Von Mises

And the numbers begin to whisper something unusual: ~ 75% gross margins. ~ 93% ROIC. This is not a business — it’s a tollbooth on the future. Despite increasing 1376% since October 2022, $NVDA’s P/E has barely moved (~35x).

In a crowd mesmerised by AI… Don’t just follow where billions are spent — watch who doesn’t need to spend them. While the Mag 7 drowns in capex, one name compounds quietly. Here's why it's a generational buy — a safe harbour, not a risk asset. 🧵

$TSM has become the de facto semiconductor index. It's now the proxy for the entire semiconductor industry. $2 Trillion Market Cap: Inevitable

In a crowd mesmerised by AI… Don’t just follow where billions are spent — watch who doesn’t need to spend them. While the Mag 7 drowns in capex, one name compounds quietly. Here's why it's a generational buy — a safe harbour, not a risk asset. 🧵

In a crowd mesmerised by AI… Don’t just follow where billions are spent — watch who doesn’t need to spend them. While the Mag 7 drowns in capex, one name compounds quietly. Here's why it's a generational buy — a safe harbour, not a risk asset. 🧵

In a crowd mesmerised by AI… Don’t just follow where billions are spent — watch who doesn’t need to spend them. While the Mag 7 drowns in capex, one name compounds quietly. Here's why it's a generational buy — a safe harbour, not a risk asset. 🧵

$MU just dropped a monster quarter… One of the most explosive in semiconductor history. +38.57% earnings beat. +22.25% EPS beat. Yet this barely looks like the peak... But a new beginning towards even greater highs. 🧵

Then there’s $NVDA… With just $6B in capex. Yet it owns ~92% of the discrete GPU market — the very intelligence capex is chasing.

In a crowd mesmerised by AI… Don’t just follow where billions are spent — watch who doesn’t need to spend them. While the Mag 7 drowns in capex, one name compounds quietly. Here's why it's a generational buy — a safe harbour, not a risk asset. 🧵

In a crowd mesmerised by AI… Don’t just follow where billions are spent — watch who doesn’t need to spend them. While the Mag 7 drowns in capex, one name compounds quietly. Here's why it's a generational buy — a safe harbour, not a risk asset. 🧵

$IREN filed to dilute $6,000,000,000 at a $11.7B MC. That is not noise. This is Iren's way to monetize their 4.5GW capacity by selling all those new shares onto the open market. If you want some history on how this turns out: Look at $BKKT that crashed 99% with Mike and $IREN board of directors history with excessive ATMs. Or his recent company $ASST. It’s accretive to the company and executives: Because it wipes out all retail shareholders and they can always issue SBC. So they don’t actually care what stock price it needs to be at to sell. After they’re finished, they have $6B in new cash to use for scaling without paying interest. But the reason why convertible notes with interest, and $NVDA funding balance sheets is much better for retail capital: Is because it doesn’t wipe out retail equity to achieve this. Because at this point $IREN looks like the $AMC of datacenters with a dwindling moat, and looming $6B in shares sold into the open market. Reason I post about $IREN is because - people dismiss a $6B ATM as “Noise” - it’s one of the most popular retail “buy the dip” companies that they’re buying into a $6B dilution machine - people still don’t understand the risk at all. - the amount they have now is not enough to finance GPUs/GW capacity monetization. - they likely will have to use the ATM, it’s not “optionality” Again: I have zero positions in the company. I’m just warning retail investors that this ATM structurally wipes out your equity appreciation by how structural mechanics of $6B+ ATMs work. Because $IREN likely needs to sell new shares at any price to monetize their GW, otherwise there would be zero need to file it. Executives actually don't need to care because they can make up for stock price dropping by issuing SBC like $SNAP. If you have to wonder if your equity gets wiped out from an excessive ATM: There are better longs out there than $IREN.

In a crowd mesmerised by AI… Don’t just follow where billions are spent — watch who doesn’t need to spend them. While the Mag 7 drowns in capex, one name compounds quietly. Here's why it's a generational buy — a safe harbour, not a risk asset. 🧵