@ThierryBorgeat Scarcity will always be in the power until the world finally accepts nuclear.
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IIllIIIllllIIl
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The price to rent an Nvidia H200 just collapsed from $7/hr to $4/hr in three weeks.
A -40% drop in the cost of the single most strategic asset in tech.
When the underlying commodity that powers your entire thesis loses 40% of its value in a month, that usually means one of two things: supply finally caught up, or demand was never as deep as the headlines said.
Either way, somebody is selling.
So why is the AI trade still pricing in scarcity?
Thierry from arvy 🇨🇭@ThierryBorgeat
🚨 The AI ROI numbers are starting to look very ugly. Even under "best case" assumptions — assuming zero costs, just revenue against capex — the Financial Times calculated the implied return on hyperscaler AI investment from 2025 to 2030. Only one of them clears positive. Implied return on AI investment (FT / Panmure Liberum) – Microsoft: -9.2% – Alphabet: -15.7% – Amazon: +7.2% – Meta: -28.8% – Oracle: -35.6% And remember: that's assuming zero costs. In reality, GPUs depreciate, power bills run, salaries get paid. The real returns are worse. This is exactly why the dot-com comparison keeps coming up. Incredible technology does not automatically mean sustainable economics. The internet survived. Most internet companies didn't. Two anecdotes from this week alone Vivek Garipalli, Fortune 20 insider: a CEO asked for $1B in AI-driven opex savings this year. The team spent $200M on tokens chasing it. The results? Modest customer service savings and slightly less hiring in engineering. The CEO has now ordered token costs to be dramatically slashed because the ROI isn't there. Axios: an AI consultant reported a single client spent half a billion dollars in one month after forgetting to put usage limits on Claude licenses for employees. Right now hyperscalers are spending trillions hoping future demand catches up to present capex. That's not certainty. That's a leveraged bet. The technology is real. The infrastructure buildout is real. The eventual winners will be real. But "AI is transformative" and "every hyperscaler will earn its capex back" are two completely different statements. In 2000, the internet was real too. Cisco has recovered. After 26 years…
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She was baiting Trump into pretending that team won the finals.
A classic 4D chess move.
Alec Lace@AlecLace
🚨 Gov. Hochul tries to own Trump on Knicks fandom… and flops hard: “I’d ask him to name the starting lineup of the 1993 Championship team” Knicks last won a title in 1973. There was no 1993 championship. Trump’s been a lifelong Knicks fan. Hochul is a fraud.
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@EM_Creates @Dodgers Nothing more I hate in thin world than the Dodgers but I still wouldn’t wish that logo on them.
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Los Angeles @Dodgers redesign⚾️
Subtly incorporating hidden elements, while preserving the iconic structure!
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@Agrippa_Inv @danroberts0101 I’m going to make 6+ digits in IREN. I’m also going to make 6+ digits on NBIS.
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My take on @danroberts0101 new post
$IREN Co-CEO just dropped a beautifully written thread on the company's compounding competitive advantages.
Seriously, a must read for every $IREN investor or folks who are on the fence.
My highlights:
- Dan confirmed that the 60 MW cloud contract with $NVDA is in fact measured in 'gross' MW, not IT. That was already obvious to me based on the earnings call material, however, it's great to get definitive confirmation.
The implications of this is ENORMOUS. The $NVDA contract has incredible economics, something I've analyzed extensively in my upcoming $IREN deep dive (released in a couple of days on Substack).
- Dan firing shots at the likes of $NBIS & $CRWV:
"And the asset-light neocloud trying to compete by renting capacity is discovering that sites were locked up years ago, and the operators utilizing them aren’t subletting. By the time new entrants solve for land, power and permitting, IREN will have gigawatts online, execution track record, and customer relationships that took years to build. That gap doesn’t close. It compounds."
This is by far my favorite quote coming out of Dan. Eventually, everyone will realize that the real advantage $IREN has over the rest of the neo-cloud sector, is the fact that they are the only provider that's 100% vertically integrated.
They don't have to deal with any land-lords. They don't have to pay billions to $BE to secure fuel cells in a desperate attempt to salvage a project that is tied to a large customer contract. $IREN is in control of its own destiny, and eventually that will show up in the bottom line (profits).
The “asset-light” model never works in an infrastructure-heavy industry. It works for hardware, when you are the high-margin designer and outsource the manufacturing process to a specialized entity. But it doesn’t work when the infrastructure itself is the product.
In cloud, the value is not just in having access to GPUs. The value is in controlling the full stack, which mostly consists of physical infrastructure.
If you outsource all of that to colocation partners, you are not building an AI factory. You are renting someone else’s factory, layering a spread on top, and hoping the economics still work after the landlord, the power provider, the OEM, and the lender have all taken their share.
That model can look attractive in the early innings because it allows rapid capacity announcements without heavy upfront CapEx. But structurally, it leaves the operator with the worst part of the value chain.
I'm really looking forward to comparing the net income lines between $IREN, $CRWV, and $NBIS a few years from now. I wouldn't be surprised if two out of the three remain unprofitable by then.
- I really enjoyed Dan's section about becoming a global cloud provider.
He did a great job in explaining the importance of being locally present in the markets you want to source customers from. Not just due to local proximity for inference, but also due to compliance & sovereignty.
These were my highlights, I'll let you discover the other gems yourself. This is easily Dan's best post and I think it does a lot in terms of IR, especially as it's coming from him; the co-founder and co-CEO of $IREN.
As mentioned earlier, very soon I'll be releasing a new deep dive on $IREN. It goes deep into the implications of the $NVDA partnership and Mirantis acquisition, including a bunch of different topics worth exploring. So far, the report is 30 pages long (including graphs / images) and I'm in the process of finalizing it.
Honestly, one of my best deep dives to date. I know I'm saying that for each release, but the depth and quality of our work is undoubtedly increasing. Can't wait to publish it.
Cheers guys! ✌️
Daniel Roberts@danroberts0101
𝐓𝐡𝐫𝐞𝐞 𝐋𝐚𝐲𝐞𝐫𝐬. 𝐎𝐧𝐞 𝐂𝐨𝐦𝐩𝐨𝐮𝐧𝐝𝐢𝐧𝐠 𝐀𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞. 𝐓𝐡𝐞 𝐈𝐑𝐄𝐍 𝐓𝐡𝐞𝐬𝐢𝐬. There's been a lot happening at IREN recently. Expansion across North America, Europe and Asia-Pacific. The NVIDIA partnership. The Mirantis acquisition. New GPU deployments. New customer discussions. A growing global footprint. Underneath all of it is a fairly simple view of where the world is heading, and a deliberate strategy for how we position IREN within it. That strategy is built on three layers. Together, they compound into a structural advantage that gets harder to replicate every quarter we execute. Layer 1: Physical infrastructure. Power, land, substations, data centers, cooling. The foundation that everything else sits on. Layer 2: Compute infrastructure. The GPUs, servers and networking that go inside those buildings. Deployed at scale. Generating revenue. Building execution track record. Layer 3: Software and operational capability. The orchestration, deployment tooling and enterprise expertise that makes the first two layers work harder for customers, and opens the door to a broader, higher-value market over time. Layers 1 and 2 are where the overwhelming majority of IREN's value is being created today. Layer 3 is where that advantage compounds further over time, but only because Layers 1 and 2 are built, owned and controlled at scale by IREN, not subscale nor contracted from a third party. Think of Amazon. They didn't win e-commerce by building a great website. They won it by controlling the fulfilment infrastructure at a scale nobody else could replicate. The foundation you don't control becomes the ceiling on your business. That is exactly how we think about IREN. The physical infrastructure - the land, the power, the substations, the data centers - is owned and controlled by us. The compute deployed into it generates the revenue and execution track record. And the software, orchestration and enterprise capability we are more methodically building on top is what turns the total product into a vertically integrated AI Cloud platform that compounds over time and deepens into a competitive moat. AI is still early. The bottleneck is increasingly physical. And we have spent eight years building the foundations.
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@Rrredberrry Ya you’ll never catch me driving a gay ass Miata even in a video game. Laugh everytime I see a grown ass man in real life driving one
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The fastest car in Forza Horizon 6 is relatively easy to unlock
The 1994 Mazda MX-5 Miata Forza Edition is often on sale at the Festival Kilometer Drag Meet. If it doesn't spawn there for you, just close and reopen your game until it does. It took me about 3 tries to get it.
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I need a movie that will absolutely destroy me emotionally, like ugly crying, can't breathe type. Any suggestions..
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@Macro_Pup @TicTocTick Same here. If the house has been updated and maintained well they’re selling immediately. It’s the shitty boomer houses that have kitchens and bathrooms that haven’t been touched since the 70s 80s and 90s listed for max price that are rotting.
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@TicTocTick Pennsylvania market is still insane. 20-30 offers on a home within 2 days. Homes going for 70k over asking in bidding wars.
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@mattvanswol Support your local data center build out. Support your local robot manufacturer. Pray robocop comes sooner than later and goes full Judge Dredd.
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We need to have a serious discussion about how to fix these teen takeovers.
Nearly EVERY time, the crowd is OVERWHELMINGLY Black, but we are not allowed to notice that because that's racist...
...so how do we fix this?
Seriously, what is the ACTUAL solution here???
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@PatriotAdjacent @tvheidihatch Sad world when it’s more than likely he was
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@tvheidihatch Please tell me the semi driver wasn’t an immigrant .. please 🙏
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A 13-year-old boy killed in a crash involving a semi truck in Saratoga Springs has been identified by family and friends as Parker Gale.
The crash happened Thursday May 14th at the intersection of Pony Express Parkway and Mountain View Corridor when a semi tractor-trailer collided with the Gale family’s minivan.
According to Saratoga Springs police, Parker was taken to the hospital in critical condition but later died from his injuries.
A GoFundMe created for the family says several loved ones were seriously injured in the crash and face a long recovery. Parker’s mother remains hospitalized in critical but stable condition, according to the latest update from police late Friday night. A younger sibling was also hospitalized.
Two other children in the van, including a toddler and another child around 8 years old, were not injured and were picked up by relatives.
The fundraiser says the family is now facing medical expenses, funeral costs and lost income in the aftermath of the crash.
“Our lives changed forever after a devastating accident,” the family wrote in the fundraiser description.
Condolences to the Gale family, I can't imagine ...
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@little_seneca @MattWalshBlog “Innocent black men” ya not buying that shit anymore
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@MattWalshBlog I am super cautious about the death penalty. We all know it has been abused, especially in the Deep South, to murder innocent black men. I do not generally trust my government to be effective arbiters of justice.
However, some people need to die. This man earned it.
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I am challenging any death penalty opponent — there are millions of them, allegedly — to step up to the plate right now and explain why this guy should not be executed. His guilt is established beyond any doubt whatsoever. His crime is utterly savage and heinous. Tell us why he doesn’t deserve to die. Go ahead.
Breaking911@Breaking911
BREAKING: Tanner Horner, the FedEx driver who kidnapped and murdered 7-year-old Athena Strand in Texas, has been sentenced to death.
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There's a fair chance the bottom is going to fall out from the AI bubble and Utah will be left with an empty warehouse the size of a small town where promises of digital abundance were once made. #utpol
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I’m sorry, but something of this magnitude should be decided by the citizens of that city/county, not 3 people. Data centers should be voted on a ballot. They impact everyone’s lives. This isn’t a new apartment complex. It will severely impact people’s lives and the environment in which they live. Build it. Don’t build it. But, let the people decide.
Lindsay Aerts@LindsayOnAir
#BREAKING: The Box Elder County Commission voted to move forward with the plans to build a new controversial AI data center. Loud boo's followed the vote with chants of "shame" from the hundreds who packed the fairgrounds for the vote. @abc4utah #utpol abc4.com/news/northern-…
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@natalie_wadas @KUTV2News The new age is here nothing you can do to stop it.
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Crowd boos as commission approves moving forward with agreement with MIDA unanimously. @KUTV2News
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@MarinasHammer @Vikingvictims This feels like such an insane cash grab. The rate that technology evolves we shouldn’t be investing in data centers like this that could be obsolete with software efficiency improvements, in literally 5 years. What immediate problem to they solve?
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Utah’s future is at stake!!
Largest data center IN THE WORLD (62 sq mi) slated for Box Elder County, Utah being quietly rammed through approvals by Cox & cronies and developed by Canadian millionaire Kevin O’Leary.
If it were in SLC (it’s not- just used for size reference here) it would span from the airport on the north to 215 freeway on the south 🤯
Show up Monday, May 4 at the Box Elder County Fairgrounds in Tremonton at 4 p.m. to oppose!
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I am a Black woman in elected office in Utah and today I am angry.
The Supreme Court gutted the Voting Rights Act. 6-3. April 29, 2026.
They handed states a loophole. Call your discriminatory map “partisan” instead of racial and you walk free.
Justice Kagan said it plainly in her dissent: states can now dilute minority voting power without any legal consequence.
They are counting on you to feel defeated and stay home, that is the only way they win.
Show up anyway.
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@McNasty I’d spend hundreds a week on sugar free caffeine free peach redbulls
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