When: All three confirmations + either 10Y <4.50% OR additional hyperscaler deal materializes

Then: Re-enter remaining trimmed size — stop at $86.00

SELL with 50-60% position reduction (20% immediately at market, 20-30% on retracement to $86.13 or $87.55); $80 put hedges with 2-3 month tenor; reload 25-30% of trimmed size only after sustained close above $91.

• RSI at 23.79 with lower lows alongside price is textbook continuation signal, not yet oversold confirmation
• MACD histogram still expanding negative (7.9x expansion in 7 weeks) — December 2025 analog not yet confirmed
• $82.06 support is 'a hope, not a guarantee' — next structural test on volume with potential support gap to high $70s
• 182% debt-to-equity ($77B debt / $39.6B equity) is manageable alone but dangerous with negative FCF and $2B/quarter equity issuance
• $9.6B dilution over three quarters (~10% claim reduction for existing holders) is a structural wealth transfer, not a one-time event
• PEG of 2.01 bakes in 18.6% forward EPS growth — no margin for error
• Google nuclear uprate is 96 MW (0.22% of fleet) with $900M projected customer benefits unapproved by Georgia PSC with 12-18 month lag
• Current price at $83.47 — waiting for relief bounce to $86-87 risks executing into continued weakness as death cross forms
• A 3.57% yield provides real cash flow floor for long-duration holders but is a warning signal in momentum-driven breakdown
• Neutral analyst's 'technical noise' framing is the language of post-mortems — this is a regime change

→ vs aggressive: Calls dividend yield 'meaningless if stock drops 15-20%' — framing is intellectually lazy; 3.57% from regulated utility with 0.316 beta and 20+ years of consecutive increases has present value for long-duration holders

→ vs aggressive: Brushed past dilution risk ($9.6B over three quarters, ~10% claim reduction) and moved on — that is a structural wealth transfer from existing shareholders that does not stop because RSI is oversold

→ vs aggressive: 'Ample reload capacity' if SO squeezes to $90 risks fading the same broken structure twice — reload with 25-30% of trimmed size only after confirmation, not anticipation

→ vs neutral: Strategic positioning and tactical risk management are not mutually exclusive — can own SO at 60-70% of benchmark weight while reducing near-term breakdown exposure

→ vs neutral: Google deal validates long-term thesis at a lower entry point, not at current valuations with PEG of 2.01

→ vs neutral: Calling multi-week, multi-indicator breakdown 'technical noise' is post-mortem language — MACD expanded 7.9x in 7 weeks with 2-3x volume on down days is regime change

30-40% trim executed in two tranches; $80 puts optional rather than mandatory; staged reload with explicit technical triggers

• Supports directional sell based on real technical breakdown and dilution overhang, but disagrees with both extremes
• Dividend yield of 3.57% with 20+ consecutive years of increases is material for income mandates, not a rounding error
• Google nuclear uprate (96 MW at 0.22% of fleet capacity) is qualitatively significant as a precedent for monetizing nuclear fleet into AI datacenter demand
• 50-60% reduction is overkill for a utility with beta of 0.316 and investment-grade credit rating with limited drawdown risk
• Mandatory $80 puts create 50-80 bps NAV drag and may be redundant overhead after 30-40% trim
• December 2025 analog at 82.06 support requires certainty the market structurally cannot provide at turning points
• Reload criteria: 25-30% back on close above 10-EMA at 86.13 with expanding volume and successful retest; full position back on close above 90.88-91 with MACD contraction and RSI above 50

→ vs aggressive: Dismissal of 3.57% dividend yield as worthless is intellectually lazy for income mandates; yield with 20+ years of increases is the entire holding rationale for retirement portfolios

→ vs aggressive: Dismissing Google nuclear uprate misses the qualitative re-rating signal; hyperscaler underwriting capital upgrades creates template for Amazon, Microsoft, Meta to do same and re-rates entire nuclear asset base

→ vs aggressive: Asymmetric payoff math only works if downside dominates; if stock bounces 6-8% on hyperscaler re-rating to 90 within weeks, being underweight creates regime change risk given recession odds at 8% and falling

→ vs conservative: Pushing for 50-60% reduction creates material tracking error against utilities sleeve, forces difficult re-entry if stock bounces off 82, and signals abandoning strategic position rather than tactically managing it

→ vs conservative: Insisting on $80 puts as non-negotiable hedge is reflexive rather than analytical; cost of 2-3 month puts may consume 50-80 bps NAV just as insurance on a meaningfully reduced position

→ vs conservative: Moving goalposts on December 2025 analog requires certainty that MACD contracts and RSI prints higher low before acknowledging support - standard almost no utility reversal meets in real time