Jim Chanos

I love how many of the responses to this news are, “Power is the bottleneck!” for data center construction, when this news means the exact opposite.

I’m old enough to remember the Miami tunnel project. How’s that progressing? @boringcompany

Wait, what…?!

“A company for carrying on an undertaking of great advantage, but nobody to know what it is.” $CIFR

Except that $CRWV would be currently still losing money using 10-yr life. That’s a big problem, given its business model.

Why wouldn’t he do this under the $AMZN umbrella, like he did with AWS?

“Who knows better about surprise than Japan…?!” Trump, meeting with Japanese PM.

Never let robots into Happy Hour.

#GoldenAge https://t.co/h2ZNZD0gCm

So while announcing a big splashy $META deal with few details, $NBIS does a $2B equity deal w/$NVDA at a discount, then files $3.75B in converts…?! (2) Again, these are expensive real estate/equipment leasing deals with pre-tax returns generally at/below the cost of debt capital(6-8%). So expect more hype and then follow-on equity/convert deals from these data center companies. (3) And interestingly, $NBIS 2027-28 revenue estimates haven’t budged post the $META announcement yesterday. https://t.co/96j3qFd5Ld

@RicochetRowdy (2) Whatever you think about Elon and deadlines, if this is another “vaporware” $TSLA stock promotion…it’s a REALLY big one. As in “material”.

@StockSavvyShay @fiscal_ai (2) The answer is roughly $20B, based on FY 2028 estimated revenue of $4.4B. Operating income of “over $1B”, would be only a MSD pre-tax ROIC. https://t.co/jciwRnL5H4 @StockSavvyShay @fiscal_ai (3) And that MSD pre-tax ROIC is only a fraction of $IREN’s after-tax WACC of 14.9%. They will be destroying value with every Microsoft-like “deal” they announce. This is a material problem for a capital-intensive business model. https://t.co/UQMsCE5bwv

I see that consumer fan fave $LYV has given-up its entire post-DoJ settlement rally. Maybe investors are beginning to think 100x earnings might be excessive for that type of behavior. Also how shockingly little money they make, given that behavior! (2) Amazingly, Live Nation has averaged less than $1 per share annually in Adjusted Operating EPS in the ten years 2014-25, EXCLUDING the disastrous pandemic years of 2020-21! $LYV

Reminder that @SpaceX investors were diluted 20% to “buy” xAI. $TSLA

It looks like $HOOD customers lost almost 5% in February. Total Platform Assets dropped $10.2B in the month to $314.2B, but that includes $5.6B in net deposits. So the implied loss of $15.8B was 4.9% of end-of-January Total Platform Assets of $324.4B. The S&P 500 was down 0.9%. https://t.co/dsN7BdVZoD

The DoJ would have easily won a jury trial here. The state AG’s still might. $LYV

@IRENBull That advance by Microsoft to $IREN is a liability (“Deferred Revenue”) that is paid-back by receiving less contractual revenue in the future. It is not a common equity investment, which never has to be paid back.

$ORCL is back to its mid-February highs on a quarter that did not change actual expectations much. Adjusted EPS estimates for the 4Q of FY 2026 (5/26) went up slightly, and those for FY 2027 went down about the same amount. Revenue estimates for FY 2027 increased less than 1%. https://t.co/AQuHmEFBFm (2) However, the capital intensity narrative also remained the same. Total capital employed increased 43% Y/Y, from $122B to $175B. Annualized Adj. Oper. Income increased $4.7B Y/Y, for an 8.9% pre-tax ROIIC on the $53B increase in capital. This is still below $ORCL’s 11.6% WACC. (3) Furthermore, the annualized increase in D&A Y/Y of only $…

This new $CRWV “Flexible Capacity Plan” sure sounds like a…price cut. https://t.co/wiYpdtMcWC

The problem is, $CRWV would still be losing money using ten year life.

Wow $LYV #GoldenAge (2) “Move along, nothing to see here…” $LYV https://t.co/FZwcNw5kOf

Can one of you $IREN shareholders please ask the CEO if their original guidance of $400-500M ARR is still valid for the March quarter we are in? They missed the $225-250 ARR guidance for the December 2025 quarter, but were happy to increase the December 2026 guidance last week. https://t.co/LDGPNmRcJf

We haven’t had non-fight drama like this since Musk vs Zuckerberg!

So in one corner of Wall Street credit is imploding. In the other corners…not so much. Baa/Treasury spreads still near all-time lows. https://t.co/SZthgCEVyc

All of these analyses of data center capital stacks(not just $IREN’s)assume that “growth” and “deals” are universally good. But that’s not necessarily the case. In fact, most of the AI DC leasing deals with good granular data disclosed appear to be mildly to severely uneconomic.

@ericjackson (2) And just this morning Goldman cut their $IREN FY 2026-28 EPS estimates further, post-announcement. https://t.co/TBH5TZiOxa

The marks, er, investors who own $IREN are convinced that an new equity ATM filing equivalent to almost half of their current market cap…means another deal is imminent. You know, like a material event that would need to be disclosed concurrent with this equity filing. https://t.co/O8WFwFkzAP (2) But never fear, in true $IREN style, they (sort of) raised ARR guidance for the December 2026 quarter, but neglected to use this opportunity to reaffirm the $500M digital revenue ARR guidance for the quarter we are currently in. Why not?

These are some pretty bullish statements about near-term developments at $NBIS. Given the substantial cuts in guidance/estimates(see 2026E Revenues below) just three weeks ago, we will see if these upbeat statements show up in 1H results. https://t.co/ZDW3W9Q8GO

People are often too confident…

Their response keeps changing. Just address the affiliated party issue once and for all with a detailed 8-K filing. It’s not that hard. $CVNA