Our Research

Private data center OEMs we spoke with emphasized strong exit-rates on 1H order trends with hyperscaler and neocloud clients, in defiance of recent narratives fit to choppy moves across our names. We break apart reads…

Please see bottom of report for important disclosures Gordon L. Johnson/GLJ Research LLC ————————————————– Polysilicon Futures Spot Contract Price (CNY$35,820/ton = $5.07/kg) – down 1.8% w/w Note: Adjusted for CNY exchange rate and 13% VAT….

The grid is short on reserve margin. AI is the reason. Fluence sells the cure — proven batteries, not “PowerPoint” transformers. Trade construction: Own FLNC outright (high-risk long), and/or express it as a relative-value pair…

Washington is drafting a ban on Chinese inverters. ENPH (+12%) and SEDG (+10%) are ripping in the pre-market. One problem: the ban targets the one part of the market these two barely touch (i.e., utility-scale)….

Solar-loan ABS is repricing in real time. Sunrun doesn’t appear anywhere in the data below — which is exactly why the read-through is being mispriced. The reports aren’t about Sunrun’s loans. They’re about the cost…

We reiterate our BUY rating with LGN holding pre-1Q levels despite stronger fundamentals. Our checks with co-vendors and CEO-validated reads from competitor Sterling (STRL, not rated) emphasize strong 2H bookings rate-of-change even as former owner…

Please see bottom of report for important disclosures Gordon L. Johnson/GLJ Research LLC ————————————————– Polysilicon Futures Spot Contract Price (CNY$36,485/ton = $5.15/kg) – down 0.1% w/w Note: Adjusted for CNY exchange rate and 13% VAT….

What you Need to Know. This morning Sunrun, Renew Home and Tesla announced a framework to deliver “more than 16 GW” of flexible capacity to hyperscalers and utilities. The number is engineered for a press…

LME Metal Prices Mostly Higher vs. Previous Close: Yesterday, Copper -0.70% to $6.15/lb; aluminum +0.43% to $1.61/lb; nickel -2.05% to $8.98/lb; zinc -0.68% to $1.65/lb; lead -0.66% to $1.09/lb; gold +0.86% to $4,191/oz; silver +0.45%…

STLD “misses” and NUE “beats” — but strip the one-offs and both print light; the read-through for Cleveland-Cliffs (“CLF”) and for 2H HRC is more nuanced than the headlines, with the import data the swing…

We are upgrading Vertiv to HOLD – CoolIt’s recent breakthrough with a 15kW cold plate extends the viability of Vertiv’s single-phase DC cooling offering well into the 2030’s even as we reevaluate our thesis after…

The Bernanke–Powell asset-price backstop is (seemingly) being dismantled in real time. The regime has changed — so the market may be forced to price the end of the put. Our Take WHAT HAPPENED: At his…

What Is the Channel Seeing Three Weeks Ahead of the July 4 Safe-Harbor Deadline? Below, we provide a Q&A we had today with Krannich — one of the largest global distributors of solar products, with…

Please see bottom of report for important disclosures Gordon L. Johnson/GLJ Research LLC ————————————————– Polysilicon Futures Spot Contract Price (CNY$36,525/ton = $5.18/kg) – up 1.2% w/w Note: Adjusted for CNY exchange rate and 13% VAT….

Our cooling vendor checks emphasize that CoolIt’s recent announcement of a 15kW cold plate assures years of viability for single-phase D2C liquid cooling vs. refrigerant driven two-phase. We examine reads across our coverage at Vertiv…