<p>Welcome to The Bear Cave! Our last premium article was “<a href="https://thebearcave.substack.com/p/problems-at-stepstone-step">Problems at StepStone (STEP)</a>” and our next special investigation for paid readers comes out this Thursday, July 16.</p><h2><em><strong><span>New Activist Reports</span></strong></em></h2><p>Hunterbrook Media <a href="https://hntrbrk.com/investigations/bloom">published</a> on <strong>Bloom Energy</strong> (NYSE: BE — $69.6 billion), a manufacturer of on-site power generation technology. Hunterbrook alleged Bloom falsely claims it does not rely on Chinese scandium when “trade records, satellites, Chinese filings and even its own suppliers in China say otherwise.” Hunterbrook also said that “there isn’t enough scandium on Earth” for Bloom to meet Wall Street’s projections. In addition, Hunterbrook highlighted that last quarter 74% of Bloom’s revenue came from “related parties,” that the company “is booking revenue on sales it hasn’t even invoiced for,” and noted the company is on its 4<sup>th</sup> CFO in 2 years.</p><p>The Bear Cave is now owned by Hunterbrook Media.</p><p>Crossroads Capital also independently <a href="https://www.crossroadscap.io/insights/bloom-energy-inc-be----nyse-situational-awareness-collides-with-physical-awareness--exposing-a-supply-wall-and-hidden-china-risks">published</a> on <strong>Bloom Energy</strong> and the impending scandium shortage. Crossroads alleged Bloom “is running straight into a supply wall, one that caps the revenue growth and earnings generation the market is pricing in” and added that “the repricing should be severe.”</p><p>In response, Bloom <a href="https://www.bloomenergy.com/blog/demystifying-scandium-oxide-why-it-matters-in-bloom-fuel-cells/">published</a> a statement arguing it uses a limited amount of scandium in its products and that “scandium is abundant, widely distributed throughout the Earth’s crust…”</p><h2><em><strong><span>Recent Resignations</span></strong></em></h2><p>Notable executive departures disclosed in the past week include:</p><ol><li><p>CFO of <strong>Adient plc</strong> (NYSE: ADNT — $1.57 billion) “provided notice that he intends to leave his position with the company no later than December 31, 2026” after three years. The automotive seating company disclosed it “has initiated an external search for its next Chief Financial Officer.” The Bear Cave previously included the company on its list of <a href="https://thebearcave.substack.com/p/problems-at-130-long-term-underperformers">130 Long-Term Underperformers</a> citing “high buying power of customers focused on cost concessions, capital intensive business, electric vehicles focus on slimmer seats/newer designs, low margins, [and] high debt burden.”</p></li><li><p>CFO of <strong>Veraxa Biotech</strong> (NASDAQ: VRXA — $311 million) departed with immediate effect after four and a half years. The clinical-stage biopharmaceutical company is down ~80% since its SPAC merger last month.</p></li><li><p>Chief Accounting Officer of <strong>Angi Inc</strong> (NASDAQ: ANGI — $252 million) after just three months “due to a personal decision to pursue another opportunity in a different industry.” The company has had five CEOs and five CFOs in the last ten years.</p></li><li><p>Ms. Dhivya Suryadevara, President of <strong>Fiserv</strong> (NASDAQ: FISV — $26.9 billion), resigned for “good reason” after seven months. Last month, the financial technology company’s CEO <a href="https://thebearcave.substack.com/p/the-bear-cave-331">departed</a> after a little over one year.</p></li><li><p>Chief Accounting Officer of <strong>Quaker Chemical</strong> (NYSE: QWR — $2.57 billion) resigned “to pursue another career opportunity” after one year. The company’s prior Chief Accounting Officer departed after one and a half years.</p></li><li><p>Ms. Monica Bertagnolli, board member of <strong>Natera</strong> (NASDAQ: NTRA — $38.7 billion), resigned after a little over one year “due to her new position with the National Academy of Medicine.”</p></li><li><p>Mr. George Holding, board member of <strong>Trump Media & Technology Group</strong> (NASDAQ: DJT — $2.37 billion), the US Director of the European Bank for Reconstruction and Development nominated by President Trump in September 2025, resigned after a little over one year. The company has had five board departures in the last eighteen months.</p></li><li><p>Chief Legal Officer of <strong>Eos Energy Enterprises</strong> (NASDAQ: EOSE — $1.55 billion) departed after two and a half years.</p></li></ol><p><em>Data for this section is provided by VerityData from <a href="http://verityplatform.com/"><span>VerityPlatform.com</span></a></em></p><h2><em><strong><span>News of the Week</span></strong></em></h2><p><em>“The White House Made Fixing Intel Its Pet Project. It’s Working.”</em> (<a href="https://www.wsj.com/tech/the-white-house-intel-trump-apple-84fe833e">WSJ</a>)</p><p>“Trump and Lutnick urged Cook to use Intel’s manufacturing plants, or fabs, to make some of Apple’s chips, according to government officials. In one of the most remarkable examples of state capitalism in recent memory, the U.S. government became the chipmaker’s largest shareholder later that month when it converted $9 billion in federal grants into a 10% stake in the company.”</p><h2><em><strong><span>Tweets of the Week</span></strong></em></h2><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/$s_!ljwL!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe94ad3c1-37db-45cb-a9e6-d8a3838fff7b_954x400.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="" class="sizing-normal" height="400" src="https://substackcdn.com/image/fetch/$s_!ljwL!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fe94ad3c1-37db-45cb-a9e6-d8a3838fff7b_954x400.png" width="954" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button class="pencraft pc-reset pencraft icon-container restack-image" tabindex="0" type="button"><svg fill="none" height="20" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" viewBox="0 0 20 20" width="20" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button class="pencraft pc-reset pencraft icon-container view-image" tabindex="0" type="button"><svg class="lucide lucide-maximize2 lucide-maximize-2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a><figcaption class="image-caption">(<a href="https://x.com/hntrbrkmedia/status/2074901639924732200?s=20">Tweet linked here</a>)</figcaption></figure></div><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/$s_!zUqn!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc189c583-9413-43a6-a71f-627104b99267_946x302.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="" class="sizing-normal" height="302" src="https://substackcdn.com/image/fetch/$s_!zUqn!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc189c583-9413-43a6-a71f-627104b99267_946x302.png" width="946" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button class="pencraft pc-reset pencraft icon-container restack-image" tabindex="0" type="button"><svg fill="none" height="20" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" viewBox="0 0 20 20" width="20" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button class="pencraft pc-reset pencraft icon-container view-image" tabindex="0" type="button"><svg class="lucide lucide-maximize2 lucide-maximize-2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a><figcaption class="image-caption">(<a href="https://x.com/RealJimChanos/status/2075610079647150226?s=20">Tweet linked here</a>)</figcaption></figure></div><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/$s_!gwW9!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc2eb38e6-c4b7-491e-9978-b1f32fd0be0d_954x288.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="" class="sizing-normal" height="288" src="https://substackcdn.com/image/fetch/$s_!gwW9!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fc2eb38e6-c4b7-491e-9978-b1f32fd0be0d_954x288.png" width="954" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button class="pencraft pc-reset pencraft icon-container restack-image" tabindex="0" type="button"><svg fill="none" height="20" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" viewBox="0 0 20 20" width="20" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button class="pencraft pc-reset pencraft icon-container view-image" tabindex="0" type="button"><svg class="lucide lucide-maximize2 lucide-maximize-2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a><figcaption class="image-caption">(<a href="https://x.com/DeepSailCapital/status/2074466956573376741?s=20">Tweet linked here)</a></figcaption></figure></div><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/$s_!Kwsn!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F59b23022-7181-4ab1-a498-f28823cc9910_946x260.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="" class="sizing-normal" height="260" src="https://substackcdn.com/image/fetch/$s_!Kwsn!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F59b23022-7181-4ab1-a498-f28823cc9910_946x260.png" width="946" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button class="pencraft pc-reset pencraft icon-container restack-image" tabindex="0" type="button"><svg fill="none" height="20" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" viewBox="0 0 20 20" width="20" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button class="pencraft pc-reset pencraft icon-container view-image" tabindex="0" type="button"><svg class="lucide lucide-maximize2 lucide-maximize-2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a><figcaption class="image-caption">(<a href="https://x.com/stockgutter/status/2074471400723620120?s=20">Tweet linked here</a>)</figcaption></figure></div><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/$s_!mDqu!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F74161a83-7ec9-4cb1-904e-d4b09acf2c14_936x758.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="" class="sizing-normal" height="758" src="https://substackcdn.com/image/fetch/$s_!mDqu!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F74161a83-7ec9-4cb1-904e-d4b09acf2c14_936x758.png" width="936" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button class="pencraft pc-reset pencraft icon-container restack-image" tabindex="0" type="button"><svg fill="none" height="20" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" viewBox="0 0 20 20" width="20" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button class="pencraft pc-reset pencraft icon-container view-image" tabindex="0" type="button"><svg class="lucide lucide-maximize2 lucide-maximize-2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a><figcaption class="image-caption">(<a href="https://x.com/DonutShorts/status/2075679349479449081?s=20">Tweet linked here</a>)</figcaption></figure></div><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/$s_!JCab!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc1cde8a-085a-454f-9909-420369e1f568_938x508.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="" class="sizing-normal" height="508" src="https://substackcdn.com/image/fetch/$s_!JCab!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2Fdc1cde8a-085a-454f-9909-420369e1f568_938x508.png" width="938" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button class="pencraft pc-reset pencraft icon-container restack-image" tabindex="0" type="button"><svg fill="none" height="20" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" viewBox="0 0 20 20" width="20" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button class="pencraft pc-reset pencraft icon-container view-image" tabindex="0" type="button"><svg class="lucide lucide-maximize2 lucide-maximize-2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a><figcaption class="image-caption">(<a href="https://x.com/RealJimChanos/status/2075277572737298611?s=20">Tweet linked here</a>)</figcaption></figure></div><div class="captioned-image-container"><figure><a class="image-link image2 is-viewable-img" href="https://substackcdn.com/image/fetch/$s_!AvoN!,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F155e417b-ab92-49c2-8444-524028364448_946x330.png" target="_blank"><div class="image2-inset"><source type="image/webp" /><img alt="" class="sizing-normal" height="330" src="https://substackcdn.com/image/fetch/$s_!AvoN!,w_1456,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F155e417b-ab92-49c2-8444-524028364448_946x330.png" width="946" /><div class="image-link-expand"><div class="pencraft pc-display-flex pc-gap-8 pc-reset"><button class="pencraft pc-reset pencraft icon-container restack-image" tabindex="0" type="button"><svg fill="none" height="20" stroke="var(--color-fg-primary)" stroke-linecap="round" stroke-linejoin="round" stroke-width="1.5" viewBox="0 0 20 20" width="20" xmlns="http://www.w3.org/2000/svg"><g><title></title><path d="M2.53001 7.81595C3.49179 4.73911 6.43281 2.5 9.91173 2.5C13.1684 2.5 15.9537 4.46214 17.0852 7.23684L17.6179 8.67647M17.6179 8.67647L18.5002 4.26471M17.6179 8.67647L13.6473 6.91176M17.4995 12.1841C16.5378 15.2609 13.5967 17.5 10.1178 17.5C6.86118 17.5 4.07589 15.5379 2.94432 12.7632L2.41165 11.3235M2.41165 11.3235L1.5293 15.7353M2.41165 11.3235L6.38224 13.0882"></path></g></svg></button><button class="pencraft pc-reset pencraft icon-container view-image" tabindex="0" type="button"><svg class="lucide lucide-maximize2 lucide-maximize-2" fill="none" height="20" stroke="currentColor" stroke-linecap="round" stroke-linejoin="round" stroke-width="2" viewBox="0 0 24 24" width="20" xmlns="http://www.w3.org/2000/svg"><polyline points="15 3 21 3 21 9"></polyline><polyline points="9 21 3 21 3 15"></polyline><line x1="21" x2="14" y1="3" y2="10"></line><line x1="3" x2="10" y1="21" y2="14"></line></svg></button></div></div></div></a><figcaption class="image-caption">(<a href="https://x.com/unusual_whales/status/2074166992135704772?s=20">Tweet linked here</a>)</figcaption></figure></div><p class="button-wrapper"><a class="button primary" href="https://thebearcave.substack.com/subscribe?"><span>Subscribe now</span></a></p><div><hr /></div><p>Until Thursday,</p><p>The Bear Cave</p><h5><strong>New? </strong><em><strong><a href="https://thebearcave.substack.com/">Sign Up Here</a></strong></em></h5><h5><strong>Got Feedback? Just Hit Reply</strong></h5><h5><strong><span>The Bear Cave is Not Investment Advice. See Full Disclosures </span><a href="https://thebearcave.substack.com/about"><span>Here</span></a><span>. Twitter: </span><a href="https://x.com/BearCaveEmail">@BearCaveEmail</a></strong></h5>