July 16, 2026
De-risking the AI trade: the earnings are borrowed, the pricing is collapsing, and the forward curve already knows THE SHORT VERSION We have years learning one lesson over and over: when reported earnings and economic…
July 15, 2026
Polysilicon Futures Spot Contract Price (CNY$35,160/ton = $4.99/kg) – down 0.9% w/w Note: Adjusted for CNY exchange rate and 13% VAT.Source: Guangzhou Futures exchange. Solar Pricing Metrics – 7/15/2026 Note: EnergyTrend discontinued slurry saw price…
July 15, 2026
We sat down with senior leadership at the leading EPC installer of combined-cycle gas power in North America, Kiewit Energy; to discuss market trends for behind-the-meter power. CCGT undercapacity continues with new build costs coming…
July 15, 2026
Channel check: a 49-minute conversation yesterday with Chris Shelton, Fluence’s Head of Investor Relations. Reiterate BUY; YE2026 PT $26. Bottom Line. FLNC is down 25% in the nine trading sessions since our 7/1/26 initiation at…
July 14, 2026
Channel checks with leading EPCs & OEMs and key customers emphasize switchgear lead-times are continuing to expand even as we believe POWL prepares to announce plans to accelerate a multi-year capacity expansion. The substation –…
July 14, 2026
The new reason to own Tesla is that SpaceX buys it — soon. This note is about the word “soon.” Every mechanical step of this deal — the committee, the filing, the vote, Beijing, the…
July 10, 2026
China May installs -91% y/y; Prices Below Cash Cost Across the Chain; Reiterate SELL on JinkoSolar (-39.3% YTD), Canadian Solar (-36.9% YTD) & Daqo New Energy (-58.4% YTD) The Bottom Line. There are slowdowns, and…
July 10, 2026
Sunrun’s AI pilot has no filed economics, no named buyer, and no owner for the GPU decay — but IR is circulating a 1-2 year payback by callback. We value cash flows, not phone calls….
July 9, 2026
The Punchline. We like arithmetic. Here is some: Tesla has self-certified 102 vehicles to the Texas DMV as SAE Level 4 self-driving cars, according to robotaxitracker.com. Yet, tracking data (Robotaxi Tracker) shows just 17 of…
July 8, 2026
Q&A with Majestic Steel | Corroborated against SMU, Mysteel & CRU-settled market data The Bottom Line. We went back to the channel. After twenty-two consecutive weekly Nucor HRC price hikes — not a typo (Ex….
July 7, 2026
We sat down with a chief commercial officer at a leading private data center OEM for power management and cooling solutions to discuss Blackstone-backed data center developer QTS’ decision to walk away from a multi-phase…
July 7, 2026
T-bill settlement days have quietly cost the S&P 500 its entire year. The drain resumes this week. The Bottom Line On the 41 days since late October when the Treasury settled more bills than it…
July 7, 2026
LME Metal Prices Mostly Higher vs. Previous Close: Today, Copper -0.03% to $6.06/lb; aluminum +0.34% to $1.53/lb; nickel +0.16% to $8.54/lb; zinc +0.97% to $1.65/lb; lead -0.18% to $1.06/lb; gold +0.07% to $4,168/oz; silver -1.07%…
July 6, 2026
Vertiv announced the opening of a new Johor, Malaysia facility aimed at expanding capacity of its CDU for an accelerative APAC market. VRT (BUY, $300.53) – Capacity ramp continues with Johor, Malaysia launch (link) Vertiv…
July 2, 2026
We are positive on PRIM post its aggressive negative revision of F’26 outlook. We believe management’s conservatism sets up PRIM for strong F’27 EBITDA growth and see upside to the Renewables guidance for flat growth…