lead times and them really being bridge power solutions, not permanent durable power sources. This is why $CGEH and $BE reacted so sharply to newsflow this week.

@Longviewres $BWA will likely be a similar name this year. They’re starting to make turbines in collab with Endeavor energy who have leased a data center to $CRWV. 2027 capacity of 2GW with revenues expected to starting coming in 2026.

@_LittleFire1 I think people finally taking a look at this one, but the trading volumes are not institutional yet. $BE probably drove the entire modular AI Power peer group higher, hence the attention this past week.

@Longviewres What’s all the recent volume about?

@sambath47 Where are you getting 3MW as max?

Read the article and waiting for the deep dive, thanks! Microturbine can only generate 3 MW even after packaging multiple turbines together. This leads to additional space and maintenance to host 100s of micro turbines on the site. Not sure if hyperscalers would be really interested in this.

@TSteenstrup Let’s get the big report out first and we can discuss this

@Longviewres Would be great to see you do a livestream on this stock and we could ask questions. Or send me a DM I’d like to get on a call