October 16, 2025
California Solar Initiative (“CSI”) Data Sheds Light on State of Affairs for Module Level Performance Electronic (“MLPE”) Bellwethers Enphase and SolarEdge, as well as U.S. Solar/Storage Markets. Over the 3Q15-to-2Q25 period (i.e., 40 quarters of data),…
October 8, 2025
Secretary of Energy stresses need for collocated power in media appearance. A Vertiv rival held a launch event reintroducing an expanded liquid cooling suite for AI / HPC applications. Vertiv announces the impending appointment of…
October 7, 2025
What is the Largest Distributor of Solar Products Seeing into Year End? In the below, we provide a Q&A we had, yesterday, with the largest distributor of U.S. solar products in the world – and…
October 3, 2025
Fermi S-11 sets extremely ambitious timeline for gas & nuclear generation deployments, discloses possible PRIM involvement. Xcel Energy has purchased 2GW in gas generation from GEV competitor Siemens Energy to serve load growth in TX,…
September 25, 2025
What’s the Macro Trading Set-Up Headed into September Month-End? In general, into month-end, we believe the market is being steered by three forces – and none of them are fundamentals. That is, barring a surprise…
September 24, 2025
LME metal prices mostly lower vs. previous close. Copper flat at $4.50/lb; Nickel +0.19% to $7.73/lb; Aluminum -0.19% to $1.32/lb; Zinc -0.35% to $1.39/lb; Lead -0.46% to $1.08/lb; Gold -0.07% to $3,762/oz; silver -0.33% to $44/oz;…
September 22, 2025
We initiate coverage on solar & gas generation E&Cs Primoris (PRIM $121.94, BUY) and Argan (AGX $259.58, HOLD) at a time when E&Cs are seeing unprecedented pricing power. The conversation is shifting now from if…
September 15, 2025
Our Inaugural Metals & Mining Daily Snapshot. Welcome to the first edition of our Metals & Mining Daily Snapshot. Starting tomorrow, you’ll have this in your inbox at 7am every morning – think of it…
September 8, 2025
California Solar Initiative (“CSI”) Data Sheds Light on State of Affairs for Module Level Performance Electronic (“MLPE”) Bellwethers Enphase and SolarEdge, as well as U.S. Storage Market. In this note, we provide the key takeaways from…
September 4, 2025
What’s Inside? Twenty-three exhibits capturing the core industry trends that will likely dictate North American steel pricing in the months ahead. Conclusion. Spot HRC prices have held mostly steady over the past two weeks, but…
August 27, 2025
Global Solar Demand: An Update. We’ve reviewed the patchwork of government data, trade association reports, media anecdotes, and BloombergNEF estimates to frame where global solar demand stands heading into 2H25E and 2026E. The popular narrative…
August 14, 2025
For the First Time Since 2018, w/ the Fed’s QE Slush Fund (i.e., the “RRP”) Now Nearly Empty, Treasury Issuance Has to Come From Bank Reserves; Are Equity Bulls Overlooking This? Liquidity fell in 2022…
July 22, 2025
We Finally Heard Back from the Head of Mid-West, Southern, and South-West Sales at the Largest Distributor of Solar Products in the U.S. In light of Enphase’s pending 2Q25E results after the close today, we…
July 18, 2025
A Material Amount of Liquidity Appears Likely to be Drawn Out of U.S. Equity Markets Near-Term. As a reminder to our readers, during negotiations before the debt ceiling was raised with the One Big Beautiful…
July 8, 2025
California Solar Initiative (“CSI”) Data Sheds Light on State of Affairs for Module Level Performance Electronic (“MLPE”) Bellwethers Enphase and SolarEdge, as well as U.S. Storage Market. In this note, we provide the key takeaways from…