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Max Knoblauch6/17/25

Plug Power slumps 9% as Senate’s tax bill guts green energy credits

Senate Republicans unveiled their tax bill, ending green energy tax credits earlier than the House version.

The proposal would gut clean energy industries like solar and sent shares of beaten-down hydrogen fuel cell company Plug Power tumbling. The stock was down about 9% on Tuesday.

The Senate’s bill would end the green hydrogen production credit at the end of this year. That incentive program, established under the Biden administration’s Inflation Reduction Act, provided up to $3 per kilogram of clean hydrogen produced. According to Plug filings, the credit allowed hydrogen power to be cost competitive with fossil fuel tech.

“We don’t expect that Congress — and Congress, remember, is who decides this — is going to make any changes to the 45V,” Plug Power CEO Andy Marsh told Sherwood News in late February.

It’s been a downhill slide for Plug in the years following the IRA. Since the act was passed in August 2022, Plug is down more than 95%.

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Tasha Matsumoto

Stocks continue to recover from Greenland threats

Megacap tech helped drive gains.

Chicago Bulls Dennis Rodman (91) and Michael Jordan (23) in action, rebounding vs Charlotte Hornets

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Meta shares rally as Jefferies says it’s a bargain relative to Mag 7 peers

Shares of Meta rallied over 5% today, as Jefferies analyst Brent Thill doubled down on his buy rating for the company, calling the stock a relative bargain compared to its Magnificent 7 peers. The analyst set a price target of $910, well above the $645 where the stock is trading today.

News out of Davos this week that Meta’s first models from its revamped AI teams are “very good” align with Thill’s argument that the company is well positioned to get back in the AI race with the “all-star model,” which is expected to be released in the first half of the year.

Recent cuts to its Reality Labs also signal that the company is focusing its spending where it matters. The Jefferies note also said the recent monetization of Threads via ads will help boost revenue.

Next week, Meta reports its fourth-quarter earnings, and Thill expects that even if Meta raises its 2026 capex outlook, investors won’t be spooked, as the company has been clear that spending may continue to be high.

Recent cuts to its Reality Labs also signal that the company is focusing its spending where it matters. The Jefferies note also said the recent monetization of Threads via ads will help boost revenue.

Next week, Meta reports its fourth-quarter earnings, and Thill expects that even if Meta raises its 2026 capex outlook, investors won’t be spooked, as the company has been clear that spending may continue to be high.

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Matt Phillips4h

Arista Networks rips higher amid jump in call buying

Arista Networks, a maker of switches and other networking equipment used in AI data centers, was on track for its best day of the new year on Thursday as options traders went bullish on the stock.

As of around 11 a.m. ET, there was nearly twice as much call buying in Arista than its 10-day moving average for a full day of activity. Buying call options to make leveraged bets on price increases has been a favorite trading tactic of retail traders in recent years.

Otherwise, there weren’t clear headlines tied to today’s outsized move, but the stock has been getting attention lately: in a note published earlier this month, Goldman Sachs analysts spotlighted Arista as a top tactical trade for earnings season, saying the shares — which they rate a “buy” — could rise 20% over the next year.

“ANET is well positioned amidst ongoing data center spending growth, where its position as a best of breed provider of networking equipment should advantage the company, particularly as data center networks become increasingly complex,” Goldman analysts wrote in the January 8 report.

And recent reports also say Microsoft — which accounted for 20% of Arista’s revenue in 2024, according to Goldman Sachs — is planning a massive expansion of its Wisconsin data center project.

Arista stock did get a lift following the release of solid US economic numbers at 8:30 a.m. that seemed fairly specific to Arista itself. (There was no similar bounce from competitors like Cisco or Hewlett-Packard.)

Microsoft receives preliminary approval for $13.3B data center expansion in Mount Pleasant - Milwaukee Business Journal

Microsoft receives preliminary approval for $13.3B data center expansion in Mount Pleasant - Milwaukee Business Journal

Otherwise, there weren’t clear headlines tied to today’s outsized move, but the stock has been getting attention lately: in a note published earlier this month, Goldman Sachs analysts spotlighted Arista as a top tactical trade for earnings season, saying the shares — which they rate a “buy” — could rise 20% over the next year.

“ANET is well positioned amidst ongoing data center spending growth, where its position as a best of breed provider of networking equipment should advantage the company, particularly as data center networks become increasingly complex,” Goldman analysts wrote in the January 8 report.

And recent reports also say Microsoft — which accounted for 20% of Arista’s revenue in 2024, according to Goldman Sachs — is planning a massive expansion of its Wisconsin data center project.

Arista stock did get a lift following the release of solid US economic numbers at 8:30 a.m. that seemed fairly specific to Arista itself. (There was no similar bounce from competitors like Cisco or Hewlett-Packard.)

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Investors just made a mammoth $133 billion flip from cash to stocks, per Goldman Sachs

It’s a dash from cash, with investors taking billions in dry powder and pouring that money into the stock market.

“We saw strong net flows into global equity funds last week, led by stronger inflows into US and EM equity funds (+$71 billion vs $2 billion in the previous week) — more than 35x-ed the flows,” wrote Goldman Sachs’ Gail Hafif, Brian Garrett, and Lee Coppersmith. “While equity flows increase, money market fund assets fell by $62 billion. This is the 3rd largest level in our dataset (!).”

Goldman cash to stocks flows

The trio is bullish on US stocks, seeing “the case for contained selloffs coupled with relief rallies as the most likely path forward in the near term.”

Retail traders’ monthly appetite for stocks ascends to fresh record

“The current ‘new year’ momentum has been sustained and has now pushed retail activity to an all-time high on a rolling monthly basis,” according to JPMorgan.

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