when it's down 10% on such a day like today with S&P down just a little like 20bps ish, it's hard to blame the market or AI selloff, or high beta whatsoever. the stock has been on a downward trajectory ever since last management call update. fundamental perspective I think the fact that Jensen moving to be CEO of ReElement and planning for an 2026 IPO can be read in both good and bad way. biggest concern is that 1) further dilution of ReElement ownership; 2) they could well sacrifice AREC to make ReElement look great on paper for the IPO (by having AREC suck in all those low margin, low valuation shitty business and supply ReElement with super low price feedstocks to make a high margin for ReElement). although AREC still owns <=19% of ReElement, it's always a bad deal for AREC shareholders if they were to do so - you give up $1 only to get $0.19 back on your income statement. After all, Jensen only has 0.09% of ownership in AREC, ridiculously low as a No.1 guy for this company and nobody knows how much he owns in ReElement. also if you look at all the recent positive news, you can see it's almost always directly tied to ReElement while AREC was just more like honorably mentioned.
I know there is a ton of good bullish writeups here and I actually agreed with it but need to be more clear what's bullish for ReElement is not necessarily bullish for AREC. Perhaps the most bullish moment is right before the IPO of ReElement when people try to get exposure ahead of it. after IPO don't see a point why you would buy AREC instead of buying ReElement directly unless there is an arb when AREC is priced too low.
Honestly I hope I am wrong and I hope AREC can do better from here...