Jim Chanos

Hard not to notice that without the $108M in regulatory credits they booked in the 2Q, $RIVN automotive gross margins were still NEGATIVE (14)%, roughly the same as the 1Q. Again selling stock to stay alive, shares o/s up 15% Y/Y. What happens in a recession here?

The privately-held legacy data center companies are now lining up to go public. $CSQR $DLR $EQIX

I love the focus on “ROIC” as they extend depreciation schedules. Also note the new emphasis on operating(off-balance sheet) vs finance leases. $MSFT https://t.co/onXUMJmNEZ

One company I follow has strenuously denied selling its loan originations to “affiliates” to book gains. But this item in the latest @WSJ story about Walter may turn out to be material. https://t.co/QQuOkqjojA

Insurance science project $LMND still losing money after eleven years despite a 61% Net Loss Ratio. Oh, and the CFO leaving (but will remain on Board). https://t.co/fWBqsguPEA

I can only imagine what else is in these insurance portfolios if the owner of the Dodgers does not consider Dodgers Tickets LLC an “affiliate investment”. State insurance regulation is a joke in most states.

Remind me if it’s good for the pure neoclouds when their suppliers ($AMD and $NVDA) decide to do the same thing via other DC builders. $CRWV $IREN $NBIS https://t.co/eWGr3dKi8u

@MotherCabriniNY @scepticus01 @GordonJohnson19 @SullyCNBC (2) The Problem? $DLR’s average lease term is 4 years…and declining. If he’s signing 15-yr plus leases, that average lease term should be increasing. #DataCenterMath https://t.co/s4PcUSqlIZ

So we are at the point in the cycle where $NVDA has to provide financing guarantees for roughly 2/3rds of the cost of the chips it is selling to the data center project…?! Lol, ok. (2) And just so you have an idea how immense that figure is, it represents 135% of $NVDA’s total retained earnings. https://t.co/2bykxlYqE2

And while I’ve got the $TSLA Peanut Gallery all riled up, how come no one is talking about this little bombshell dropped during the 2Q conf call…?! For years we were told that Tesla’s FSD development advantage was the billions of miles driven in their database. Now? Not so much.

Who wants to explain to the Tesla Faithful why a $SPCX “purchase” of $TSLA in a share-swap is not bullish?

The disclosure by $TSLA on their 2Q conference call that they had completed 380,000 unsupervised Robotaxi miles over the past year was a stunning admission, and the likely reason for the stock’s big decline over the past two days. https://t.co/I6d0V9zagQ (2) Why…? Because if we’re charitable and assume 100,000 of those miles came in June alone, and only in Austin, a city of 1M people (2.5M in the MSA), at $2 per mile, that works out to $200,000 for the month/million people. Or $2.4M per year/million people. https://t.co/3NN2gpCvyD (3) That works out to an $840M per year ARR for the entire USA, charitably assuming the entire country is like …

In the last ten years $IBM has done roughly $60B in disclosed amount deals (many more with undisclosed terms). Their “growth” is certainly not mostly “organic”.

If that’s true why are margins collapsing? Wasn’t FSD software adoption going to increase margins? $TSLA

Did $TSLA drop the phrase “volume production” in its Outlook Section as it relates to Optimus, Semi and Megapack 3?

Axon Says AI Police Reports Save Time. Public Records Show They Get Facts Wrong (My God, AI-generated police reports are a dream scenario for defense attorneys!) $AXON https://t.co/g990mYWiUz

Wooly Mammoth startup Colossal seeking at least $20B valuation (Up 100% from last year’s valuation round). I think I’ve seen an entire movie series about this concept. https://t.co/L9fq6xUUMI

Revenues up, profits down. $NBIS

Insurance wrappers on creative opaque credit structures. What an interesting original idea. https://t.co/6zD4Lx2Z4R

Who wants to tell him that most of the current short position in $SPCX shares is derived from insiders/early shareholders trying to front-run their lockups?

@InvestNorthwise (2) And here are the latest Street estimates for $NBIS Adjusted EPS in 2028-29. Notice anything? https://t.co/cwuyuwIubB

Is it just me or are these guys now doing the press-release-a-day thing…?! Quantum! $NBIS

“Ok, maybe it’s better if you guys raise the capital instead.” $NBIS https://t.co/A2BkBfhA5H (2) When the ultimate capital-intensive business ($NBIS currently requires over $4 in capital to generate $1 in revenue) introduces an “asset-light” initiative, despite “infinite demand”, you should ask yourself what that tells you about their original business model. (3) This tells you all you need to know about what $NBIS thinks the ROIC’s are on the physical assets. https://t.co/LeH9HrOpKH (4) And just so we’re clear about this new SaaS model, $NBIS has not broken-out software revenues in their financials, and specifically dodged a question abou…

On Bastille Day, no less. https://t.co/XRo83S8EAe

Sales of data-center operators are on the rise as owners of these firms seek exits and investor interest in owning the physical infrastructure behind advanced AI grows https://t.co/2Fi91v20Jw via @WSJ (2) So suddenly many of the owners of legacy (cloud) data centers want to sell their stakes or go public ($CSRQ). Why? I believe much of it has to with the rapidly increasing costs of the maintenance capex on these properties. $DLR $EQIX (3) And as if on cue, $EQIX’s Chief Business Officer is abruptly leaving the Company. https://t.co/p8S4ySqSE2

So the SPAC King’s 2021 investors were “speculators” who should’ve understood the promotions better….?! @SquawkCNBC

What $IBM will NOT admit is that it is highly at risk from direct enterprise AI-adoption, as $SBUX admitted last week. https://t.co/E6E8g1E3si

Seriously, how low is the bar for these Starship “test” launches…?! Elon is claiming he will put data centers in space next year. Not at this rate. $SPCX

[Narrator: This week’s 13th test flight of Starship is still not planned to reach full Earth orbit.] $SPCX

This is a future plaintiff attorney’s dream post. What exec at Tesla thought this was a good idea?!