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LME Metal Prices Surged Higher Yesterday. Copper -0.13% to $6.00/lb; aluminum +1.22% to $1.61/lb; nickel +0.59% to $9.56/lb; zinc +0.67% to $1.59/lb; lead +0.33% to $1.13/lb; gold +0.87% to $4,626/oz; silver +6.70% to $92.78/oz; platinum +2.57%…

Bottom Line. Last Thursday (link), in what can only be described as unambiguously bad news for publicly traded Chinese solar manufacturers, the CCP quietly pulled the rug out from under the industry’s economics. Effective April…

Near-Term Outlook. At $12.91, CLF trades at ~17.0x our 2026E EV/EBITDA – well north of its 5.0-8.0x historical band. At this altitude, the market is already underwriting a lot of good news: EBITDA above our…

Anti-Involution Hopes Drove Stellar Performance in Chinese Solar Stocks in 2025. China’s “anti-involution” push in solar is Beijing admitting – quietly – that endless capacity growth and price wars have produced impressive volume statistics and…

What Changed? The impact to Tesla’s GAAP-EPS, quarterly, from its digital asset holdings is calculated as: ([Bitcoin Price on Last Day of Current Quarter – Bitcoin Price on Last Day of Prior Quarter] * Units…

LME Metal Prices Mostly Higher Yesterday. Copper -2.55% to $5.86/lb; aluminum +1.20% to $1.58/lb; nickel +4.76% to $9.85/lb; zinc +0.06% to $1.57/lb; lead +0.55% to $1.14/lb; gold -0.79% to $4,459/oz; silver -3.34% to $78.55/oz; platinum -5.67%…

Bottom line: Adjusting Q4 for reality rather than narrative – 418K in Q4 deliveries, a Q4 mix-shift toward heavily discounted Model Ys outside of China (with prices drifting from $39.9k in the U.S. to as…

LME Metal Prices Mostly Higher Yesterday. Copper +1.28% to $5.33/lb; aluminum +0.40% to $1.41/lb; nickel +1.24% to $7.53/lb; zinc +0.53% to $1.48/lb; lead +0.27% to $1.08/lb; gold -0.21% to $4,329/oz; silver -1.39% to $65.34/oz; platinum +1.28%…

Is the Recent Spate of Stock Pumps Potentially being Timed to “Juice” the Stock Ahead of a Potentially Forthcoming Adverse Ruling in the California DMV’s Case Against Tesla? Strip away the promotional noise and the…

LME Metal Prices Mostly Higher vs. Yesterday’s Close. Copper +0.74% to $5.29/lb; aluminum +0.47% to $1.41/lb; nickel -0.02% to $7.66/lb; zinc +0.10% to $1.48/lb; lead +0.82% to $1.10/lb; gold -0.40% to $4,212/oz; silver +0.71% to $62.25/oz;…

Did Piper Sandler Make a Wild Claim Based on Cherry-Picked Data? Tesla’s share price outperformed in yesterday’s trading session, which many attributed to a Wall Street analyst report from Piper Sandler, which concluded, based on…

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…

LME Metal Prices Mostly Lower vs. Yesterday’s Close. Copper -1.15% to $5.19/lb; aluminum +0.72% to $1.41/lb; nickel +0.02% to $7.75/lb; zinc +0.42% to $1.46/lb; lead +0.07% to $1.10/lb; gold -0.11% to $4,198/oz; silver -1.66% to $57.53/oz;…

What Happened in Q3? CCJ served up a quarter that fell sharply short of expectations – Q3 adj. EBITDA missed our estimate by 8% – and the culprit isn’t exactly mysterious. Uranium and fuel-services sales…

Bottom Line Current Situation. Over the last two weeks, spot HRC has done exactly what the setup suggested – it’s drifted higher, up roughly 5%, with today’s +5.4% d/d surge to $900/st marking the strongest…