First Solar, a thin film pv module manufacturer which is based on cadmium (not silicon), has just surpassed expectations with a Q1 profit of $5m compared to a loss of $5.9m a year earlier.

I have my doubts which I've expressed about thin-film solar making it - see my earlier blog here. Although the climb of First Solar has been nothing short of meteoric since going public last year - see the 12 month chart - today it closed up over 15%.

So news in the NY Times (sorry, a subscription link) that hedge funds are reducing their exposure to alternative energy companies just can't be ignored. That First Solar now capitalises at just under $5 billion strikes me as pretty exceptional.