Sell Rating on Bloom Energy Due to Uncertainty in Partnership and Capacity ExpansionWe do not see that as likely as BE may still rely on some book and turn. That being said, we would still need to see substantial backlog adds to alleviate concerns some investors may have in 2027 outlook. Alternatively, BE guiding to increased capacity expansion (beyond 2GW by 3Q call, will bode well too. Can BE SOFC be Deployed? BAM, via its subsidiary Data4, is deploying ~1.5GW in Europe, spread across 10 campuses. These data centers are located / currently being developed in Greece (90MW). Gas contributes roughly 40% towards Italy and Greece's power mix, mid-teens % for Spain, Poland, and Germany, and LSD for France. Accordingly, if Data4 decides to expand its existing footprint in one of these regions, we could see BE's SOFC likely being deployed in Italy or Greece.