Zack

First DCF Drop is live. $CLSK at $14, base case NAV $19.59, mining contributes nothing, AI/HPC does the work. Free tier reads the thesis. Paid tier gets the model. Long the name into earnings tomorrow. mindfulreturns.substack.com/p/dcf-drop-cle…

.@mikealfred laid out his investment strategy to trade AI stocks on the latest Blockspace Live, explaining the rationale behind Alpine Fox hedge fund's positions in $IREN and $CIFR. When we asked him about sleeper opportunities in the AI stock market, he didn't mince words: being a first mover does not guarantee success. In fact, these AI deals are getting better as time goes on, and the best deals could be yet to come from companies with MWs that are currently unmonetized. "There's been this rush to see who can sign the best deal. And I remember being told two years ago in spaces that no one would ever sign a better deal than $CORZ. "But what's happened over time is we've seen a lot of other deals and the pricing has just gone up. "So actually the pricing is accelerating to the upside. The demands actually accelerated the episode. So the folks who have the most capacity in the future may see better monetization opportunities along the curve."

$CLSK 📽️🎞️ “We could have signed a lease a couple of months ago at a really low rate if we wanted to.” @GaryVec stated. “It’s about making sure we cut the best deal for the quality assets we have and for our shareholders.” It’s my opinion that @CleanSpark_Inc will surprise investors with one of the best priced, best financed, lowest risk lease in the market. NFA 🔖 this 😎 oh and check out the full video for more alpha 🫡

@Market_Maestros Just pure emotion frankly.

The funniest thing I see currently, is a lot of people hating and being pessimistic on $CLSK are actually invested. Makes no sense to me why you’d post hate, invalid comments and pessimism on a stock you’re invested in. Most people simply cannot hack the heat in the kitchen and the markets ups and downs - little babies 🤷

Patience is truly a virtue. This applies to practically every element of life. Including investing. $CLSK

Here is something underappreciated about $IREN. The price is right. The valuation method everyone is using is wrong. Built the model. Base $56. Bull $117. Blended $66. Full thesis ↓

Built a comprehensive DCF model on $IREN. The price target is the boring part! Base $56. Bull $117. Blended $66. Full thesis on X below. Longer version on Substack with the Excel attached for paid subscribers ↓ mindfulreturns.substack.com/p/dcf-drop-ire…

Fundamentals don't lie.

@edvestments @Ayushago @FinancialErnie Couldn't have said it better. The above is saying how great stocks are that have already significantly re-rated...

@Ayushago @FinancialErnie @MindfulReturns I own most of those names. I’m simply focused on the one that I think will give the best returns in the near term. I think that’s clsk due to the rerate opportunity. I weight my holdings based on the one I think will move the most and move first. Sometimes I get that wrong.

There are only 3 accounts bull posting $CLSK after their disaster earnings and showing the management is incompetent to make any deals in 2026. When teams like $HUT $CIFR $WULF are doing excellent work. @FinancialErnie @edvestments @MindfulReturns Your dollars are losing more value everyday being a @CleanSpark_Inc shareholder than in your savings account 😂😂 The inflation with cleanspark shares is so high. 🫡 The leaders in this space $NBIS $CRWV $IREN $CIFR $HUT $WULF IMO choosing these 6 will create generational wealth.

@DGretta_Author Thank you sir!

@MindfulReturns great tweet!

The amount of quotable lines from last night's $CLSK Q&A is genuinely ridiculous. "Mining funds the platform. AI monetizes it." - CFO "Frosting on the cake." - CEO on timing "Aggressively seeking 8 gigawatts." - a neocloud "Feel really good about the cadence." - CEO Market read the menu, skipped the wine list, and complained about the bill 😂

@Driko9097 @GaryVec Negative ROI mid-build is just called construction. $1.2B in liquidity, $400M unused BTC-backed credit, 40%+ mining gross margins at sub-$76k BTC. “Cannot survive on its own” doesn’t match the balance sheet.

@MindfulReturns @GaryVec 4B+ raised, 3B in assets this includes: infrastructure, LAND and equipment. Somewhere along the way 1B was lost, amazing negative ROI. What needs to be built in Texas still needs to be paid for and it’s not coming the business that cannot survive on its own.

"Mining funds the platform. AI monetizes it." @GaryVec ,$CLSK CFO, Q2 call yesterday. Seven words that explain why the headline mining miss this quarter is a category error. The mining business isn't the asset. It's the funding mechanism for the asset.

@Driko9097 @GaryVec By that maths every infrastructure company destroyed capital in its first decade. Money raised becomes assets built. In $CLSK case: $1.1B in BTC, 1.8 GW of contracted power, AI/HPC platform under construction. The capital didn’t vanish. It’s standing in Georgia and Texas.

@MindfulReturns @GaryVec It is not. Mining business did not bring any material value at all. On the contrary even. Don’t spread false info. Money raised incl. ATM - bonds is 4B. Assets barely 3B - the stewards of capital lost 1B. GJ

Mindful Returns is 3 days old. The product: full DCF models with Excel workbooks and walk-throughs of how they're built, behavioural finance applied to live markets, sector deep dives, weekly commentary on what the markets missed Which part is most useful to you?

"Don't wait for shares to re-rate" - I mean...it doesn't get much more simple than that. $CLSK

$BTC at ~ $81k. Permabulls: structural adoption thesis intact, healthy consolidation. Permabears: the bubble is finally cracking, told you so since $40k. Reality: it's a Tuesday in May and most of this is price doing what price does.

The position that keeps you up at night isn't a thesis problem. It's a sizing problem. Most investors solve sizing problems by selling at the bottom. The other option is to size right going in. Conviction without volatility tolerance is just enthusiasm.

Back when I was doing my MSc, behavioural finance felt mostly hypothetical. Loss aversion, anchoring, action bias. Useful for a case study, abstract in a classroom. Every one of them turned out to be a precise description of something I'd later watch happen...

@SklarStuart Worth a quick clarification. Schultz has been pretty consistent that the priority is the best deal at the best time, not just any signed deal. The EOY 2025 line was always hedged anyway, he flagged it was hard to say if it would happen. Yesterday's Q&A did cover timing too!

@MindfulReturns No one who is in the know cares about the loss. It’s all about a deal that matt said would be signed before the end of 2025. No deal and no line of sight given! That’s why people listened to the call. Not one of the so called analyst questions addressed a deal and the timing

$CLSK printed a modest revenue miss and a $378M loss almost entirely non-cash. The Q&A reaffirmed the May 4 framing on the lead hyperscaler. The stock dropped 10%. Action bias is what happens when investors decide doing something is safer than reading the transcript.