Jim Chanos

So absurdly-priced $WDFC at one point added $50 this morning because they pulled-forward EPS into the 3Q from the upcoming 4Q(8/26). FY Adjusted EPS estimates are actually lower now than three months ago, lol. WD-40 has grown Adjusted EPS at a 2.6% CAGR over the past 20 years. https://t.co/Za7VPxaDbz

At about the same time $SPCX’s valuation exceeds global GDP. Seems reasonable.

CCHH (Nasdaq: CCHH) Signs Agreement to Provide US$50 Million of Maintenance Services Solution for Data Center Infrastructure in Malaysia (It’s a Chinese restaurant chain) https://t.co/MTyGpNtbQZ

CCHH (Nasdaq: CCHH) Signs Agreement to Provide US$50 Million of Maintenance Services Solution for Data Center Infrastructure in Malaysia (It’s a Chinese restaurant chain) https://t.co/MTyGpNtbQZ

@matthew_sigel (2) At $10M per new build, that 162 MW increase would have cost roughly $1.6B over the two years, meaning they spent $4.4B on their existing portfolio, or OVER $1M per year per MW. The financials for $EQIX and now $CSQR show similar figures. @matthew_sigel (3) So let’s just drop the Big Lie that there is no/minimal maintenance capex for colocation data centers. And with the cost of labor/materials going up rapidly for new builds, so will maintenance capex costs rise as well. $WULF $CIFR $APLD $IREN

I know we are only halfway through the year, but I feel it will be hard to top this comment from one of the obligatory buy recommendations on $SPCX issued by one of the underwriters this week. It is truly glorious. https://t.co/TK3f8woHmb

@RandolphDuke7 @matthew_sigel @perry_lin1 (2) Csquare ($CSQR) despite cutting back due to its bankruptcy, still spent $344M in LTM capex on its 389 MW portfolio, or almost 900K per MW.

Csquare ($CSQR) is a legacy data center company that went bankrupt in 2023, as Cyxtera. It still loses lots of money: LTM Loss Before Tax of $(175)M.

So given timing and likely escalators over the twenty years, $WULF is signing a colo deal w/Anthropic for likely under $2M per MW annually in the first year. That’s BELOW what legacy DC companies $DLR and $EQIX currently get for their small, non-AI compliant DC’s annually. https://t.co/bvMvasM5LJ (2) And because some of you have asked, here is our $WULF deal model, which assumes the Anthropic lease is triple net. The economics are far worse if it’s not. The deal finally gets to a 16% pre-tax ROIC…in 2047. In 2037 it’s a 10% pre-tax ROIC deal. https://t.co/fY8YAsaqJ0 (3) And of course, one of $WULF’s biggest bulls(Cantor) took the opportunit…

@Jim_Kozlinski It doesn’t seem to exist in AI Data Center Land, even though it is massive for the legacy cloud data center companies (almost $1M per MW, annually). $DLR $EQIX

Many of the retail bulls on the neoclouds don’t seem to understand how capital-intensive this business model is. For example, it is currently costing $NBIS over $4 in capital employed to generate $1 in revenue. The growth is coming at a very high cost(and commensurately low ROIC)

Historically you should’ve bought equities aggressively when financial fraudsters were being persecuted/prosecuted (1932, 1991, 2002-03). Not sure what you should do about leniency/pardons(2025-26). #GoldenAgeOfFraud https://t.co/KydwkzzpxW

So $IREN just announced an $800M stock grant (not options) to its two co-CEO’s. To put that in perspective it is 17% of the estimated cumulative Adjusted Net Income of $4.7B over the term of the grant, FY 2027 to FY 2030! https://t.co/Faa7gInmJO (2) And in addition, the annual increase in shares (8M) granted for the employee Omnibus Incentive Plan kicked-in yesterday. This is separate from the co-CEO grant. $IREN https://t.co/daWtdBKh3e

The Digital Realty ($DLR) purchase of legacy data centers announced last night is interesting for three reasons: First, at the disclosed 6.5% cap rate, the deal values $DLR’s equity at below $100! https://t.co/PxD24uVDx9 (2) Next, the fact that $DLR paid mostly in stock and $BX then immediately registered and sold that same stock tells you what both parties think about its valuation. (3) Finally, keep in mind that $BX just raised a fund to BUY data centers, not sell them. So why sell these?

@partners_road @StockSavvyShay (2) And if you don’t believe me, here’s what Jensen Huang has to say about it. $CRWV $NBIS $NVDA https://t.co/zZSDzKtg4Q

At this point don’t we have to assume that Iran is in on the grift…? It’s literally the same story leaked every Sunday afternoon.

The accounting mismatch in capex booms highlighted. It’s material in the tech space right now.

What's the Real Depreciation Curve of a GPU? | I feel good about our 10-yr life assumption. https://t.co/RojNaDcX1V

@PrimozZalar Ok, what discount rate would you use on that $80M…?

Can someone explain to me why $PS, Pershing Square’s management company at a $12B mkt cap, trades at 50% of fee-paying AUM, 40x revenues and 150x Operating Earnings, when its closed-end funds($PSH.LN and $PSUS) trade at massive 20-30% discounts to NAV…?! (2) At the very least, Pershing should be issuing more expensive $PS shares to buy-in $PSH.LN and $PSUS shares at a big discount.

$TSLA continues to settle major FSD lawsuits before they get to trial. Why? https://t.co/qFuklUxIWl

The $CRWV executive suite continues to “diversify” its investments. https://t.co/jVyiHpwXNd

The Bonfire of the Vanities is going to be epic this time around. https://t.co/7CUSgLo9Y8

Chevron and Microsoft announced a new site yesterday with first phase power online in 2028. Others are also bringing new greenfield sites online in 2028. $IREN’s management are the ultimate Bottleneck Bro’s. That’s their narrative, and it’s just not true anymore.

I have been reliably informed by the “Bottleneck Bro’s” (Ht: @GavinSBaker) that these types of direct hyperscaler deals were no longer possible. That only the neoclouds and ex-Bitcoin miners could bring on this much capacity quickly. Is that not the case? https://t.co/sVxXqnDdAH

So Elon is making a “fairly comfortable prediction” that global economic growth will be 25% annually over the next decade. Let that sink in.

@LORD_WETTE (2) And furthermore, in a tight “spot” market for compute that we have currently, shouldn’t all these vendors with access to scarce resources be coining record profits right now…?! But they’re not.

@TequestaChief (2) And just so we’re clear, here is the trend of estimates for $CRWV’s Q2 EBITDA. Notice anything? https://t.co/R72ooLZTgt

Spot on (no pun intended).

How SpaceX Humiliated Wall Street https://t.co/E4Zjdudjd1 via @YouTube and the great Patrick Boyle. (2) He makes the great point that the over 1 billion people globally who have disposable incomes above $12,000 will have to spend over $20,000 PER YEAR on SpaceX goods/services to justify the absurd $28.5T TAM that Elon claims. Seems a stretch. $SPCX https://t.co/XNORkoUAYb