PBW's 34% Year-to-Date Gain Masks a Brutal Five-Year Pattern Every Rate Cycle Repeats

Impact · against what's priced in

Rising treasury yields are triggering a sector-wide valuation compression that overrides company-specific fundamentals, disproportionately hitting residential solar. While First Solar's strong backlog provides a floor, the macro environment creates a significant headwind for the entire clean energy thematic group.

ENPH−0.80

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