July 21, 2026
Bottom Line This morning we hosted Jigar Shah — former head of the U.S. Department of Energy’s Loan Programs Office and founder/former CEO of SunEdison — for roughly 45 minutes on the state of U.S….
July 21, 2026
We expect a quiet quarter to be a modest positive catalyst but underscore that a strong orders beat for GEV’s Electrification will further emphasize further exacerbation of an undersupply of long lead electrical equipment, even…
July 20, 2026
Bottom Line Tesla reports 2Q26 results on Wednesday, July 22, after the close (call: 5:30pm ET). The bulls arrive with a genuinely large number: 480,126 deliveries, +25% yoy and +34% qoq — the best second…
July 20, 2026
A European solar market update and a fireside chat with the head of EU sales for Huawei — battery-price deflation is the bull case, the bear case, and the 2Q26 earnings setup. BOTTOM LINE Europe’s…
July 19, 2026
NVT reports 2Q26 results on 7/31 before market-open. Expect NVT to join other OEMs integrating recently scaled capacity in reporting softer margins ahead of utilization – but we expect NVT to be unique in reporting…
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….