Jim Chanos

Imagine that.

Remember the term “national emergency”, because we might be hearing it more and more over the next few years. https://t.co/9wfhzPSelp

Nope $BYND

Awkward timing…

$TSLA’s Capex + R&D spending as a % of Revenues has been stuck in the mid-teens for the past five years now. And this mid-teens figure is right inline with what other automotive OEM’s spend. It is WELL below what tech companies spend, however. https://t.co/DR6Hu3KKn7

Financial “hijinks” and “shenanigans” will also not be tolerated. https://t.co/WkutfrxASk

Lol $MSTR https://t.co/JNqu1t9wdC

@gnoble79 Remember that both the CAPM and the EMH have “frictionless short-selling” as bedrock to the conclusions.

If only there was a mechanism to allocate scarce resources until more capacity can be built…

@joealertz And what you don’t realize is that a huge % of the $BYND short interest was held by the distressed bond holders, who were just issued 326M new shares that are now tradable. https://t.co/ICbMncaiiA

The Bitcoin mining/DC bulls keep telling me that unique access to power in Texas is a limiting factor, and a reason for premium pre-operational valuations. Yet in just a little over a year the first Starbase facility in Abilene, TX (1.2 GW in total) is already starting-up. $IREN https://t.co/e7N0fj3oGN

So BMO recently upgraded my favorite financial science project $RUN, on the possibility of FY 2026 capital returns to shareholders in the form of common dividends and/or buybacks. BMO is also forecasting FCF of NEGATIVE $(4.7)B in 2026, lol. (You can’t make this stuff up!) https://t.co/eC7gh4yp0t

I was reliably informed that this would never happen in Canada. $IREN

The $MSTR dollar premium (EV less Bitcoin value) is $28.5B today, which is LESS than the $31.4B exactly one year ago. Accordingly, the mNAV has been cut in half over the past year, from 2.80x to 1.40x, given the increase in shares outstanding. https://t.co/JyQ7X0LLfc

@CedarStResearch It’s one of the silliest accounting/governance stories that I’ve seen in years. $ERIE

Nope, kicking a late-game FG down 28 points isn’t suspicious at all. I’m sure MSU’s kicker needed some real world high pressure experience.

@bitcoinbutcher1 (2) And as for your multiple on ARR revenues, $CRWV currently has a TEV of $80B on expected 1Q 2026 ARR of $10B, or 8x, when $IREN expects St. George to fully come online. https://t.co/5W4mqtRZKp @bitcoinbutcher1 (3) And for those of you who think I’m inflating $IREN’s capex needs, $CRWV currently has $17B of capital employed (6/30), excluding Construction-in-Progress, for 470 MW of activated power. That’s $36M per MW, for predominantly just GPU’s (they rent the DC’s). https://t.co/SBXJTSNUVM

$TSLA Insurance, despite high premiums, has uneconomic. Enter $LMND for “(almost) free”, lol.

Court reignites battle over Erie Insurance fees, shaking up industry $ERIE https://t.co/YMfE8eZyWm

Wait, what…?!

We were reliably informed by Team Milei that governmental subsidies were “socialism”. I guess it depends on which government.

Not particularly great times to own equities, BTW. There were three epic crashes between 1873-96, and two between 2000-09.

Are they writing a check for $40B today, or is this $40B in “AI data center math”? https://t.co/hmcNs0bnwf

A good essay with the counter-argument to the rapid depreciation of GPU’s narrative. While seven years COULD be accurate (physical obsolescence happens then), I think it would only be appropriate on a front-loaded schedule. But we’ll see.

@BobDyl20 @Franchise9494 (2) For example, just a few years ago $IREN was expected to earn over $3 per share by mining Bitcoin in FY 2025. The reality? Just 17 cents per share in Adjusted EPS. https://t.co/5Q6gnwKeWQ

@Umbisam (2) And furthermore, these same management teams confidently told the Street and their shareholders how profitable Bitcoin mining would be, when they went public five years ago. How did that turn out? (And the skeptics at the time said it was a capital-intensive commodity biz.)

@mikealfred (2) And as a director of $IREN, is the rest of the Board and management comfortable with you openly promoting the stock of a competitor? $CIFR https://t.co/x2VD1qoYok

The Cantor report on $IREN is indicative of the ridiculous assumptions that the sell-side is using to justify its price targets. Here, Cantor assumes a $2.9B increase in PP&E from FY 2025 just ended, to FY 2027. Average PP&E also increases $2.9B. https://t.co/WoiXoixaor (2)Yet annual depreciation only increases by $330M over the two years(from $181M to $511M),or almost 9-yr life! As the increase in PP&E is almost all GPU’s,this is ridiculous. 5-yr life on the increased spend and a 21% tax rate would cut his FY2027 EPS estimate over 40% to $1.80! https://t.co/hbYKRwiBz7 (3) Also note that he is assuming marginal 80% EBITDA margin…

$BYND is a great example of how expensive “cheap” convertible debt can be, if the underlying business goes south.

Someone needs to have a chat with Jordan Love and Matt LaFleur about late-game clock management. @packers