POWER. The layer you can’t fab. GPUs ship in months. Memory in a quarter. A substation takes years. When demand grows at the speed of software and supply grows at the speed of concrete, the shortage lands on electrons. Here’s who owns them. THE OPERATORS own the megawatts
POWER. The layer you can’t fab. Read More »
GPUs ship in months. Memory in a quarter. A substation takes years. When demand grows at the speed of software and supply grows at the speed of concrete, the shortage lands on electrons. Here’s who owns them. The operators own the megawatts and run compute on them: IREN, WULF, and CIFR. IREN sits on 5
Power Is the Layer You Can’t Fab Read More »
THE CRYPTO STACK Same assets, six ways in. Each layer is a different bet on the same thing, and 2026 stress-tested all of them. Know which one you’re playing. FOUNDATION: $BTC $ETH $SOL Own the asset. No management, no dilution, no counterparty. The only layer that can’t be structured against you. ETFS: $IBIT $ETHA $BSOL,
The AI stack is entering a new phase. Q4 may be the quarter where power, not chips, becomes the binding constraint. The buildout is a stack: generation, storage, transmission, data centres, accelerators, networking, cooling, and software. Each layer is now pulling demand from the layer below it. If storage and grid capacity stay tight, the
The AI stack: Q4 scarcity migrates to power Read More »
IRENs chart is starting to say something the headline missed. The stock took a headline miss, bled for four sessions, then reversed 19% off the low with volume expanding on the up days. That is what it looks like when the sellers who wanted out are finally out. Volume confirmation matters more than a single
IREN’s Reversal Says the Sellers May Be Done Read More »
Concentration compounds. Concentration on borrowed money gets liquidated at the bottom of the exact drawdown it was supposed to sit through. Holding a 30-50% decline is a structural property before it's a character trait. No margin, no promises that can be called, cash that isn't spoken for. Only then does conviction get to behave like
Concentration compounds Read More »
Inflation is cooling, and that changes the Feds next decision. Chris Wallers own words point to the shift: recent data finally show signs of disinflation. If the August data confirm that progress toward 2% is real, holding rates at 3.50%3.75% may be enoughand a cut can return to the table. The key is the reaction
Disinflation Returns: Could the Fed Cut Again? Read More »
$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
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Both systems run on trust. Fiat asks you to trust a counterparty whose balance sheet improves as your savings shrink. Bitcoin asks you to trust a supply schedule you can verify yourself tonight, from your own machine. The Fed publishes plenty. What it can’t publish is next year’s decision, and nobody voted on it. Long
Fiat vs. Bitcoin: Trust and Supply Read More »
Everything you need is in this table. It just needs one division -> Market cap per dollar of next-year capex: $NBIS $2.50, $CRWV $1.25, $IREN $0.48. The market is charging five times more for $NBIS buildout dollars than $IREN’s. $IREN “nearly 100% secured” is true for the GPUs specifically. $6.5B of financing plus customer prepayments
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