Feels like the public interpretation is all wrong… I’m pretty sure $MSFT backing out on NScale deal is bullish for Neoclouds like $NBIS or even $IREN with energized capacity with Microsoft? Pretend Microsoft just ate a bunch of Chipotle burittos: - They order toilet paper delivery scheduled Q1 2027 - NScale says: sorry 3-4+ year delay of the toilet paper (into 2030’s) because of UK grid constraints - Microsoft still urgently needs toilet paper so they will get it elsewhere The cancellation does send warnings about what happens if a Neocloud can’t execute on contracted demand. But that just makes the other toilet paper sellers more valuable since Microsoft will go elsewhere for supply.

Feels like shorting Taiwanese AI stocks is probably a good hedge right now. Positioning remains extremely elevated = highly exposed to short-term downside. Just look at how the market responded to $TSM's awesome earnings/guidance....-2.5%.