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 21, 2026
Polysilicon Futures Spot Contract Price (CNY$33,725/ton = $5.23/kg) – down -1.82% w/w Note: Adjusted for CNY exchange rate and 13% VAT.Source: Guangzhou Futures exchange. Solar Pricing Metrics – 10/21/2026 Note: EnergyTrend discontinued slurry saw price…
October 13, 2026
In March, the Chief Sales Officer of one of America’s largest solar distributors told us things would pick up. In June, he said the coming months should help. In what follows, we detail what he’s…
October 13, 2026
Businesses are spending on AI like it’s 1999. Households are answering surveys like it’s 2008. We are not calling a recession. We are calling concentration, and concentration has a way of becoming the story later….
October 7, 2026
China’s polysilicon cuts are talk until they show up in the meeting minutes. First Solar is at 10.9x trailing earnings and the sell-side cannot agree on why. Key Takeaways Nothing new in price, which is…
October 7, 2026
Mapping twelve weeks of project slippage (mid-July to October 6) onto GEV, VRT, MOD, TLN and peers, and asking whether any of it reaches 2026 guidance Set-Up. Since the Q2-2026 reports, the news on data…
October 1, 2026
We spent two days at Caesars Forum with roughly 6,000 people who build, finance, power, and cool AI data centers. We went in with four worries: politics, the grid, the AI safety debate, and speculation…
September 30, 2026
Polysilicon Futures Spot Contract Price (CNY$36,685/ton = $5.23/kg) – down -1.36% w/w Note: Adjusted for CNY exchange rate and 13% VAT.Source: Guangzhou Futures exchange. Solar Pricing Metrics – 9/30/2026 Note: EnergyTrend discontinued slurry saw price…
September 30, 2026
KEY TAKEAWAYS The California Solar Initiative (“CSI”) posted June, July and August in one update this week, so we get to grade our own homework three times over. In July we said June would decide…
September 25, 2026
The Treasury 5y5y forward hit 5.41% on September 25, its highest level since April 2010 and within a basis point of its 2007 high. After taking out 2.33% of expected inflation, that is a real…
September 25, 2026
LME Metal Prices Mixed vs. Previous Close: Yesterday, copper +0.28% to $6.69/lb; aluminum +0.07% to $1.64/lb; nickel -0.65% to $8.57/lb; zinc +0.32% to $1.80/lb; lead -0.57% to $1.10/lb; gold -0.29% to $4,275/oz; silver -0.98% to…
September 24, 2026
Semantics matter here. Bloomberg reported this morning that Oracle (ORCL) served Blue Owl (OWL), developer of Project Jupiter in Doña Ana County, NM, with a force majeure notice designed to defer lease payments should the…
September 23, 2026
The buildout is still physically tight. The money behind it is not. After three months of dead money, the signal has moved from the order book to the capital stack. What happened. SB Energy, SoftBank’s…
September 23, 2026
Polysilicon Futures Spot Contract Price (CNY$37,090/ton = $5.30/kg) – up 0.69% w/w Note: Adjusted for CNY exchange rate and 13% VAT.Source: Guangzhou Futures exchange. Solar Pricing Metrics – 9/23/2026 Note: EnergyTrend discontinued slurry saw price…