The strangest six weeks I’ve tracked in a while. The prices went one direction. The filings went the other.
$EOSE → stock red YTD. Record revenue, record $807M backlog, collections above revenue, Pentagon added to the customer list.
$AAOI → cut in half from the high.
Another key element to gauge BTCTC: mNAV is market cap divided by the value of the bitcoin the company holds. Above 1.0 the stock trades at a premium to its coins, below 1.0 at a discount. The whole treasury model runs on that number: issue stock above 1.0 and every dollar
$IREN CEO untangling the print himself. Worth reading twice, because it matches what the filing said all along. 👀 The mechanism most missed: the $684M loss is the cost of retiring miners so those megawatts can be re-leased at over $20M per MW. Mining earned a small fraction of that per megawatt. The write-down is…
🚨 Ten days ago I posted that the world is structurally short compute. Tonight Jensen made it official: "compute is revenue." 💸 His words on the call, and “demand is accelerating”, with the buildout at full steam. 🤯 The receipts: $96B quarter. Data center up 117%. Next quarter guided to $108B with zero China in…
📦 Every shelf of the AI storage pyramid is now spoken for. All three layers. At once. 🔥 HBM + DRAM, the hot layer → shortage through 2027+$MU $SKHY $PENG 🌡️ NAND flash, the warm layer → 5-year supply deals signed$SNDK $KXIAY 🧊 Nearline HDD, the cold layer, 80% of hyperscaler bytes → sold out…
🏡 Turnarounds are people stories. The financials are always the last thing to change → the people change first. So read $OPEN’s people: → New CEO’s @nejatian salary: $1. No bonus. ~82M shares that only vest at prices from $6.24 to $33 → the $TSLA structure (performance based compensation is my preferred). He gets paid…
Economic data is a direct refelction of how that data is collected and measured. Changing the calculation metrics will produce different endogenous results. As always, I present to you this discussion as a questioning mechanism to look beyond the headlines which are not only based on this potentially misleading data due to measurement issues but…
