Investor @ Macro | AI Infra | Bitcoin | "New Joule Order"
Tampa, FL
Joined February 2013
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Bit Whitman retweeted
Treasury’s $95 Billion Buyback Plan Leaves Door Open to More
Treasury plans to buy back up to $95 billion of debt over the next three months, versus the $63 billion ceiling initially announced in August. The wording also leaves room for more: Treasury says it is evaluating “possible enhancements,” including “changes to maximum purchase amounts” and operation frequency. That signals flexibility to expand the program—not a commitment to exceed $95 billion
home.treasury.gov/news/press…
Bit Whitman retweeted
There’s a revolution happening in the Trump administration right now.
I am shocked about who I am hearing from - senior leaders throughout the government who are ready to take off the shackles and get BIG things done for the American people - which is what @StephenM and @POTUS want.
I can’t stress this enough: some of President Trump and RFK’s strongest campaign promises deal with institutional reform that democrats ran on too - not innately partisan issues.
Don’t let the media talk us down. We can get BIG things done in the next year - and Americans want that.
Bit Whitman retweeted
Agree IREN is the next hyperscaler, @Joseph_Invests.
A challenge for the smart $IREN bulls:
IREN has >5GW of secured power and a >35GW pipeline, and it isn't slowing down. On Thursday's call Dan was asked about NVIDIA's modular DSX PODs. His answer: IREN has had teams on modular and prefab construction for nine months, is working with NVIDIA on designs, and is still deciding whether to run the DSX POD exactly as presented.
The goal he named: simpler, faster builds with less labour on site.
My read: that's the path to factory-built PODs that deploy in weeks and are quickly upgradeable at any time.
Remember who they bought in 2020: PodTech. The name wasn't an accident. See photo from 2019.
While most of the space faces headwinds, I think IREN has huge tailwinds. What else does this unlock? Add your tailwinds below.
(Disclosure: large IREN shareholder, PodTech co-founder.)
$IREN WILL BE THE NEXT HYPERSCALER, HERE'S WHY:
35 GW Acquired
20 M/MW Deals Long Term
35 GW at 20 M/MW Equals 700 Billion ARR
700 Billion X 4 P/S Is a 2.8 Trillion Market Cap
Yes I know this is crazy, yes I know this is a long term out but I am illustrating that $IREN could very well be the next hyper scaler
Bit Whitman retweeted
BofA Flow show is always hilarious with the Zeitgeist: “My base case now is an AI bust, stocks cause a recession, then a fiscal crisis. But my predictions mean squat right now and I could be buying chip stocks in another hour.”
Bit Whitman retweeted
A huge print is starting to come into view. We’re obviously not there yet, not even close, but the eventuality is taking shape.
Traders should be developing a gameplan in advance -- things to keep on the screen and an understanding of historical precedent.
Before a print happens, there can be a window in which inflation protection can be bought cheaply, because protection initially gets sold along with everything else. A good template for this (and everyone should get familiar with it) is gold’s decline in mid-late 2008, then its surge over the next few years as the Fed’s policy response to the crisis took hold. And note: In 2008, gold bottomed before stocks.
The main questions in these situations are timing and price: How long does the window stay open for acquiring protection before a policy response takes hold, and how cheap does protection get?
Big prints are rare (and history doesn’t repeat exactly) so there are no set answers or rules. Gold and BTC may have already seen most of their selling. But if opportunities do develop, investors with dry powder will be best positioned to take advantage of them (as always).
Bit Whitman retweeted
$IREN dropped a site video with the Q1 print. went through it frame by frame as a civil engineer. here's what the build tables actually show
Fully handed over:
✅ Prince George data halls 1-4
✅ Childress Horizon 1
Substations are complete on every row of the 0.8GW table except canal flats. power goes in first, that's the right build order
The rows in final stages:
✅ Horizon 2 and 3: structure and electricals done, cooling and gpu install in progress
✅ Mackenzie and childress air cooled halls 1-3: electricals, cooling and gpus all running in parallel
✅ Horizon 4: substation, foundations and structure done, electricals underway
Next phase is already moving:
✅ Sweetwater 1 phase 2: high voltage substation complete
✅ Prince George data hall 4 liquid cooled: civils and both substations complete
✅ Badajoz, bundey and sweetwater 2: design done, procurement underway
The hard part of a data center is the power and the substation
IREN has that done across the 0.8GW and is already building it for what comes after
Most of the remaining work on the 0.8GW is fit out, and that's the part that moves fastest
Bit Whitman retweeted
SpaceDCs: While Elon is Spamming SpaceDC Posts While $SPCX is Quietly Hoarding Powered Land Developments.
$SPCX is proposing a 6GW site in Arizona. Development will not even start until 2028 and take several years to finish. $SPCX is projecting 10GW as 1-2GW across several sites. Filling a 6GW site will take 3 years at $SPCX speed and 6-9 years for others.
Arizona is not in space last time I checked. Elon is making long term commitments to terrestrial DCs confirms what I've been saying. SpaceDC is completely feasible for $SPCX. The hard part is doing it economically at scale.
I'm a believer in FSD and SpaceDCs, but let's make it clear, scaling FSD is much easier as it's software. SpaceDCs economic ramp will be much harder than FSD and FSD is going on year 12. By 2028, SpaceDCs will be in their early roadster phase.
Bit Whitman retweeted
Abundance is often built on unpopular infrastructure.
@Melt_Dem on why today’s backlash to data centers and AI looks a lot like yesterday’s backlash to energy infrastructure.
The companies building superintelligence have the business model of an oil refinery.
GPUs turn energy into compute, labs turn compute into tokens. As these commodities scale, new financial markets get built around them.
My latest Slow Hunch is w/@CrucibleCap founder @Melt_Dem.
Meltem started in oil and gas, was early to Bitcoin, and has spent years thinking about the relationship between energy, compute, materials, and markets.
We get into the AI infrastructure boom, the coming neo-cloud shakeout, compute as a new asset class, and what happens when agents become economic actors.
Its markets all the way down, and maybe all the way forward.
Chapters
00:00 AI is a commodities business
01:50 Meltem’s slow hunch: energy, compute, and markets
06:25 From Bitcoin mining to the energy-to-compute thesis
10:03 The founding thesis behind Crucible
15:03 Why commodities and capital markets matter
20:18 The economics of the AI infrastructure boom
26:06 Debt, neo-clouds, and the coming compute shakeout
30:58 Compute and energy as the commodities of the AI era
34:43 Agents as traders and economic actors
37:47 What an agent-native economy might look like
40:34 Why markets may be the best way to distribute AI’s gains
Bit Whitman retweeted
$IREN +11% AH - decent quarter vs expectations given the MSFT issues. Sounds like they are preparing for possible capex cuts, isolating funding sources to hit $25B capex (guide $25-30B last quarter) without equity or converts.
Sold compute at $40M/MW to Anthropic; and 90% prepay on a $22M/MW 5-year deal. Pricing keeps rising. More on call at 5pm.
Bit Whitman retweeted
Texas has voted for change.
@GinaHinojosaTX, we hope your administration recognises the difference between data centres exploiting communities and those genuinely investing in them.
Take $IREN in Childress, Texas.
• 200+ permanent jobs, many filled locally
• Funded its own grid upgrades
• Closed-loop cooling, without relying on local water supplies
• Up to $250k annually for local community projects
• Billions being invested into Texas AI infrastructure
And this is the company building AI capacity for $MSFT using $NVDA technology.
We agree Texans shouldn’t be left paying for the AI boom.
Scrutinise tax breaks, protect residents, & hold developers accountable.
But don’t punish responsible operators alongside the bad actors.
$IREN has already demonstrated much of what Texans are asking for.
We trust you’ll recognise that distinction.
Texas can lead the AI revolution AND make sure its communities benefit.
Bit Whitman retweeted
$IREN: Texas Going Blue
New Governor Hinojosa will block all new approvals until legislature can set new conditions to approvals.
IREN's Childress and SW1 sites are already approved and in progress. SW2 has the power interconnect approved but needs DC permit. Rest of pipeline could be a concern but that's beyond 5GW global for $IREN.
However, if companies can build datacenters in Virginia and New Jersey where Democrats control Governor, Senate, and House, I don't see why Texas where Democrats only control Governor will allow datacenter build in Texas once everything is sorted out.
Bit Whitman retweeted
Just over 10 years ago, this was an SNL skit. Now it's real-life in Michigan.
What's strange is that one political side is all in on it.
Bit Whitman retweeted
🚨 NEW VIDEO 🚨
The Fed Will Have To Print Bigger This Time
Nik on the three money market charts he watches as a former repo trader: the SOFR spread at a yearly high, $7 trillion in T-bills needing funding, and bank reserves back near 2019 levels.
