Research

Independent equity research by Nico Peng. Each note derives a thesis from primary sources, shows the work behind every number, and states what would prove it wrong.

• August 26, 2026BEPrice at closing: $218.21Target: $358 (+64%)Long: Bloom EnergyIts customers cannot get a heavy-duty turbine running before 2032, and Bloom already owns a second plant.
• August 19, 2026AAOIPrice at closing: $122.19Target: $250 (+105%)Long: AAOIAAOI makes the laser every module maker is short of, and its shares are priced as if it bought them.