$FSLR - the speculative thesis.First Solar, Inc.BATS:FSLRDillyDallyGallythe speculative thesis. Solar power is reemerging as the hard-energy hedge: clean, modular, local, and increasingly unstoppable. As oil and gas markets fracture under price shocks, geopolitics, and underinvestment, and as East-West supply chains splinter into competing blocs, energy security is shifting from barrels and pipelines to panels, batteries, inverters, and domestic manufacturing. The key factors are cost curves, grid capacity, storage, permitting, critical minerals, and who controls the supply chain. Solar may not follow Moore’s Law perfectly, but its efficiency, scale, and cost improvements are compounding fast enough to feel like it — turning sunlight into a strategic asset. Energy to power AI is the name of the game as AI apparently has the silver bullet for every sector that is not a Hard Asset. 10-Year Fair Value Path (2026–2035) (*Blue Sky / New Paradigm) Building a scenario tree using DCF logic anchored to revenue, EBITDA margin, capex cycle, and multiple compression/expansion. YearBear CaseBase CaseBull CaseKey Driver 2026$140$200$260Guidance reset; tax credit clarity 2027$130$230$310ASP stabilization; tandem pilot line 2028$145$275$390Series 7 ramp complete; AI PPAs 2029$160$320$470Tandem commercial launch 2030$180$370$56025 GW nameplate; 25%+ efficiency 2031$200$420$660Hyperscaler offtake at scale 2032$220$470$760IRA 45X tail still active 2033$240$510$850Storage-integrated solutions 2034$255$545$940Tandem at 28%+ efficiency 2035$270$580$1,050Mature platform; global expansion