First Solar (FSLR)

The sleeper story is FEOC restrictions about to trigger a supply shock that could lock out most Chinese-tied silicon competition overnight, with Widmar explicitly citing Treasury guidance targeting 'gamesmanship.' While everyone focuses on the obvious record bookings story, the binding constraint is Southeast Asia underutilization eating $135M annually - but this becomes massive margin leverage once policy clarity hits. Most revealing quote: 'We anticipate that the forthcoming FEOC restrictions will be aligned with the legislative intent of prohibiting access to tax credits for entities with sudden corporate restructuring lacking business purpose.' My view changes if FEOC guidance is weaker than expected or if the ITC TOPCon petition fails, removing the policy and IP protection that's core to their competitive moat.