Bitcoin crashed 50% and just recovered 25% in three weeks. Perfect stress test for the treasury companies. Worth studying who bent. The leveraged ones spent the winter managing debt. Converts are cheap financing until the stock falls below the conversion price. Then they’re a bill with a date on it. $ASST runs the other model. […]
Bitcoin stress test for the treasury companies Read More »
Ten days ago I wrote that the world is structurally short compute. Jensen Huang just made the case in plain language: compute is revenue, and demand is accelerating with the buildout still running at full steam. The receipts are already visible. The quarter came in at roughly $96 billion, data-center revenue was up 117%, and
Compute Is Revenue: Why AI Infrastructure Demand Is Still Accelerating Read More »
$NVDA is raising AI server prices 15%+ as memory costs soar, per @business. A $3M rack is about to be a $3.5M rack. The headline reads like a cost problem. For $IREN it’s an appreciation event. Their 76,000 GB300s were ordered last year at the old price sheet, landing in their own buildings this year.
NVDA Raises AI Server Prices: Why IREN Benefits Read More »
IREN spent 2026 getting cheaper, not in price, but in valuation. The stock is up about 6% this year. Over the same stretch, ARR guidance was raised twice to more than $4 billion, Microsoft capacity was delivered and accepted, and Nvidia signed on as a customer with a $3.4 billion contract. The price barely moved
IREN Is Getting Cheaper in Valuation, Not Price Read More »
With $IREN and $NVDA earnings coming up, I keep seeing the Nvidia-IREN deal compared unfavorably to the $NBIS deal. FinX thinks Nvidia gave $NBIS $2 billion and gave $IREN nothing. Half right. The “nothing” is a $3.4 billion contract. Both are wins. They’re different instruments doing different jobs. Let’s clarify. $NBIS got a $2B equity
A contract says I need you: Nvidia and IREN Read More »
With $IREN and $NVDA earnings approaching, the NvidiaIREN deal keeps getting compared unfavorably with the $NBIS deal. That comparison misses what each instrument does. $NBIS received a $2 billion equity check: cash in the bank today, Nvidia on the cap table, and funding for the buildout. That is conviction. $IREN received a five-year, $3.4 billion
A Contract Says I Need You: Nvidia’s IREN Deal vs. NBIS Read More »
Third straight red day. Yields at 19-year highs. OPEX tomorrow. And this morning whales spent $1.5 billion on $SPX calls expiring December 31. Strikes 8160 to 8210. Every single one is above the all-time high. That’s not positioning for a bounce, that’s paying up for new records.
$SPX Calls Point to New Records Read More »
The market is treating Treasury long-duration buybacks as if the policy were already pressing on the long end. But the calendar matters: the expanded buybacks do not start until September 9. That means the announcement can move expectations today, while the actual long-end buying pressure has not yet begun. The distinction is important for anyone
Bessent’s Long-Duration Buybacks Have Not Started Yet Read More »
The hardest problem in humanoid robotics isn’t walking. It’s knowing how hard to squeeze. That’s force and torque sensing, and $VPG just received a vendor nomination letter from its first humanoid customer. Not a press release. The customer formally naming its production supplier, after more than two years of qualification work. That customer’s ramp plan:
Humanoid robotics: force and torque sensing Read More »
China just listed its first humanoid robot company. Retail demand was oversubscribed 8,000 times. Unitree priced at a $9B valuation, 219x earnings. It shipped 5,500 humanoids last year, it’s profitable, 60% gross margins. Deep Robotics, AgiBot and EngineAI are lining up
China Lists Its First Humanoid Robot Company Read More »
