First Solar (FSLR) stock jumped 19.2% in a month, beating the solar industry's 14.3% growth. The company's riding the wave of AI-driven data center expansion—more data centers = more electricity demand = more solar business. Smart play.

The numbers back it up: 54.5 GW booking backlog through 2030, 23.5 GW total capacity now, with a new 3.7 GW line coming Q4 2026. Production hitting 3.6 GW in Q3 2025. This is serious capacity scaling.

But here's the catch: tariff pressure is real (19-25% on most countries, up to 50% on India), and Chinese solar module oversupply is creating pricing headwinds. FSLR also missed earnings in 3 of the last 4 quarters—not a great track record.

The upside? Trading at 12.15X forward P/E vs. industry average 18.39X (discount territory), and ROE of 16.61% beats the 11.03% industry average. Near-term earnings estimates are softening though.

Bottomline: Long-term demand looks solid, but the tariff situation and competition are real wildcards. Not a screaming buy right now, but not a sell either. Hold if you own it, wait for a better entry if you're thinking about jumping in.