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Separate measured from promised in the AI-power pivot: 30 binding MW vs the 4 GW pipeline, the 2026 intraday-accumulation discovery, and the 57-year base rate.

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Verdict. AVOID as core; rent the catalysts. P(beats QQQ)=0.22 (historical rolling-year win rate vs QQQ: 9.9%); 2x-to-$42 0.40 vs halve 0.75, the most negative skew in coverage. The one new fact: 2026's rally was bought intraday (+287%) against a lifetime overnight-only pattern.

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FuelCell Energy (FCEL) — Axion Equity Dossier (the fourth rediscovery)

Verdict. AVOID as core; rent the catalysts. P(beats QQQ)=0.22 (historical rolling-year win rate vs QQQ: 9.9%); 2x-to-$42 0.40 vs halve 0.75, the most negative skew in coverage. The one new fact: 2026's rally was bought intraday (+287%) against a lifetime overnight-only pattern.

Full published report: https://fcel-dossier.us-east-1.gists.org