Our Research

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…

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…

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%…

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…

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…

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…