Longview Research

@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…

$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…

@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

I dont even think it has peaked... I actually think this is the first move of the structural breakout as it absorbs the total addressable market away from gas turbines and other lower quality bridge power solutions for AI Power. Buckle up! also see $CGEH, it is a mini $BE, on my profile I outlined the key areas to focus on.

$BE Bloom Energy is a monster

It is not as bad as you would think after the Monarch Recap. the Monarch Recap removed the Goldman controls which is a huge overhang removed. They even got balance sheet capital true up to handle major MW microturbine orders... So really the dilution is not that bad. This stock still trades below 2x sales, $BE trades at 12x. $GEV at about 3.5-4x Sales... so in a crap scenario you are up 50-100% on just sales multiple arbitrage spread. Worth the risk-reward.

@Longviewres What do you think of the dilution overhang? Necessary price to pay?

@_LittleFire1 Really not a fan, it is has struggled at every major tech cycle entry to become relevant, that is not going to change cause the mgmt team and IP has not changed. They make big announcements, but fail to execute or deliver. Not a fan of $FCEL.

@Longviewres What about $FCEL

I might do this in a later report, I view all the diesel players as bridge solutions, nobody actually wants this permanently in their power installations, its just simply what is available. Same applies to supersonic engines that are also somehow getting deployed for AI Power. I describe these as very low quality bridge power solutions. The structural AI Power longs are $BE and $CGEH. Look at BE, that is the analog of $CGEH minus the ultra sexy Silicon Valley aura.

@Longviewres Can you also compare diesel (CAT/CMI)?

@grackychan You are not too late, just wait a couple more months to let them get things cooking with the factory layout redo to support 7 MW per week of output.

@Longviewres This name has come onto my radar from your posts, too bad I sat on my hands for two weeks since. Mcap is still in infancy stage though, so tons more upside. Look forward to your research.

Go for it, you will lose your shirt this summer. The press release with $ORCL from last Monday sets a new sector structural precedent: clean power available now or data center deployment cannot commence. If this is the market analog, $BE will become sponsored by every hyperscaler explicitly and they have capacity to service the demand versus the alternatives. Good luck, but yes go for it short it so you can post your tears here later. Again, you are fighting a STRUCTURAL AI POWER thesis now, not a vibe.

I don’t know guys, $BE looks like a nice short? 👀

How about this, you seem like a smart plugged-in poster on this area of the power market. Give the Monday report a read, LMK your thoughts, I think you will find that the entire thesis strung together with all its components may inform a different view with less resistance to equity sponsorship. If your opinion shifts, would love to hear why.

@Longviewres Not sure what you mean Bloom doesn't have absorption chiller technology. See here - @outspokengeek/note/c-214343765" target="_blank" rel="nofollow noopener">substack.com/@outspokengeek… @outspokengeek/note/c-206562448" target="_blank" rel="nofollow noopener">substack.com/@outspokengeek… Air permits are not just about NOx. Need SOx disclosure. I agree they might be better than other turbines and can use dirty fuels better.

@OutspokenGeek I stand corrected, you are right they do have absorption chillers. I may have mixed $BE with another fuel cell company when I was checking this a few days ago.