Look at the numbers closely. If you take SPWR out of the earnings, on a GAAP basis, CY is still barely break-even as a business. In fact, this is the first quarter in a long time that the non-SPWR parts of CY broke even. That's good news, but CY is massively over priced relative to those meager earnings.
Net of the SPWR stake, CY is valued at $725M for a company that barely breaks even and has no track record of profitability or strong growth.