ChargePoint Holdings: Stabilization Amidst Regulatory Challenges and Uncertain Demand GrowthWe reiterate our Hold rating on CHPT following 3Q results and management commentary. CHPT is showing early signs of stabilization after several uneven quarters, delivering a beat with inline guidance, continued subscription momentum, improving cost discipline, and a meaningfully strengthened balance sheet. The quarter's strength was flattened by a one time residential surge rather than a true recovery in core commercial demand, leaving the demand inflection timing uncertain at this point, especially in the face of regulatory headwinds in North America flattening EV adoption rates. We see CHPT as fairly valued with upside more likely to materialize once the company reaches sustained profitability, and the market can underwrite a clearer earnings power trajectory.