Enphase began shipping its GaN-based IQ9S-3P™ commercial microinverter and launched the next-gen IQ9N™ residential model, spurring a 9.4% rally then a 9.9% sell-off. Barclays raised Enphase to Equal Weight with a $51 target, highlighting a potential $2 billion-a-year AI data center market for its solid-state transformers, intensifying competition for SolarEdge.
Enphase started shipping its GaN-based IQ9S-3P™ commercial microinverter and launched the IQ9N™ model for U.S. residential installations, marking back-to-back product rollouts aimed at bolstering its hardware portfolio.
The stock jumped 9.4% on June 18 following the commercial microinverter shipment announcement then plunged 9.9% on June 23 despite the residential launch, reflecting a sell-the-news reaction.
Barclays upgraded Enphase to Equal Weight with a $51 target, citing its emerging solid-state transformer business targeting an estimated $2 billion-per-year AI data center power market by the late 2020s.
Enphase’s pivot into AI data center power and its aggressive hardware roadmap may intensify competition for SolarEdge in both the commercial microinverter segment and emerging data center power solutions.
