Chamath & Elon back n forth laying out bear case for AI/DC boom… fascinating Chips aren’t the bottleneck anymore. Power & cheap capital are… Grid queues are jammed, hyoerscalers will feed themselves power first Ik the crunch, and 2027 we will see GPUs paid for but sitting idle… (waiting for power) Stranded compute On top of that.. debt mkts (per Elon) are shut down for anyone w/out but non AI revs.. most Neo clouds cannot say that 👀 Hindsight this is obvious.. but you see why Neoclouds funded with debt backed by there own GPUs are under pressure OR .. developers without secured power/land and of course anyone with a bit maturity wall in 27 is fucked Every month you wait on the grid = interest ⬆️ + aging chips Many of the Neo clouds also promise perfect availability/uptime but if there are outages at all… oh man. Customers will walk or there will be HEAVY penalties A good deal on paper can flip real fast. Who does this look good for when power is the bottleneck… Battery + storage components (faster grid hookups & bridge power) On site generation like fuel cells & turbines Transformers & switch gear Owners of powered land IG Hyperscalers of course Energized megawatts & cheap capital. Whoever has those will set the terms 2027.. maybe a shakeout for neoclouds & tailwind for selling power. Just interesting to read exchange below.. nothing new

Pretty much. As of the past few weeks, debt markets have almost entirely shut off access to money for any company that doesn’t have substantial revenue independent of AI data centers. SpaceX closed $40B of debt for GPUs, but we’re investment grade and have Starlink & launch revenue. That means the 200+ neoclouds are going to see guppy-level death and consolidation. Some will make it through, but not many.

As someone with a portfolio of energized land assets here is what I am seeing: 1. Neoclouds are disorganized and poorly capitalized. Some are definitely better than others however. 2. Hyperscalers are intractable, bureaucratic organizations that take 3 months to do an NDA and want 18mo escrow periods. We built our portfolio by competing against these terms because of our speed and simplicity. The more future assets orgs like ours win, the bigger the problem for the hyperscalers downstream (see 3). 3. There are delays in the existing pipeline that will catch people off guard in 2027. Hyperacalers will (obviously) react by focusing on their own internal compute needs over any third party. If the third party is a model company, they will tell them to go through their model router where they will also take a non-trivial vig. Them telling Ant they have no compute for them (rumored in Ant’s S-1) if true is a huge tell that this is already happening. All of this is to say that it does look like there will be a lot of partially stranded compute and compute sitting in inventory in 2027 than is currently forecasted. This is bought and paid for but effectively underearning (below total cost of capital) or collecting dust. We see this as true for everyone - model companies, hyperscalers, neoclouds except ONE (you can guess which one). This dislocation will benefit two kinds of orgs: the non-bureaucratic big scalers who can build industrial scale quickly and the nimble, well capitalized players feeding them. 2027 will be a turbulent year because it will clear out a bunch of wrong/bad bets. It will also be a consolidation year for a few.

FORTRESS: The Pentagon is preparing every major U.S. military base to survive 90 days without outside support — no civilian power grid, no global supply chains, no outside fuel or water. The initiative, revealed in documents reviewed by Fox News Digital, envisions portable nuclear reactors, massive battery storage, and microgrids that can disconnect installations from civilian electricity entirely. Strategic reserves of munitions, fuel, critical minerals, and medical supplies would be stockpiled based on wartime consumption rates. Civilian factories are being pre-identified to shift to defense production during a crisis. Pentagon chief spokesperson Sean Parnell put it bluntly: "Power is combat now. Without electricity, you lose communications, water, logistics, assembly lines and just basic military command structures." Full story here foxnews.com/politics/inside-…

$EOSE Indensity? It considered container units around 2.6 metres high, with one potential configuration allowing them to be double-stacked. Frontier now says Busby is expected to use long-duration batteries supplied by US manufacturer Eos Energy Enterprises, including its Z3 zinc-based technology, rather than conventional lithium-ion batteries. scottishnews.com/articles/co…

$IREN is a highly speculative stock. No doubt. It’s about to close its gap from a year ago in the lower $20 range. $23-24 area. Average 12 month price targets (analysts) are $78-81. This is NOT a cheap stock. It’s trading at 2.3X book value. Not undervalued on assets alone. Huge TTM loss ($700m). We have balance sheet and financing (capital) needs. Why would anyone ever own $IREN? The entire upside relies on execution, securing and deploying capacity, managing finances, and converting the pipeline into durable revenue without excessive delays or harmful dilution (again). EVEN AT THIS PRICE by all metrics we still aren’t undervalued for present day. We are extremely undervalued based off pressing forward and executing on everything in the previous paragraph. If you believe they can do it, place your bets. If you have doubts, don’t like the sector, or don’t have the stomach for it—sideline yourself. It’s a highly speculative bet on an emerging sector, and the hiccups the last year or so with Dan make it almost unpalatable for the average investor. But for Topher:

$IREN has $8B in cash. It’s currently valued at $10B. The market is extremely emotional. Your advantage is to either ignore or leverage these histrionics.

Please tell me where $IREN is a horrible financial situation and will go bankrupt like the market treats it? $IREN 10 B Market Cap 7.6 billion cash 1.316 Price to Cash Value 2.38 Price to Book Value 1.70 P/B if you take the prepayments out of liabilities Debt of 7.4 billion Not due till 2029-2033 Debt at an average 1% interest rate 11+ billion revenue from my projections in fiscal year 2028 > than their market cap today

$IREN is a highly speculative stock. No doubt. It’s about to close its gap from a year ago in the lower $20 range. $23-24 area. Average 12 month price targets (analysts) are $78-81. This is NOT a cheap stock. It’s trading at 2.3X book value. Not undervalued on assets alone. Huge TTM loss ($700m). We have balance sheet and financing (capital) needs. Why would anyone ever own $IREN? The entire upside relies on execution, securing and deploying capacity, managing finances, and converting the pipeline into durable revenue without excessive delays or harmful dilution (again). EVEN AT THIS PRICE by all metrics we still aren’t undervalued for present day. We are extremely undervalued based off pressing forward and executing on everything in the previous paragraph. If you believe they can do it, place your bets. If you have doubts, don’t like the sector, or don’t have the stomach for it—sideline yourself. It’s a highly speculative bet on an emerging sector, and the hiccups the last year or so with Dan make it almost unpalatable for the average investor. But for Topher:

$EOSE Opinion: - Indensity will have much lower COGS than the cubes. Some facts I'm willing to share with you: - The current plan is for Indensity production to launch in Q1. - There is a backlog of orders for Indensity. - If you want to order Indensity today and are willing to put down a chunk of change (like 25%) to secure your position, you still wouldn't get it for another year. - I've seen extremely detailed engineering drawings for Indensity projects.