November 4, 2026
Our May risks showed up nearly to the letter. What would change our mind didn’t. In May we told investors to size down for a noisier six to nine months and named four reasons, namely:…
November 3, 2026
THE GLJ VIEW Texas accounts for about a quarter of the U.S. data center capacity expected to come online by 2030. If Hinojosa wins and follows through on her moratorium, we put the immediate exposure…
November 3, 2026
F2Q27: a 17% EPS beat versus our model and a guide raise. Ex-45X gross margin fell to 23%. Reiterate Buy; PT to $158 from $149. NXT beat the bar we set, on the numbers and…
November 2, 2026
What the last three times Democrats took power did for solar, and why tomorrow sets up weaker than any of them. KEY TAKEAWAYS Our answer: a pop, probably. A rally, probably not. Since 2010, control…
November 2, 2026
We said what would make us wrong. Some of it happened. On 29 September we listed the tests: 3Q revenue inside the $3.65-3.85bn guide with no more “timing” talk, a 4Q guide held at ~$4.3bn,…
October 30, 2026
Higher prices, no signatures. Since the Section 232 proclamation in August, FSLR has raised prices on every new inquiry and on deals still in early negotiation. It has not signed one at the new price….
October 30, 2026
Our estimates were too low. The thesis, a cyclical gas-turbine maker priced as a secular compounder whose order growth is slowing, is intact. Under a +178% Power order headline, new gas business nearly halved. GEV…
October 29, 2026
What we learned from a follow-up call with Atlas Investor Relations yesterday, the day we initiated; what Liberty, ProPetro and an AI-power sell-off told us in the same week; and what we will be watching…
October 28, 2026
Poly-Si still ~15% below the producers’ CNY 43,000/t floor with >560K MT of inventory; China TOPCon module prices ~9% below the RMB 0.79/W “minimum” (i.e., price discipline is not passing through). Poly-Si: futures bounce, spot…
October 28, 2026
We are below the Street on 2027–28 estimates and still buyers. At $9.08 the market is paying for a sand company sitting on the floor of its cost curve, and is getting the 731 MW…
October 28, 2026
Enphase is down ~18% pre-market; we warned this would happen two days ago in our preview note; below, we detail our takeaways from last night’s results/earnings call. Enphase reported 3Q26 revenue of $293.3mn, in line…
October 26, 2026
We have updated our bottom-up earnings driver model for Enphase to reflect a number of recent channel checks, as well as recent data from the California Solar Initiative (“CSI”) and European pricing/share data from BWG….
October 23, 2026
Bottom Line Three prices moved against the people building AI (i.e., sales prices + cost of fund it + cost to build it), and they have been moving that way for months: what customers pay…
October 22, 2026
We spoke with a senior manager at Majestic Steel USA, one of the larger independent flat-rolled service centers in the country. The conversation was useful precisely because it was unsentimental. Nobody is calling a top….
October 22, 2026
Adj. EPS of $0.48 beat cons of $0.44. Gross margin of 19.6% beat 17.8%. Free cash flow of +$1.5bn landed against a Street est. of -$5bn. We are not going to argue w/ those numbers….