Turns out the future does have flying cars

They will make a fire with your beautiful oak door.

$IREN Everyone is hyper-focused on daily price action meanwhile fundamentals indicate a 10x from here by early 2028. This is my base case expectation from using two different valuation approaches. See chart below. 👇 Assumptions - 454 IT MW additional incremental power expected to contract throughout 2027 - $14b in debt and $8b in cash by year end 2027 - 97% utilization rate - 85% EBITDA margins - 500m shares outstanding ARR Projections (based on a blended $ per IT MW) Bear case: $16.42b ARR → $13.96b EBITDA Base case: $21.27b ARR → $18.08b EBITDA Bull case: $29.1b ARR → $24.81b EBITDA Another point worth mentioning is that I keep seeing investors apply bearish forward-looking valuation multiples on $IREN while $NBIS receives much higher. It's like people are ignoring IREN's ability to ramp revenues faster while generating higher margins. What gives me confidence that $IREN can produce consistently higher margins is their ability to control power costs as they scale because they establish power purchase agreements (PPAs) with grid operators for their entire secured power portfolio. As a result, power costs have not exceeded 35% of cost of revenues ever since they initiated their AI cloud service operations in Q2/2024. So my base case expectation for $IREN stock price is well beyond $400 per share in the first half of 2028, which is a 10x in less than 2 years based on monetizing and operating their year end 2027 target of > 800 IT MW. Once we get out of this multi-month consolidation, and execution shows up in earnings, and we enter another bull run, and we see pricing power continue to compound higher due to the supply and demand imbalances in compute, only then we'll begin seeing many people talk about bull case price targets for $IREN using valuation multiples similar to $NBIS.

President Trump has setup the ultimate market game plan to wreck bears over the next 5 weeks… - End the Iran/US War - Bring Brent crude back under $90 per barrel - Reopen & put US Control over the Hormuz - Crush Bond Yields down This is simply all apart of Trumps plan into Midterms for an explosive start to Q4 2026. This is your one & only warning…

"Don't think for a second that because you are an 'alarmist' that you are doing a social good." Amen.

Last month I wrote about how we can build a positive and safe future for everyone: meta.com/thefutureisforevery… Every lab has the responsibility and incentive to move at the pace required to train its models safely, and the ability to take its own actions to ensure that happens. The reality is: - People won't want to use agents that are misaligned with them and that don't do what they ask, so labs have a strong natural incentive to make their models more aligned. There is a lot of debate about slowing progress on capabilities until alignment catches up. My view is that trust and alignment are quickly becoming the most important capabilities that will differentiate agents and models. Any lab that doesn't focus on alignment will fall behind. - Labs face significant liability if their models cause harm, so they have a strong incentive to prevent this as well. Meta delayed shipping Muse for several months to focus on safety and security. We didn't call for everyone else to do this before we would. We just did it as part of our day-to-day work because it was clearly the right thing for people and for us. I'm proud of the security foundations we've built. - Engaging independent evaluators and advisors is industry best practice. MSL already does this today in several areas because it helps produce better work. Other labs can just do this too. In general, it would be helpful for there to be a larger and more diverse ecosystem of evaluators. - Committing the significant majority of compute towards serving people rather than racing towards recursive self-improvement is one of the best ways to ensure we develop this technology safely. Meta has made this commitment and other labs can do this as well. I believe the key to building a positive future for everyone is maintaining the right balance of power. This is within our power to do.

How to Identify an Op: A Primer Some people say the anti-AI campaign is COVID 2.0: an op that uses the rhetoric and tactics of COVID hysteria for the same goal. Other people say they're nothing alike. Who's right? Let's test it! Let's make some predictions and then, at the end of the week, we can check how the hypothesis is holding up. One way of understanding how things happen in Washington DC is by dividing up the town into politics (Congress and lobbies), policy (agencies and think tanks), and media (journalists and comms shops). An op works by bouncing these three off each other. Experts get quoted by journalists who get cited by politicians who are hosted by those experts' organizations to roll out legislation that gets covered by journalists with validating quotes from the experts, and so on. There are various tricks - administration spox can be used instead of elected officials to launder messaging, reporters can use unbaked leaked memos instead of expert analysis, a background quote can be used to get a story across the finish line, etc. - but this mapping is good enough for our purposes. It's an enormously significant fact about American politics that by the early 2010s the left had developed so much infrastructure that it started running campaigns in which everyone involved was funded by the same small ecosystem of donors. Health care and Iran are the canonical examples from Obama 1 and Obama 2, respectively. By the beginning of the Trump administration they could flip a switch, metaphorically but also to some extent literally, and make anything real: Russiagate, net neutrality repeal will literally kill people, disinformation, voter suppression, kids in cages, Kavanaugh, moving the embassy to Jerusalem will create endless Middle East wars, Trump ally is burning down the Amazon, and eventually COVID and BLM to paralyze Republican governance and crash the economy in the year before the election. It's 2026, and the right still hasn't built what the left already had during Obama. So. The claim is that the anti-AI panic is COVID 2.0, in which the left is running an op with the rhetoric and tactics of COVID hysteria to run out the clock on Republicans through the election. If that claim is right, you'd expect to see the following getting bounced between elected Democrats, politicized experts, and journalists: - rhetoric about "safety" amplified by journalists, as the basis for expanding government control and shutting down an ever-increasing list of activities. - recommendations for an initial "pause," followed by expert analysis saying it should be extended as long as politically useful to Democrats. - calls for Democrats to paralyze Congress and block legislation, with the pretext being that "the threat posed by AI is the only thing Congress should be focused on right now." If the anti-AI panic is not COVID 2.0, then you wouldn't expect to see those things. Easy enough to test.

The electricity price news just keeps getting better for Georgians. Georgia Power announced that new large-load contracts (overwhelmingly data centers) will save their customers nearly a billion dollars, erasing about $180 per year from their bills!

President Trump is pushing back hard on the AI slowdown debate saying “There is a SICK conspiracy going on against AI and Data Centers” while arguing the U.S. already has enough regulatory power. Slowing U.S. AI development only gives China more room to close the gap.

Go for launch

IREN is partnering with NVIDIA to accelerate deployment of large-scale AI factories by combining NVIDIA’s DSX AI factory architecture with IREN’s expertise across power, land, data centers, GPU deployment and infrastructure operations.

Execution in motion. Across our Texas manufacturing facilities, more BlueBird satellites are moving through every stage of production as we build the world’s first space-based cellular broadband network accessible directly by everyday smartphones. We invented a new way to design, manufacture and deploy large-scale space infrastructure: advanced lightweight composite structures, stackable architecture and repeatable production at a scale never before achieved for commercial communications satellites. More BlueBirds. More capacity. More connectivity. 🇺🇸📶🌎📱 Build. Stack. Launch. Repeat. #ASTSpaceMobile #Broadband #ConnectingtheUnconnected #BlueBirds

Our unboxed process for Cybercab assembles vehicle modules in parallel & frames the car in one step at the end. This streamlines automation & reduces the line size by half, unlocking much greater production capacity. The first real revolution in automotive manufacturing in over a century

"...And Justice For All" was released #OnThisDay in 1988! What's your favorite song on the album?

Might just start posting this daily

Muscles talk to the brain to fight depression. The gym bros were right.