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American Superconductor delivered two quarterly beats during the first half. However, a blog post from Microsoft and a new academic study on superconductor technology may have been bigger factors behind the rally.

American Superconductor Corporation has surged, but its valuation assumes rapid growth not yet supported by fundamentals. Headline revenue growth is largely acquisition-driven; organic growth in the core Grid segment remains in the high-single digits. Wind segment growth is impressive but highly concentrated, with significant reliance on a single customer, Inox.

American Superconductor NASDAQ: AMSC reported record fourth-quarter revenue and sharply higher full-year sales, while management said strong order activity across utility, traditional energy, data center, wind and defense markets is setting up the company for continued growth in fiscal 2026.