US solar companies get a boost from huge new tariffs on Southeast Asian competitors

3,521%

The US Department of Commerce yesterday announced new tariffs of up to 3,521% on solar panels and related products from Cambodia, Malaysia, Thailand, and Vietnam, as the government cracks down on companies that allegedly dump cheap products in the US and benefit from Chinese subsidies.

Of course, rates vary from company to company across the Southeast Asian nations. For example, one Korean manufacturer operating out of Malaysia faces a ~15% levy, while four solar companies in Cambodia were hit with the 3,521% rate after the country stopped complying with the investigation into industry practices launched by the Biden administration last year.

Still, the new tariff announcements have made for a bright start to the day for some US solar companies: First Solar rose ~7% in premarket trading, while the ailing Sunnova Energy was also up more than 5% at one point.

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AI downstream stocks tumble even as their picks-and-shovels peers soar

While the AI picks and shovels stocks are enjoying a strong start to 2026, the same can’t be said for the companies more downstream in this theme — even most of the hyperscalers.

The S&P 500’s biggest losers today include:

AppLovin, which is beloved by the Street for its heavy use of LLMs to deploy code as well as its AI ad-targeting engine.
Cybersecurity companies CrowdStrike and Palo Alto Networks, which utilize AI tools to help combat increased AI-fueled vulnerabilities.
Other AI-linked software companies like Palantir, Adobe, ServiceNow, and Salesforce.
Among the hyperscalers, only Alphabet and Oracle are trading in the green on Friday, while Meta, Amazon, and Microsoft are all down between 1.5% and 2.5% as of 1:38 p.m. ET.

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It’s a new year and traders want the same old AI stocks

The early bet of 2026 is that if there’s an AI bubble, we have some more inflating to do.

The who’s who of AI stocks big and small are starting the year off with a bang.

The major gainers include:

The big three AI chip stocks: Nvidia, Broadcom, and Advanced Micro Devices, as well as foundry giant TSMC.
The memory stocks that led in 2025: Micron, Western Digital, Seagate Technology Holdings, and Sandisk.
Neoclouds CoreWeave, Nebius, IREN, and Cipher Mining.
AI-adjacent energy plays like Bloom Energy, Oklo, and Plug Power.
ASML, the Dutch business whose gigantic photolithography machines imprint circuits on the chips that enable the AI boom.
And finally, AI server company Super Micro Computer.

Is there any specific news driving this? No, not really. This is just a signal of intent that traders kicking off the new year with fresh, unblemished P&Ls are willing to dive headlong into a “new year, same AI-fueled rally” thesis.

One of Wall Street’s biggest bulls on what to expect in 2026

Deutsche Bank’s Bankim Chadha has one of the most bullish targets for the S&P 500 in 2026. Here’s why.

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What you missed if you completely disconnected from markets for the holidays

Tons of M&A news, some economic data, and executive actions to boot.

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