I am increasingly concerned about firms spending hundreds of billions of dollars on chips without the physical infrastructure required to plug them in. We could see whale-level deaths if these guys are building a bridge to nowhere. Need more power & infra asap. Who can help?

Is Bitcoin heading to $100,000 or crashing to $10,000, and are we witnessing the beginning of an AI bubble or just another buying opportunity? This week on All Things Markets (@AllThingsMkts), @mikealfred (subbing in for the great @novogratz ) joins me to break down Bitcoin's future, the staggering cost of the AI boom, and why he's willing to bet $1 million that the Bitcoin bears are dead wrong. Presented by @SALTConference Watch/Listen on X, YouTube, and Spotify. Timestamps 0:00 SPECIAL GUEST: Mike Alfred 1:32 Why are AI stocks falling? 3:58 Are we in an AI bubble? 5:12 Anthropic's IPO and the future of AI investing 7:53 Could America's debt crisis trigger civil unrest similar to France? 10:52 Elon Musk, Tesla, SpaceX and the concentration of power 14:13 Bitcoin to $5,000? Why the bears are wrong 17:46 Bullish or Bearish 21:06 What made you smile this week?

Congrats to Elon Musk and the SpaceX team on a great quarter. SPCX is building a credible path to justifying the company's valuation. Notably, 52% of revenue came from the superintelligence segment. Elon says compute demand is overwhelmingly high and prices rising. Interesting.

A lot of questions this week on funding, so here's how a GPU typically gets funded at $IREN. First, the customer signs a multi-year take-or-pay contract and agrees to a prepayment. On our recent 3-year contracts, prepayments have been 45% to 55% of the associated GPU capex. Second, financing is committed, secured by the contracted GPUs. On the Microsoft contract we secured an A-rated facility at around 6%, which together with prepayments covers 96% of GPU capex. More recently, for a non-investment grade counterparty at Mackenzie, we secured financing at 9% fixed, which together with prepayments covers more than the full cost of the GPUs. That's the GPU side. The data centers are a separate, long-term asset base, and we own the ones our GPUs run in. Construction has been funded from cash to date, with no debt against these multi-billion dollar assets. As they come online with contracted customers, they can support financing in their own right. The processes behind the next facilities are continuing, and new paper will cost what the market charges. With GPU paybacks of around two years on our recent 3-year contracts, a wider spread barely moves the economics. There's more customer demand than we can build for. As we noted at our recent earnings, 2026 is largely sold out, recent 3-year contracts are at more than double the prior year's pricing, and demand for anything we can bring online in 2027 covers it several times over, with prepayments a focus in every negotiation. Conversations on 2028 capacity are already underway. Meanwhile announced capacity keeps slipping across the industry, which is the point: signing deals isn't the bottleneck in this market, bringing GPUs online is, and that's our focus.

AI is absolutely terrifying. I legitimately think it could end life as we know it forever. For example, yesterday someone made a deepfake of me out drinking expensive wine and eating wagyu when I told my wife I would be home meditating and taking it easy. Pretty scary stuff.

On a serious note, I am concerned about the plague. It started far away but it could have a severe impact at home. There is a veritable epidemic of doomerism on X. It spreads from person to person. Spaces are the Petri dish. Get immunized. Vitamins. Air. Stay invested. Stay safe.