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Charge density wave, a periodic modulation of electronic charge density often accompanied by a periodic lattice distortion, plays a vital role to induce exotic phenomena in condensed matter physics. In non-magnetic quantum materials, contrast inversion in scanning tunneling microscopy images, observed between opposite bias polarity, serves as a hallmark of the charge density wave. However, in itinerant ferromagnetic systems, charge density wave formation competes with magnetism: A charge density wave order typically reduces the density of states at the Fermi level, while the Stoner criterion for spontaneous spin polarization requires a high density of states at Fermi level. Therefore, direct real-space observation of such polarity-dependent contrast inversion in ferromagnetic materials remains elusive and experimentally challenging. Here, we demonstrate the observation of a charge density wave in itinerant ferromagnet Fe5GeTe2 associated with

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