Daily Update — May 12, 2025
Biofuels in Flux; Big Tech Earnings; and Stalling Solar Additions
Today is Monday, May 12, 2025, and here’s your curated selection of Essential Intelligence on global markets from S&P Global. Subscribe to be notified of each new Daily Update.
Global Trade
Listen: Rule follower: Biofuels navigates evolutions in trade, renewable energy policies
The US biofuels industry began 2025 facing significant policy uncertainty, despite producing record volumes of ethanol, renewable diesel and sustainable aviation fuel in 2024. Biofuels expert Corey Lavinsky joins “EnergyCents” hosts Hill Vaden and Sam Humphreys to discuss the state of US biofuels and the implications of evolving federal policies on developers and their projects.
Learn more with S&P Global Commodity Insights’ Biofuels Information Services.
Artificial Intelligence
Big tech earnings preview: Microsoft, Meta, Amazon & Apple
Mega-cap tech companies are expected to report mixed results related to their core businesses and provide varied guidance this earnings season. Management commentary on outlooks will be key, particularly in light of the effect that tariffs may have on tech companies’ operations. A significant concern is whether cloud service providers will maintain their substantial capital expenditure growth in fiscal 2025, as this will influence their ability to scale and innovate.
There has also been a surge in investment in technology infrastructure to support generative AI. This trend, which gained traction over the past year, is anticipated to continue. However, while operating expense growth projections have diminished, the accelerated pace of AI-related capex has raised alarms.
Energy Transition & Sustainability
Global solar additions to stall in 2026 on policy, market uncertainty: SolarPower Europe
SolarPower Europe expects global solar photovoltaic installations to slow in 2025 and stagnate in 2026 due to mixed policy signals and geopolitical instability. In 2025, global solar PV additions are projected to grow 10% year over year to 655 GW, down from 33% year-over-year growth in 2024. Stagnation is expected in 2026, with additions reaching only 665 GW.
Growth is then anticipated to resume to 2029, with annual increases of 10% to 14%. However, the forecast for installations during 2026–2028 was revised down to 2.27 TW from 2.34 TW. The slowdown in 2026 is attributed to a new renewable power pricing mechanism in China that may delay investment decisions, potential impacts from rising import tariffs and international trade tensions.
In case you missed it
- While many emerging markets were early adopters of international regulations on capital and liquidity, few have adopted a resolution regime.
- Tech companies are exploring short-term strategies to navigate global tariff uncertainty while holding off on long-term decisions about manufacturing and expansion.
- Singapore's Ministry of Trade and Industry launched a tender to help local companies subject to domestic carbon taxes in waiving some compliance costs under the EU’s and UK's carbon border adjustment mechanisms.
Upcoming events
- State of the Market: Mining Q1'25 | May 14 (Webinar)
- EU/US Tariffs Showdown: Consequences and Alternatives for the European Trade Landscape | May 14 (Webinar)
- The cybersecurity market in 2025: The Only Constant is Change | May 14 (Webinar)