Harry Hodl

@shonohenry @RKLBMan Haha that’s funny, but no. Been in IREN/CIFR since May 2025 and NUAI since Jan 2026.

@CRE2BTC @RKLBMan Did you copy my bio? 😂

What are your HIGHEST conviction stocks on a 5-10 year time horizon? Like the stocks that you absolutely don't care what the price is today. You KNOW it's going to be a multibagger years from now. Coffee can stock. For me, it's $RKLB (even with its current froth), $ASTS, and $NBIS. I also like to keep an incubator of the "next" potential high conviction stocks at small positions until my conviction is strong enough to go heavy.

@shawngorham Sounds like it’ll be the first of many. Needs to scale up his “education” business in time to save other ODC deals 🤦🏻‍♂️

Too soon?

@robbiehendricks He estimates he’ll need ~$30M in the next 2-3 years for other ODC deals. Trying to scale up his “education” business to do help with that. First of many dominos to fall. Yikes

I’d like to give Brandon Turner sincere credit for this post on IG. He fully owned up to the loss of LP capital publicly. Explained his responsibility, which is the most important, along with the market factors the affected the downfall of this deal. This is exactly how a sponsor should transparently communicate when something like this happens. It doesn’t make the loss of capital easier, but I have true respect for people that take ownership. The guru class has butchered the handling of their errors over the past 5 years. Brandon is the first one I’ve seen to step forward and address it. Credit where credit is due. Bravo.

@samelifeenjoyer Nice work

Following up on my $NUAI BTM colocation post. Did some digging into the PUCT docket and the regulatory picture just got significantly clearer. The final rules for net metering arrangements under PURA § 39.169 were adopted last month. The framework $NUAI would use is now fully in place. Turns out my post was not speculation but is concrete which is good news for all of us. Vistra filed comments in PUCT docket 58479, the exact rulemaking governing BTM colocation between existing generators and new large loads arguing specifically for a faster legacy track with a strict 180 day approval timeline. Companies don't spend legal resources on proceedings that don't affect their active business plans. There's already a live Texas precedent. CyrusOne filed a BTM colocation application with Calpine for a 760 MW data center in Freestone County under the exact same framework. Fossil gas generator plus large data center load. Same structure $NUAI would use. This is directly relevant to $NUAI's TCDC project. Calpine operates Quail Run directly adjacent to TCDC on the investor map. Vistra operates Odessa Ector Power Partners also directly adjacent. $NUAI has two active BTM colocation counterparties sitting on their fence line and at least one of them just proved the model works in Texas. The 54 acre corridor connects TCDC directly to them. Yes, $NUAI would need a tie-in-station on their 54 acres of land. I do not want to oversimplify these engineering milestones but between Charlie, Will, HS selected engineering partner - Ramboll, and Stream I would suspect they are ahead of the curve on this. One more thing worth addressing directly since I know someone will bring it up. No, Vistra/TCDC net metering application has been filed at PUCT yet. Just because there is not a public filing does not mean it is not in the works. Again, reminding us Charlie hinted at "one big signing day". Here's why I am not currently concerned: I pulled every active § 39.169 net metering application currently on file in Texas. There are five of them, see attached photo which highlights these documents. Every single one lists both the generator AND the large load customer as joint applicants. Freestone Power Generation filed with C1 Freestone 1 LLC. Crusoe filed with Ensign Infrastructure. The generator and the confirmed load file together. The Vistra Comanche Peak docket 59399 detail proves Vistra specifically knows how to file these applications and has done it already. $NUAI hasn't announced a hyperscaler lease yet. That's the known missing piece, not the power solution. You don't file a net metering application without a confirmed load customer because ERCOT studies the specific load characteristics of the facility being co-located. Filing before the lease would be premature and put the cart before the horse. If you would like to search around the PUCT site. See the link below. Maybe you will find something I did not! I found this to be directly relevant for all invested or looking to invest in $NUAI and figured a post here would be appropriate. interchange.puc.texas.gov

@mikealfred Mike woke up and chose violence this morning. I like it.

@sunxliao $AMPG Can move to $500MM-$1B market cap quickly. Great call!

$AMPG congrats to all! Scrolling on X and following the right traders is basically free money IMO. 😂📈

@CKCapitalxx Bought 22,000 shares over the last couple of days. Incredible thesis, moat, etc. Feels like this thing could move to a $500MM-$1B market cap quickly.

This stock has been the talk of X this week. Absolute insane run from $AMPG. Who else bought with me?

@samelifeenjoyer Ted Warner is a massive value-add to the team! My favorite comments from him were clearing up SharonAI FUD, emphasizing minimal dilution, using 50/50 GP/LP split as a base case example, and multiple comments about strength of relationship with Stream and prospective HS tenant.

Immediate thoughts on the $NUAI call. 1. Definitely more rehearsed by the team 2. SharonAI appears to have tried and throw $NUAI under the bus? Ted Warner stood on business, squashed potential FUD. 3. Nothing new really disclosed. 4. I was hoping for guidance on air and ERCOT permitting. Primarily ERCOT. Didn’t get this on the call this go around. 5. Sounds like relationship with stream and the HS tenant is very strong and Ector County relationships are strong and open to business. Will look into the transcript at some point but we knew a majority of the information. SharonAI bit was new to me. Good call overall but looks like there is still obviously a lot of work to do for $NUAI.

@BitcoinAIGuy IREN look strong, IRAN look weak. Irene is my grandmother and she is also quite weak. Take that for what it's worth.

Only reply to this if you think $IREN will outperform $NBIS

NUAI: An Asymmetric Pre-Deal Position in AI Infrastructure Summary Investors comfortable holding $IREN, $WULF, $CIFR, or $APLD before they announced their first hyperscaler deals should be comfortable holding $NUAI today. The structural setup is materially identical with less execution risk. NUAI is operating the validated playbook those names established in 2025, with Stream Data Centers (Apollo-backed at $40B) and Macquarie already on the cap table, four hyperscalers as the only credible counterparties, and a six-month Macquarie clock functioning as a forcing function for lease execution. Position Overview Eighteen months ago, AI infrastructure names like IREN, WULF, APLD, and CIFR traded as speculative microcaps. Each re-rated sharply once a hyperscaler signed. Multiples expanded, floats compressed relative to opportunity, and the market repriced the companies from "miner" to "AI infrastructure platform." NUAI follows the same template. New Era Energy & Digital has 650 MW secured in Ector County, Texas — the flagship "TCDC" campus — and management has confirmed advanced commercial discussions with one of four hyperscalers: Alphabet, Amazon, Meta, or Microsoft. The joint venture was organized by the hyperscaler, who selected Stream Data Centers as development manager and an institutional capital partner (Northland believes Apollo) to provide equity and arrange approximately 80% project-level debt. Stream contributes hyperscaler relationships and operational execution. NUAI contributes site control. The structure was effectively delivered to the company. Why the IREN/WULF/APLD Comparison Holds The standard objection to any "early-stage X" pitch is that every microcap claims to be the next something. Four points distinguish NUAI from generic versions of that pitch: 1. Secured land. 650 MW in Ector County is owned outright, not optioned or under LOI. The recent equity raise eliminated the SharonAI overhang and consolidated full ownership of the TCDC site. Power-ready acreage is the binding constraint of the entire AI buildout and the single hardest piece to fabricate. 2. Institutional capital. Macquarie wrote a $290M project-level facility. Apollo acquired Stream Data Centers for $40B in November 2025 and is the implicit equity partner on TCDC. Both are among the most rigorous diligence shops in private capital, and both are staked. 3. Professional execution stack. Stream as developer/operator; RK Mission Critical for modular fabrication and supply chain; Thunderhead Energy for behind-the-meter power; Ramboll / EYP Mission Critical Facilities for engineering. Charles Nelson joined as President/COO in February 2026. Ted Warner — with nearly two decades of capital markets experience and over $7B in HPC-related financing — joined as CFO in March 2026. 4. Binary counterparty universe. Four hyperscalers, all investment grade, all capex-constrained on power, all publicly committed to multi-year buildouts. Whichever one signs represents top-tier credit on a 15-20 year colocation lease. Behind-the-Meter Has Become the Industry Default A year ago, the consensus view across the data center industry held that behind-the-meter (BTM) power solutions were unworkable at hyperscaler scale. Critics argued that hyperscalers required utility-grade reliability, regulatory complexity would prove insurmountable, and BTM would remain a niche workaround rather than a primary power strategy. That view was a real overhang on every developer pursuing BTM as a path to capacity. The consensus has reversed in twelve months. CIFR, APLD, WULF, and CORZ are all now executing BTM-led power strategies, and hyperscalers — facing multi-year interconnection queues and structural grid constraints — have endorsed BTM as a viable route to GW-scale capacity. Thunderhead Energy's role on the NUAI execution stack should be read in this context. NUAI is executing a strategy the industry has at this point publicly validated, with a power partner whose model is de-risked by parallel deployments at peer companies. This is a meaningful update to the underwriting. The power-delivery question that was an open risk on every pre-deal AI infrastructure name twelve months ago is now the operating assumption across the cohort. Stream Data Centers as the Execution Catalyst In November 2025, Apollo paid $40B for Stream — for a particular set of capabilities that map directly onto why a hyperscaler would select TCDC. Build-to-performance spec, not build-to-suit. Stream pre-aggregates standardized MEP equipment and configures it on the fly to customer specifications. The company quadrupled its development team during COVID and has been procuring long-lead equipment up to a year ahead of demand. Standardization speeds development time materially in a market characterized by acute power constraints and capacity scarcity. Configurable cooling that future-proofs the asset. Stream's proprietary cooling design supports air cooling and direct-liquid-cooling on the same footprint, scaling from 10-12 kW per rack to 400+ kW per rack. Customers can defer the air-vs-DLC decision until late in the build without extending the timeline, providing meaningful optionality across NVIDIA's roadmap from Blackwell to Rubin and beyond. Pre-existing hyperscaler relationship. This element has been broadly overlooked. Because Stream has worked with this hyperscaler before, we can safely assume that a significant amount of work product can be leveraged for TCDC. Management's fall 2026 lease execution target is credible because contracts are likely being adapted, not drafted from scratch. The distinction is between a startup negotiating with a hyperscaler from a blank page and the hyperscaler's preferred developer adapting an existing form to a new site. Execution risk lives in a different category. Expected Value Framework In my opinion, the probability of a deal with the current hyperscaler by August 2026 is 90%+. The hyperscaler organized the JV. They selected Stream. They directed the structuring. Engineering and permitting are progressing without observable friction. Negotiations leverage Stream's existing templates and shared counsel. The Macquarie facility requires lease execution within six months, aligning every party's incentives toward closing. As for the probability of any deal eventually, I would say 99%+. If the current hyperscaler exits — for which there is no observable reason in a market structurally short on power-ready supply — the structural work is already complete. Site control, partner ecosystem, financing template, and engineering package are not counterparty-specific. Another publicly traded data center company recently demonstrated this dynamic: a hyperscaler counterparty exited, a replacement was secured, and the timeline extended by approximately one month. Stress-tested at a deeply conservative 50% probability of a deal — well below what the structural setup supports: 50% × 4-5x upside ≈ 2.0-2.5x expected return 50% × 50% drawdown ≈ 0.25x expected loss Net expected value: approximately 1.75-2.25x At 90% probability, expected value approaches 3.5-4x. The asymmetry is wide enough that halving the upside and doubling the downside still produces a positive expected value. Re-Rating Mechanics: Why a Deal Drives 200%+ From Here, Not 10% A market-microstructure point underlies the upside case. When mature AI infrastructure names — IREN, WULF, CIFR, APLD at current scale — announce hyperscaler deals, the stock typically moves around 10%. Optionality is already embedded, and announcements function as confirmation rather than revelation. Smaller, less-followed names behave differently. DGXX has announced materially smaller deals than what NUAI is contemplating and moved 50%+. Expectations are not embedded, the float is small, and the announcement forces a re-rating from speculative microcap to credible AI infrastructure platform (Note that a deal cannot be priced in because many institutions are waiting to buy until after a deal is announced). NUAI sits closer to the $DGXX end on market cap and visibility but closer to the IREN/WULF/APLD end on asset quality and counterparty caliber. That mismatch is the opportunity. A first hyperscaler deal at TCDC could plausibly drive an immediate 200%+ re-rating — not because steady-state fundamentals support that exact multiple, but because microcaps gap rather than incrementally re-price. Investors do not get to scale into the new range. Downside is bounded by the existing balance sheet, which is clean post-Macquarie and post-equity raise with no SharonAI overhang. Upside is a non-linear re-rating event. The Case for Data Center Exposure A reasonable question, given the breadth of the AI investable universe — semis, photonics, custom silicon, robotics, model labs — is why allocate to data center developers at all. Data center economics are durable in a way most AI-adjacent verticals are not. Hyperscaler colocation leases run 15-20 years. Counterparties are investment grade. Cash flows are recurring. Once a campus is leased, it produces something close to a bond. EQIX has compounded through every macro cycle of the past fifteen years on this dynamic, and the structural reason is simple: an AWS region does not get turned off because the economy slows. Compute demand is structurally inelastic at the margin, and existing infrastructure is locked into multi-decade obligations. The asset class is also tractable for non-specialists. Underwriting reduces to power, land, customers, and contract terms. Many other AI-adjacent verticals — photonics, custom silicon, neuromorphic, edge inference — are genuinely interesting and likely lucrative, but the underlying technology evolves quickly enough that most investors cannot reliably assess winners. Data centers fit Buffett's "in pile" — comprehensible, durable, and underwritable on standard metrics. The constraint is that asymmetric opportunities within the data center space are increasingly scarce. For WULF to 5x from current levels would require multiple gigawatts of new capacity, additional contracts, and substantial revenue growth — achievable but grinding. NUAI requires one announcement with one of four hyperscalers for Phase 1 of TCDC. The bull case condenses to a single press release. For investors who participated in the 2025 IREN/WULF/HUT/APLD/CIFR cycle, NUAI offers the same trade structure with two improvements: the underlying thesis has been validated by the prior cohort's outcomes, and the macro evidence — exponential capex guides, tightening power constraints, structural undersupply — is materially stronger today than it was eighteen months ago. Conclusion NUAI is structurally identical to the IREN, WULF, and APLD trades in early-to-mid 2025, with three improvements. The thesis has been validated by the 2025 cohort's outcomes. The execution stack — Stream / Apollo / Macquarie / Ramboll on day one — is more institutional than what several of those names had at first announcement. And the forcing functions are tighter, with a six-month Macquarie clock combined with a hyperscaler-organized JV on 650 MW of secured Texas power. The position reduces to a single proposition: one press release reprices the equity by triple digits. Downside is bounded by an institutional cap table and a clean post-raise balance sheet. The expected value math holds at 50% probability and compounds at the 90%+ probability the structural setup supports. Simply put, this is a remix of the IREN/WULF/APLD trade.

@Dustburger911 @KashRamki Agreed, I meant the 1st or 2nd inning re-rate. They both still have massive LT upside. I originally bought CIFR at $3.80 and IREN at $10 but sold way too early. Had to bite the bullet and buy back in at much higher prices on both.

@CRE2BTC @KashRamki I don’t think CIFR and IREN have been rerated yet

Bodes really well for what $NUAI is about to do. 200MW deal gets done no later than July/August and then another 450MW within a year. $NUAI Currently trading at ~$420M EV. $HUT trading at ~$13bn EV. I suspect that gap closes quickly.

@litigious_dulce I rarely reply to your posts but I've read every single one going back 1+ yrs. Much respect to you for your quality of work, ability to show humility, etc. Keep up the great work. You've done a lot of good for many people like me who are quiet observers.

I learned a lot the past 6 months. Despite an objectively successful "career" investing, the market humbled me in a thousand ways. It is no secret that I have a large position in $NUAI, and my thesis for buying it was actually very accurate, notwithstanding the timeline (I was too optimistic in that respect). See substack.com/home/post/p-19… for a good overview by @ThePrudentWhale. Per Tyler Page, the CEO of $CIFR, “behind the meter gas powered sites may be the highest upside convexity in our portfolio," and NUAI specializes in behind the meter gas. Interestingly, CIFR's Odessa site is approximately 30 miles from TCDC, and CIFR confirms that “We do have a lot of interest in Odessa. We have a hyperscaler interest in that site. I think I’ve mentioned before, we would be interested in potentially evolving that site much like we did Black Pearl from a Bitcoin mining site to an HPC campus.” NUAI's Macquarie credit facility (which can be used at least in part to finance TCDC buildout, thereby reducing dilution) validates the legitimacy of the hyperscaler interested in TCDC, and Stream as execution partner significantly derisks construction. Further, the preexisting relationship between the hyperscaler and Stream truncates the normal leasing timeline, e.g., by 50% or more. Now, obviously nothing is definitive yet, but the upside is clearly there: from every angle, the NUAI thesis checks out. However, despite being right about so much, I was also wrong about so much--not NUAI specifically, but the market generally. I obviously had not anticipated Trump causing just a global shitstorm, even if such shitstorm was necessary (likely debatable). I further failed to recognize how risk-averse institutions have become regarding AI plays, strongly preferring companies that have deals in hand to the point of neglecting companies with deals in the making, no matter how good these potential deals are. At the end of the day, institutional investors just place mature business and pre-revenue startups in different categories, regardless of how promising the latter might be. My delayed recognition of the above resulted in me missing many things. For the longest time, I did not appreciate CIFR, $WULF, $HUT, and $APLD, instead only really praising and investing in $IREN for its more ambitious (and risky) strategic vision. Now, in hindsight, it's clear that a diversified bet on the entire data center sector (only including the serious contenders) would have done exceptionally well. This is a lesson I will remember going forward. I know NUAI's time will come. It may not be obvious on the surface, but behind the scenes every tailwind is converging to support NUAI's approach. Besides the growing popularity of behind-the-meter power, NUAI's partnership model is extremely powerful. See the following white paper and article by Stream's CEO are quite informative on this topic: streamdatacenters.com/wp-content/upl… and streamdatacenters.com/articles/what-…. A careful reading will reveal that NUAI's perspective is significantly aligned with Stream's, although I don't know if that's coincidence or design. That said, I know my timing for NUAI was too early, something I could have hedged by diversifying more meaningfully in the data center sector. Many peers are announcing deals literally this week, whereas NUAI's timeline is more like 1-3 months (of course, no one knows for certain). Given that I already made my bed and have no desire to chase, there's not much I can do except wait for capital to rotate from the higher valuation players to NUAI. At the end of the day, maxims like "don't put all your eggs in one basket" and "patience is a virtue" are maxims for a reason. They stand the test of time, particularly in volatile times like today. But, when NUAI signs a deal for TCDC with a hyperscaler and it rerates accordingly (fair value of about $11 based on phase 1 alone), I don't think I will regret my decisions very much. I'm still young, and it's good to learn lessons sooner rather than later. The tuition I paid in opportunity cost was required for me to grow.

@nanotitan28 Good summary. Charlie recently hinted at TCDC being 1.4 GW, a meaningful upward revision from what was previously believed to be 1 GW.

The thesis for $NUAI is that it's going to re-rate massively due to valuation asymmetry. Simply put, the world needs compute, which requires land + power — and NUAI has strong access to both. Crucially, NUAI has already tangibly signaled significantly reduced execution risk that the market hasn't priced in yet, so their assets remain extremely undervalued. Details: $430M market cap controls a massive ~8 GW AI/HPC pipeline in the Permian power epicenter: • Fully owned 438-acre Texas TCDC site (1+ GW potential, power targeted early 2027) • ~7 GW New Mexico land option (3,500 acres) as major upside • Pipeline valued at roughly ~$54M per GW (comps like $IREN, $APLD, $CORZ trade at $2B–$5B+ per GW — orders of magnitude higher, though not apples-to-apples as they embed more de-risked/secured assets + unannounced optionality) • Behind-the-meter natural gas advantage = cheap, reliable power with zero grid delays — a critical edge in time-to-compute. Strong institutional validation & de-risking catalysts: • Total financing secured: up to ~$410M - $115M underwritten equity raise (full overallotment closed) - $5M Macquarie direct equity at premium - Up to $290M Macquarie project-level debt facility ($20M already drawn) • Project-level debt is nimble and ring-fenced at the SPV level — heavy capex stays off the corporate balance sheet • Unique GP/LP structure delivers development fees + promotes with minimal corporate dilution → significantly lowers long-term dilution risk, which should be very supportive for the share price • Key leadership hires: Ted Warner (CFO — $7B+ data center financing veteran) and Andy Casazza (Chief Corporate Officer — 25+ years in energy finance, operations, business development & capital formation) • Stream Data Centers JV LOI (bullish — Stream is a trusted Tier-1 operator with strong hyperscaler relationships) • Energy Dome CO2 storage MOU • Hyperscaler leasing discussions underway • Earthworks advancing + full TCDC ownership post-Sharon buyout I prefer IREN’s long-term cash flow generation, vision and capabilities, but when comparing it to where IREN was two years ago through an institutional lens, NUAI’s model is more straightforward than IREN’s capital-intensive vertical stack. Because of that — and the fact that the market now understands the power bottleneck much better — I think NUAI could be grasped and re-rated somewhat faster on a relative basis. In a world where large contiguous sites + power are the #1 bottleneck, NUAI offers rare asset-backed margin of safety at current levels — backed by serious institutional capital, proven talent, and smart structuring that hasn’t been priced in yet. Execution success = massive upside. The current price is baking in way more skepticism than is reasonable.

@BitcoinAIGuy Invite pls

Mining Mafia is officially migrating to X Chat - All X Community pages will be deactivated soon Reply or dm me for an invite to the groupchat (here on X)

$IREN Sweetwater 1 HD - 3/12/2026 Made possible by OnlyFrans, edited and upscaled by @HArctander Lots of developments on both tracts: 1. Confirmed 2nd primary substation on the left tract, making the total confirmed 3. 2. Data Center rows are visible on the right of PS1. 3. Visible bulk substation transformer on the most right pad, possibly a transformer on one of the pads at PS1. 4. Mass grading on the left tract, indicating further development of the site towards adjecent parcels on the north and west. 5. Utility substation expansion now connected to the main switch, suspected POI for IREN's energization in Q2. 6. Suspected further build-out of primary substations on the left tract, south of the first two, confirmed by drone footage posted by a subcontractor. My considerations: -> IREN is making a site that is a blank slate for mass production of data center shells. -> The area right of PS1 is showing indications of rows, underground conduits, and this area will soon be ready for data center construction. -> The fact that there is 1 bulk substation transformer visible on the most right transformer pad, makes me certain that energization is not far out. -> I expect 750MW of gross power at the 36.5kV level (DC ready), to be flowing by the end of the year (incremental over the course of the year). -> Based on the concentration of the substations on the left tract (possibly 3 or 4), we could see the entire 1,400MW become operational on these 2 tracts. -> This further strengthens the believe that this will be a VR200/VR300 site, with a much smaller data center footprint due to a massive jump in rack density. Now as to "wen deal": I think @IREN_Ltd is making a site that can still pivot in either direction of Build-to-suit, colocation, or AI Cloud/IaaS. By doing all the step-down work first, but preparing multiple data center areas down to the 34.5kV level — the ultimate use-case doesn't need to be set in stone yet. I think this site will have a slow ramp up, but when the use-case is determined, all the moving parts will be in place, and the construction will be "released" as a coil spring into mass data center development, on multiple areas across the site in parallel. Time to data center = Time to revenue There are no delays when you do all the pre-work for 1,400MW of data centers, making the eventual construction a simplified copy-paste task at an unprecedented scale and pace. Sweetwater is the flagship and will be the holy grail of AI infrastructure in 2027/2028. Patience is a virtue, take the time to learn and know what you own.

i ain’t reading all that im happy for u tho or sorry that happened

@RapidResponse47 NO. I'm a lifelong conservative. If Republicans aren't willing to go scorched earth to arrest pedophiles and secure election integrity, I will not vote moving forward.

@ScottPresler @LeaderJohnThune Thanks @ScottPresler. I've voted Republican my entire life, but if we can't get the SAVE America Act passed, I plan to vote Independent or not vote at all moving forward. Republicans have the trifecta yet very little has been codified into law. This is the last straw for me.

@LeaderJohnThune Senate Majority Leader Thune, I respectfully write that the ball is also in your court. It’s time to bring the SAVE America Act to the Senate floor for debate. We are not letting this go — peacefully.

The ball is in the Democrats’ court. Are they going to shut down the Department of Homeland Security – their second shutdown this fiscal year? Or are they going to allow for the time to negotiate with the White House and get agreement on a final bill?