The Chairman's Ledger@ChairmansLedger
Alright folks, here it is.
The Chairman’s take on my favorite sector in public markets right now.
The AI infra trade. It's getting crowded, for obvious reason. That doesn’t concern me.
The issue isn’t that there are too many of them. It's that that people are treating them like they’re all the same.
$IREN $NBIS $DGXX $CIFR $HUT $GLXY $APLD $HIVE $KEEL $BRUN $SLNH
Here’s my take:
The best company is not always the best stock.
I like a lot of these names.
$NBIS may be the better company long term. I have said that already.
I still chose $IREN and $DGXX.
Why?
Because ruthlessly I’m not trying to own the best company. I’m trying to own the one with the best asymmetry that is the most mispriced today.
$IREN: is the best vertically integrated AI infra landlord today. Scarce power, land, real execution, capital access, global footprint, $NVDA validation, and the clearest ability to turn energized sites into contracted compute capacity.
$CIFR: scaling well, cap markets access, and real BTC to HPC momentum.
$HUT: infra, power, balance sheet optionality.
$GLXY: more diversified, institutional, and cap markets driven exposure to the AI infra / data center buildout.
$APLD: one of the cleaner public AI data center infra stories. Real scale, real customers, but already much more discovered.
$DGXX: earlier-stage compute infra asymmetry. Smaller, messier, less de-risked, but exactly why it’s interesting.
$HIVE: global footprint and cleaner energy backed compute angle.
$KEEL: earlier stage powered-site compute setup.
$BRUN: proof that the market can reprice credible AI infra very quickly, even with a messy SPAC wrapper and some good standing questions.
$SLNH: energy first infra with compute optionality. BTM makes it interesting.
Now don’t come at me with the “ $NBIS is a better company bullshit” or “what about the $IREN ATM.”
I have addressed both. If that’s your takeaway, you either didn’t read the post or worse, you didn’t understand it.
I am not @jiahanjimliu, @FransBakker9812 or @Agrippa_Inv.
I’m not trying to out-model everyone on GPU rental rates, exact contract terms or every DC nuance.
My view is simple folks:
Where is the most asymmetry?
Where is the biggest bottleneck?
Who can deliver capacity the fastest?
Who has assets the market is still mispricing?
That’s why I chose $IREN and $DGXX.
$IREN is my core AI infra sleep tight at night bet. The market is somehow still debating whether it’s a miner or an HPC DC. That is why it’s an opportunity.
$DGXX is my earlier stage $IREN bet. Less proven. Less institutional. Less obvious. That is the point. When it executes, the rerate will be violent because the market has not fully put it in the right box yet.
This is all about choosing where I think the best risk-adjusted asymmetry sits today.
Right now, I’m certain it’s $IREN and $DGXX.
