Enphase surged significantly today. The GaN commercial microinverter IQ9s is now open for pre-order in the US region, coupled with expectations of tariff exemptions, creating a double positive impact.

The difference lies in: the ASP for the commercial market is 30-50% higher than the residential market, leading to a structural improvement in gross margin, not just a simple order volume increase. I believe there is still short-term momentum. The company was pressured by inventory and residential price cuts in the previous quarters, and the shift to commercial is a genuine turning point for profitability. Technically, it broke through the 50-day moving average today. Whether it can stabilize above $80 is the next point to observe.