Jim Chanos

Can someone explain to me how investors continue to believe that $DASH and $UBER Eats will continue to grow GOV’s 15-20 pts above industry comps for the next decade…?! It’s not such a small base anymore.

And of course with all that good news from $IREN last night, Adjusted EPS estimates for FY 2027 & 2028 were dutifully cut further. https://t.co/9RHvJgaOfB (2) For example, Cantor cut its $IREN FY 2027 revenue estimate just a bit…down 40%. While cutting its FY 2027 EBITDA estimate even more (44%). Those are not exactly “tweaks”. https://t.co/ZKnG8HGUcB (3) And of course, the Company was happy to already sell over $1B of stock from its latest ATM, at about $43 per share. From the $IREN 10-Q: https://t.co/cpdKdpLxBr

It’s a very good question. $IREN $NVDA

So $IREN is issuing $NVDA a huge call option for the right to buy more GPU’s from…$NVDA?! Lol, ok. (2) Also what happened to the $500M of AI Cloud Services Revenue ARR they guided for this quarter…?! $IREN https://t.co/hAnLRIarG6

And what’s really silly is just how little energy costs are as a % of total data center costs(below 10%). Redundancy costs alone would be multiples of that. @SpaceX

I see that we are also in the part of the cycle where contractors, HVAC companies and construction equipment businesses are being valued at 40-80x NTM earnings, based on peak Y/Y backlog increases. Caveat Emptor.

@DanGreenhaus (2) And I am long that market valuation versus my shorts. But I don’t have any misconceptions about how expensive this market currently is.

$RUN CEO: “We are generating meaningful cash.” [Narrator: Sunrun had NEGATIVE FCF of $(414)M in the 1Q.] https://t.co/D2F7Ge2Kyi

Gotta love the talking heads on FinTV claiming the current market is different from 1999-2000 because unlike then, there is real earnings growth now. (S&P Operating EPS were up 30% from mid-1998 to mid-2000 because, you know, the Internet buildout!) https://t.co/EsSCROJ2vZ

Umm, isn’t that 100% of US GDP in four years…?

Kind of hard to “inspire” confidence when your assets don’t total correctly. $INSP https://t.co/x2zmztSBqM

These massive increases in AI-related capex estimates will also pull up S&P 500 EPS estimates for 2026-27, given the accounting mismatch for revenues/profits(immediate recognition) and costs (mostly capitalized). The profits “magic” of capital spending booms.

I would be willing to bet that not one of the 40 people hyperventilating about $CAT on FinTV today knows that its 2026 1Q EPS were LOWER than the 1Q of 2024. Just sayin’. https://t.co/cLkXCm6BEG

@RHouseResearch And your maintenance capex per MW estimate? Makes ALL the difference in the world for DC pass-through deal economics.

Wait, so $AMZN was $468M (52%) of $RIVN’s $908M in Automotive Revenue in the 1Q…?! So they are only selling 5-6,000 vehicles per quarter in the open market? Yikes.

@JonBryant421 Yep. Every company that has a “community” promoting its stock, is breaking new ground in best business practices.

@SpaceX “bought” this for $250B…?!

Amazing that no one in the insurance industry has ever done this cost-benefit analysis on CAC before! $LMND

Meanwhile, as everyone rushed to build new data centers, the old data centers continue to deteriorate. In the LTM $EQIX’s pre-tax ROIC was only 5.8%. https://t.co/OsEPMB8aEX

@nerdalert They just cut pre-tax profit guidance for the remainder of 2026. $LMND

@shai_wininger @kidfrancescoli Not really. You actually cut the implied $LMND 2026 pre-tax profit guide by $19M, by increasing SBC guidance by $20M! And the resulting $(144)M loss compares to a comparable $(179)M in FY 2025, which included a $22M charge for the California wildfires. So only a $13M improvement. https://t.co/1KyZ6QQkL1 @shai_wininger @kidfrancescoli (2) And today analysts have begun to cut their forward $LMND estimates, as well. Here, Jefferies cuts its 2027E Adjusted EPS from a loss of $(0.80) to a loss of $(1.15). They now have a loss for 2028E, as well. https://t.co/44eiYBBmHN

@robinivski What’s even more amazing is the number of marks who confidently think they are in on the con.

@MitchMartan98 Ok, but casinos don’t trade at 50x EPS and 7x book value. $HOOD

@Neil_X10 Please don’t use the sharp scissors.

Your occasional reminder that the goal of an orchestrated short-squeeze is to sell into it.

Is that a lot…? It seems like a lot. $CRWV

This would explain a lot…

@makemoneymoney6 The market is currently assuming ALL of them will “win” (enough to keep spending). Because the demand for compute is insatiable. Or so we have been led to believe.

Wait, what…?! https://t.co/wXLOnTAzHR

@voiceofforex Yeah, wake me when that 3x leverage cap is enacted. #FantasyIsland