Dear Community,

In the last analysis, we saw how the nuclear renaissance and SMRs are set to satisfy the huge hunger for electricity of AI data centers. But while the world debates megawatt hours and power grids, the biggest challenge of decarbonization often remains in the shadows: industrial process heat. industrial process heat.

Steelworks, chemical parks and glass factories don't need batteries for laptops - they need constant heat of 500 to over 1,500 degrees Celsius. Until now, there was no alternative to natural gas. But a new generation of "shovel sellers" is preparing to revolutionize this market. Those who bridge the gap between energy generation and thermal storage will find companies that are building system-critical infrastructure for the next 50 years, far removed from the tech hype.

So after water and nuclear power, let's take a look at the "thermodynamic champions" - those companies that store heat, control steam and use the earth as an eternal battery. It is the next logical and still massively underestimated step.

While everyone is talking about electricity, industrial process heat is the "elephant in the room". Industry consumes more energy for heat than for electricity worldwide. A gigantic market is currently emerging here, closing the gap between fluctuating renewables and the constant hunger of factories.

The three pillars of the analysis:

• Thermal batteries (Iron & Brick Storage). Companies are developing systems that use surplus wind or solar power to heat huge blocks of graphite, firebrick or molten salt. These "batteries" then release the energy over days as process steam. Important players here are Rondo Energy (supported by Bill Gates) or listed companies such as Alfa Laval.

• Geothermal energy 2.0 (Next-Gen Geothermal). Thanks to drilling technology from the oil sector, it is now possible to drill deeper and more precisely than ever before (Enhanced Geothermal Systems). The aim is to tap into base load-capable geothermal energy all over the world, not just in volcanic hotspots.

• The interface to the nuclear report (VHTR). The new generation of Very High Temperature Reactors (VHTR) not only produces electricity, but also industrial heat directly. This makes them direct partners for chemical parks such as BASF or Dow. SMRs can not only feed data centers, but also decarbonize entire industrial clusters.

1. the specialists for heat transfer & storage

Alfa Laval ($ALFA (+4,14 %)
) is a Swedish veteran and world market leader in heat exchangers. Without this technology, no thermal storage system and no district heating network can function. The company also manufactures separators and filter systems for the process industry.

• Business model: Turnover is generated through plant sales and project-related deliveries. However, recurring revenue from the global service and spare parts network (maintenance, inspection, retrofitting) is particularly lucrative.

• Opportunities & risks: As a technology leader, Alfa Laval is benefiting massively from decarbonization and green hydrogen. However, dependence on global cycles in shipbuilding and the oil industry remains a risk. Price pressure from cheaper competitors and fluctuating raw material costs can put pressure on margins. An important checkpoint is the order intake in the marine sector (CO2 capture).

GEA Group ($G1A (-1,19 %)
) has established itself as a specialist for process technology, with a strong focus on the "Heating & Refrigeration" division. They build gigantic industrial heat pumps that make waste heat from factories or data centers usable again.

• Business model: GEA supplies both individual machines and complete production lines for the food and pharmaceutical industries. The after-sales business with high margins stabilizes sales and extends customer relationships through digital optimization tools.

• Opportunities & risks: The model is very defensive and benefits from the stable demand for hygiene and efficiency solutions. One disadvantage is the lower growth rates compared to tech players. In addition, fluctuating incoming orders for major projects can have a short-term negative impact on cash flow. Investors should keep a close eye on the margin development of the heat pump division.

Spirax-Sarco Engineering ($SPX (+0,91 %)
) is the British market leader for steam systems. As energy in industry is usually transported via steam, Spirax converts factories worldwide to electric steam generation and highly efficient condensate systems.

• Business model: The company combines product sales (valves, pumps, control technology) with intensive engineering consulting and maintenance contracts. There is a strong focus on aftermarket relationships.

• Opportunities & risks: There is no alternative to steam in sectors such as chemicals or pharmaceuticals, which gives Spirax strong market leadership and pricing power (moat). However, the valuation (P/E ratio) is often very high and there is an exchange rate risk due to the British pound. It must be critically examined whether the integration of new acquisitions in the area of electrical thermal solutions will succeed smoothly.

2. geothermal energy & district heating infrastructure

Ormat Technologies ($ORA (+3,68 %)
) is probably the best-known "pure play" for geothermal energy. They build and operate plants that convert geothermal energy into electricity and useful heat. Ormat Technologies is the established market leader in this field.

• Business model: As a vertically integrated provider, Ormat earns money from plant construction, the sale of OEM equipment and long-term power supply agreements (PPAs). The portfolio is currently being expanded to include energy storage and solar hybrid solutions.

• Opportunities & risks: Ormat is a beneficiary of the US Inflation Reduction Act and offers genuine, renewable base load capacity. Risks are inherent in the nature of the business: geothermal energy is capital intensive and there are drilling and permitting risks. An important milestone is the progress made with the "Enhanced Geothermal" pilot projects in cooperation with Google.

Ariston Group ($ARIS (+0,43 %)
) produces highly efficient solutions for water and space heating. While many think of private homes, Ariston is increasingly supplying systems for commercial and industrial hot water applications.

• Opportunities & risks: The mandatory refurbishment of old heating systems in Europe is a massive driver. Ariston has a strong brand name and focus on the European continent. The risk lies in the tough competition with Asian giants such as Daikin or Samsung and the dependence on the construction sector, which is suffering from the economic downturn. Gaining market share in commercial hybrid solutions is the decisive factor here.

3. high temperature technology & materials

Vesuvius plc ($VSVS (+2 %) ) specializes in refractory materials (refractories). These are essential to keep heat at up to 1,500 degrees in storage systems without the system melting.

• Opportunities & risks: As a niche specialist, Vesuvius is indispensable for the new storage infrastructure. However, the biggest risk is the close link to the currently struggling steel industry. Investors should pay attention to how quickly the share of sales outside the traditional metallurgy sector (e.g. new energy storage systems) grows.

SGL Carbon ($SGL (+0,29 %)
) supplies specialty graphite, one of the best heat conductors for extreme temperatures, which is required in high-temperature furnaces and chemical processes.

• Business model: SGL operates in the areas of graphite materials and composite materials (carbon fibers). They offer customer-specific solutions, which are often specially coated or refined.

• Opportunities & risks: Graphite is a key material for semiconductor production and the heat management of modern thermal batteries. SGL is considered a turnaround candidate with a strategically important portfolio, but has historically struggled with a volatile share price and high expectations.

4. the system integrator: Siemens Energy ($ENR (+3,17 %)
)

Siemens Energy covers the entire spectrum - from huge thermal energy storage systems based on volcanic rock (ETES) to hydrogen-capable gas turbines.

• Business model: Revenue is generated from plant sales, project engineering and long-term service contracts for grid infrastructure and power plants. Siemens often acts as a general contractor for the decarbonization of entire industrial sites.

• Opportunities & risks: The broad positioning makes the company a beneficiary of the global energy transition. However, the risks lie in the known legacy issues of the wind subsidiary Gamesa as well as in political risks and a complex Group structure. The stabilization of the wind division remains the basic prerequisite for being able to fully assess the potential of the heat assets.

Strategic conclusion

Why is this topic so exciting? There is hardly any "hype" at the moment, which allows for attractive entry prices compared to AI stocks. It is a real ESG magnet as it solves the most difficult problem of the energy transition. It also has a clear infrastructure character: it involves hard assets, patents and long-term industrial contracts - just like the water and nuclear sectors. The industrial heat transition is the missing piece of the puzzle to future-proof an energy portfolio.

How do you assess the situation? Is the industrial heat transition underestimated as a 'sleeping giant' because it receives less media hype than SMRs or e-mobility? And which of these companies do you think has the most convincing business model to benefit from the decarbonization of industry in the long term?

Best regards ✌🏼

Anderlé

Good morning, dear getquin community.

I've been looking closely at the CSP hybrid ecosystem from China recently and listened to an interesting article by futurologist Lars Thomsen. Today I would like to tell you why I think this system is one of the most exciting energy projects of the coming years. I don't want to withhold the results of this research from you.

Before we get into the topic, a quick word about the last post.

Thank you for your strong interaction, support, likes and participation. It was good to see that so many of you sent a clear signal to getquin to finally get things moving. It was just as nice to see that it @Tenbagger2024 motivated you to carry on and give new impetus. It's moments like this that keep the community together.

Speaking of momentum.

Today I'm giving you a new one. Because what is currently being built in China is more than just an energy project. It is a blueprint for an infrastructure that, in my eyes, puts coal and nuclear power plants in the shade.

Before we start, a quick note. I already wrote a first post on this topic. I'm now building on this, but in a much more comprehensive, clearly structured way and with more details so that the connections are easier for you to grasp.

I also @SAUgut777 had already addressed the topic back then, so I would like to mention him here as well. I'm including the link to my earlier article, China is reshaping the sun and Energy 4.0 Part 1. https://getqu.in/OIMCfh/
https://getqu.in/G4f1Tk/

The global energy transition will not be won by individual technologies but by integrative systems that must fulfill two decisive factors: Scalability and base load capability . What we are currently seeing in China is the construction of the most modern energy infrastructure that radically solves the decades-old problem of solar and wind volatility. Not with wind turbines and solar panels alone, but with a system that supplies base load, integrates storage and enables scaling. The centerpiece is the CSP Hybrid Ecosystemin which solar thermal energy, photovoltaics and gigantic battery storage units are combined to create a continuous 24/7 power source power source.

Technically explained: The new paradigm is the CSP hybrid ecosystem. It combines the rapidly erected photovoltaic (PV) fields with the thermal storage of Concentrated Solar Power (CSP) plants and complements both with massive Battery Energy Storage System (BESS). This intelligent coupling provides stable electricity 24 hours a day, 7 days a week and makes the system a direct and superior competitor to coal and nuclear power.

How the system works

1. mirrors collect sunlight

The surface at the bottom left consists of many movable mirrors (heliostats, point 1).

They are constantly aligned with the sun and focus the light onto the top of the tower (reflected sunlight, point 2).

2. the tower heats a heat medium

The solar oven (3) is located at the top of the tower.

There, the concentrated light hits a system of pipes through which a heat-conducting fluid runs (typically molten salts or oil).

This fluid becomes extremely hot, often several hundred degrees (4).

3. heat is converted into vapor

At the bottom of the building, the hot fluid transfers its energy to water in the steam generator (6), turning it into steam under high pressure (7). Pumps (5) keep the cycle going: hot fluid → cooled fluid → back up into the tower.

4. turbine and generator produce electricity

The pressurized steam drives a turbine (8). The turbine is connected to a generator (10), which converts the mechanical energy into electricity.

5. steam is liquefied again

The steam then enters the condenser (9), cools down and becomes water again. Then it goes back into the steam generator.

6. feed into the power grid

The electricity is brought to a higher voltage via a transformer (11) and fed into the grid via the high-voltage lines (12).

The gigawatt comparison and the true added value. A modern nuclear power plant constantly supplies around 1 GW to 1.6 GW of power. This output is continuous but extremely expensive, inflexible and ties up capital for over a decade. A CSP hybrid park in the Chinese desert can achieve a peak output of 5 GW. However, the real added value is the guaranteed base load capacity of 1 GW to 3 GW that can be called up 24/7 thanks to integrated thermal storage and batteries. This intelligent coupling provides stable electricity and makes the plant a direct and superior competitor to coal and nuclear power. This is the disruptive difference: the new generation delivers the same necessary base load but with much higher capital efficiency and 10 years shorter construction time. This makes nuclear power plants an outdated investment model.

The economic key lies in China Speed. It takes ten to 15 years for a nuclear power plant to produce any electricity at all. The Chinese mega bases reach base load capability in 18 to 24 months. This rapid time to market reduces capital costs and raises profitability to a level that is unattainable for traditional power generation.

🌍 Globalization of the Sun Belt: 8 investment pillars

China is exporting the hybrid model to the entire global sunbelt. MENA, North Africa, South America, Australia and Central Asia are among the new core markets. The pipeline is growing every year. The investment opportunities lie in the 8 fundamental pillars that make this infrastructure possible:

1. optics and mirror technology - These companies provide the optical basis for every CSP park

Big players

$SGO (+2,16 %) Saint-Gobain (EPA: SGO) - France - World leader in specialty glass and high-tech materials. Supplies glass solutions and coatings for heliostats and CSP mirror systems.

Schott AG - Germany, private - Specialty glass and receiver tubes for many of the existing CSP plants. Key role in collector efficiency and lifetime.

Hidden champions

Rioglass Solar - Spain, private - Market leader for curved mirrors and receiver components especially for CSP parks. Strong in projects in Spain, MENA and Latin America.

Flabeg FE - Germany, private - High-precision mirrors for solar thermal energy. Supplies optics that directly determine the efficiency of power plants.

$000012 CSG Holding - China, Shenzhen - Large Chinese glass manufacturer with a growing focus on solar and CSP glass products.

2. storage chemistry and thermal media - They supply the chemical storage media for molten salt storage and heat transfer

Big player

$NTR (+2,4 %) Nutrien (NYSE: NTR / TSX: NTR) - Canada - One of the largest fertilizer and nitrate suppliers in the world. Supplies nitrates for thermal storage and molten salt mixtures.

$YAR (+2,42 %) Yara International (OSE: YAR) - Norway - Global fertilizer company. Produces nitrates and nitrogen chemicals that can be used in molten salt storage facilities.

$OCI (-0,96 %) OCI N.V. (AMS: OCI) - Netherlands - Produces hydrogen and natural gas-based products, including nitrogen chemicals for thermal storage solutions.

Hidden Champions

$SQM (+0,9 %) Sociedad Química y Minera (NYSE: SQM) - Chile - Lithium and specialty chemicals producer. Supplies lithium and nitrate salts for battery and thermal storage.

$MIN (+5,92 %) Mineral Resources (ASX: MIN) - Australia - Combines lithium mining and processing. Important for lithium-based storage chains.

$SOLB (+1,42 %) Solvay (EBR: SOLB) - Belgium - Specialty chemicals and heat transfer fluids, relevant for CSP and storage applications.

3. battery and energy storage systems (BESS) - The combination of BESS and thermal storage is the real 24/7 engine of CSP parks

Big player

$3750 (-2,62 %) CATL - China - World market leader for EV batteries and large-scale storage. Supplies complete BESS systems for grids and CSP hybrid parks.

$1211 (-2,75 %) BYD Co Ltd - China - Integrated battery and system provider. Provides energy storage systems for industrial and utility-scale applications.

$373220 LG Energy Solution (KRX: 373220) - South Korea - Global cell supplier with a strong focus on high-performance cells for e-mobility and stationary storage.

$SMSN (+0,62 %) Samsung SDI (KRX: 006400) - South Korea - Premium cells and modular storage solutions for grid and industrial applications.

Hidden Champions

$FLNC (+3,28 %) Fluence Energy (NASDAQ: FLNC) - USA - Joint venture between Siemens Energy and AES. Market leader in turnkey large-scale storage projects and operating software.

Powin Energy - USA, private - System integrator for utility-scale storage with a strong presence in North America and Asia.

$300274 Sungrow Power Supply (SZSE: 300274) - China - Well-known for inverters, growing strongly in the area of integrated BESS solutions for large-scale projects.

4. HVDC, cables and power transmission - HVDC turns desert power into exportable base load power

Big player

$HTHIY (-1,85 %) Hitachi Energy - Switzerland / Japan, part of the Hitachi Group $HTHIY - World leader in HVDC converters, substations and grid control.

$PRY (+2,54 %) Prysmian (BIT: PRY) - Italy - Largest manufacturer of high-voltage cables and submarine cables, central role in European HVDC projects.

$NEX (+4,56 %) Nexans (EPA: NEX) - France - Specialized in power and submarine cables, important for long-distance transmission of desert electricity to Europe.

$ABBN (+3,75 %) ABB (SWX: ABBN) - Switzerland - HVDC converters, switchgear and grid automation for large-scale projects.

Hidden Champions

$NKT (+5,02 %) NKT A/S (CPH: NKT) - Denmark - Cable specialist with a focus on high-voltage and offshore wind connections.

Taihan - South Korea, private - Major Asian manufacturer of high-voltage cables with a growing export share.

$ANA (+3,81 %) Acciona (BME: ANA) - Spain - Not only EPC, but also active in grid connections and infrastructure for large-scale renewable projects.

5. hydrogen and Power-to-X - Surplus electricity from hybrid parks is processed into green hydrogen

Big player

$LIN (+0,6 %) Linde plc (NASDAQ: LIN) - Ireland / global - The world's largest industrial gases group. Plans, builds and operates large-scale electrolysis and liquefaction plants for green hydrogen.

$NCH2 (+5,82 %) thyssenkrupp nucera (XETRA: NCH2) - Germany - Specialist for multi-gigawatt scale alkaline electrolyzers, key supplier for industrial H2 projects.

$NEL (+16,89 %) Nel ASA (OSE: NEL) - Norway - Pure hydrogen player with focus on electrolyzers and H2 tank infrastructure.

Hidden Champions

$PLUG (-8,43 %) Plug Power (NASDAQ: PLUG) - USA - PEM electrolysis, fuel cells and H2 infrastructure, increasingly involved in large-scale projects.

$BE (-2,85 %) Bloom Energy (NYSE: BE) - USA - Develops higher efficiency solid oxide electrolyzers for industrial H2 generation.

$ITM (+7,02 %) ITM Power (LSE: ITM) - United Kingdom - Focused on utility-scale PEM electrolysis, strong in European project business.

$HPUR (+9,58 %) Hexagon Purus (OSL: HPUR) - Norway - Specialist in high-pressure tanks and transportation solutions for compressed hydrogen.

6. EPC, engineering and construction - These companies enable construction in less than two years

Big players

$601669 Power Construction Corporation of China (SSE: 601669) - China - One of the largest engineering and construction groups in the world. Builds dams, large-scale PV and CSP plants, including grid connection.

$601727 Shanghai Electric Group (SSE: 601727) - China - Full-service provider for CSP, turbines, storage integration and EPC services.

$ANA (+3,81 %) Acciona (BME: ANA) - Spain - Global EPC player for solar, wind and CSP, strong in MENA and Latin America.

Hidden champions

SEPCO III - China, private - Highly specialized EPC for large power plants and CSP projects, often partner in Saudi Arabia and North Africa.

$WOR (+4,26 %) Worley Limited (ASX: WOR) - Australia - Engineering and project services provider for energy infrastructure, including hybrid and storage projects.

$3996 (+0 %) China Energy Engineering Corp (HKEX: 3996) - China - Large state-owned EPC group, active in the development of solar and grid projects in Asia, Africa and MENA.

7. turbines and power plant technology - CSP Hybrid is ultimately based on modern thermal power technology, only climate neutral

Big player

$ENR (+3,17 %) Siemens Energy (XETRA: ENR) - Germany - Turbines, generators, switchgear and grid solutions. Core supplier for the thermal side of CSP hybrids.

$GE (+1,99 %) General Electric (NYSE: GE) - USA - Steam turbines and power plant technology used directly in hybrid farms and thermal storage systems.

Hidden champions

$1072 (-3,25 %) Dongfang Electric (HKEX: 1072) - China - Major turbine and power plant equipment supplier, strong in domestic market and MENA project.

$1133 (+0,79 %) Harbin Electric (HKEX: 1133) - China - Manufacturer of turbines, generators and power plant components, active in large-scale conventional and renewable power plants.

8. blade manufacturers and construction materials for CSP hybrid parks

8.1 Construction and mining equipment

Big Player

$CAT (+9,3 %) Caterpillar (USA, NYSE: CAT) - World's largest manufacturer of construction and mining equipment, dozers, excavators, dump trucks, generators. Provides heavy equipment for earthmoving, foundation construction and park infrastructure.

$6301 (+0,79 %) Komatsu (Japan, TSE: 6301) - Number two worldwide in construction and mining equipment. Excavators, wheel loaders, large dump trucks and special machines used in desert projects and large construction sites.

$SAND (+1,71 %) Sandvik (Sweden, OMX: SAND) - Drilling technology, rock processing, wear parts. Important for foundation construction, cable routes and the raw materials side of the value chain.

$EPI A (+3,85 %) Epiroc (Sweden, OMX: EPI A) - Drilling rigs and underground equipment, wherever CSP infrastructure is built on difficult terrain.

Hidden champions

$6305 (+0,45 %) Hitachi Construction Machinery (Japan, TSE: 6305) - Strong presence in Asia and MENA, large excavators and wheel loaders for deserts and large construction sites.

$DE (+4,66 %) Wirtgen Group / John Deere $DE (USA) - Road construction, milling, compaction. Benefit from the expansion of access roads, platforms and logistics around CSP parks.

8.2 Steel, tubes and sections

Big player

$MT (+1,48 %) ArcelorMittal (Luxembourg, NYSE: MT) - Global steel group with flat and long products. Supplies beams, sections and structural steel for tower structures, racks and infrastructure.

$5401 (+1,17 %) Nippon Steel (Japan, TSE: 5401) - High-quality steel for energy and infrastructure applications, including heat-resistant steels.

$TEN (+0,2 %) Tenaris (Luxembourg/Argentina, NYSE: TS) - Leading manufacturer of seamless steel tubes for energy, pipelines and high-pressure systems. Relevant for heat exchanger circuits, media pipelines and infrastructure in the CSP environment.

$VK (+3,03 %) Vallourec (France, EPA: VK) - Specialty tubes and high-performance steels for energy projects, including high-temperature pipelines.

Hidden Champions

$5411 (+4,17 %) JFE Holdings (Japan, TSE: 5411) - steels and tubes for large-scale projects, with a focus on Asia.

$TUB (-0,69 %) Tubacex (Spain, BME: TUB) - Seamless stainless steel tubes for high temperature and corrosive environments, directly relevant for CSP heat and process piping.

$NXT Nextpower (USA) - Steel-intensive tracker systems for PV fields. Important in hybrid parks where PV and CSP are combined.

$ARRY (+4,1 %) Array Technologies (USA) - Similar to Nextracker, focus on utility-scale tracking systems.

8.3 Cement, concrete and construction chemicals

Big player

$HOLN (+1,14 %) Holcim (Switzerland, SIX: HOLN) - The world's leading supplier of cement and concrete. Supplies foundation concrete, specialty mortars and infrastructure construction materials for major projects, including desert locations.

$HEI (+1,5 %) Heidelberg Materials (Germany, Xetra: HEI) - Strong player in Europe, North Africa and Asia. Cement, concrete and aggregates for foundations, turbine houses, storage blocks.

$CX (+0,96 %) Cemex (Mexico, NYSE: CX) - Globally active in cement and concrete, supplier for infrastructure in MENA and the Americas.

$CRH (+3,9 %) CRH plc (Ireland, NYSE: CRH) - Building materials group with a focus on infrastructure, road construction and precast concrete products.

Hidden Champions

$ULTRACEMCO UltraTech Cement (India, NSE) - India's largest cement manufacturer, relevant for CSP projects in the subcontinent and neighboring regions.

Votorantim Cimentos (Brazil, private / regionally listed) - Strong supplier in Latin America with a direct link to infrastructure and energy projects.

8.4 Industrial components, heat exchangers and process equipment

Big player

$ALFA (+4,14 %) Alfa Laval (Sweden, OMX: ALFA) - Heat exchangers, pumps and separators. Key components for thermal storage, steam generation and process heat in CSP plants.

$FLS (-7,25 %) Flowserve (USA, NYSE: FLS) - Pumps, valves and sealing systems for high-temperature and high-pressure circuits in energy plants.

$SPX (+0,91 %) Spirax Group (UK, LSE: SPX) - Steam and condensate technology, control valves and heat exchange systems, important for the fine control of thermal circuits.

Hidden champions

$IMI (+0,93 %) IMI plc (UK, LSE: IMI) - Specialty valves and control technology for the energy and process industries, especially for demanding media.

$KSB (+0,2 %) KSB SE (Germany, Xetra) - Pumps and valves for the energy, water and process industries. Suitable for cooling water, heat transfer media and storage systems in CSP parks.

🎯 Conclusion and outlook

The CSP hybrid ecosystem eliminates the weaknesses of renewable energies and uses China Speed as an economic lever. This combination creates a capital efficiency that will overtake traditional energy generation in the long term. The investment opportunities range from the Asian battery giants to the European HVDC specialists.

The fundamental question is whether European regulators can adjust the speed of the approval process to allow the continent to keep up with the pace of the Sahara projects and the European EPC companies operating there, or whether the continent will be left behind in terms of energy self-sufficiency.

Takeaway

The real investment case lies in the efficiency superiority of the CSP hybrid system. The ability to provide gigawatts of base load within two years, coupled with thermal storage and BESS, makes this infrastructure one of the strongest energy models of the future. This benefits optics, chemistry, BESS, HVDC, hydrogen, EPC and turbine manufacturers.

Sources: own research + IEA, IRENA, NREL, Fraunhofer ISE, SolarPACES, World Bank, Ember Climate, company reports & technical documentation of the companies mentioned.

Image: https://videos.winfuture.de/27754.mp4

Getty Images, Illustrative image - JLStock / Shutterstock.com

Profit taking / partial sale - 2/3 of the position remain in place