Chris Hacken (@chrishacken) header
Chris Hacken (@chrishacken) profile picture

Founded and built @loopinternet; acquired by Greenlight in 2025 and T-Mobile in 2026. Building more internet @ Layer1

Philly & Middle of Nowhere VA
Joined October 2008
Photo by Chris Hacken (@chrishacken)Photo by Chris Hacken (@chrishacken)Photo by Chris Hacken (@chrishacken)Photo by Chris Hacken (@chrishacken)Photo by Chris Hacken (@chrishacken)Photo by Chris Hacken (@chrishacken)Photo by Chris Hacken (@chrishacken)Photo by Chris Hacken (@chrishacken)Photo by Chris Hacken (@chrishacken)Photo by Chris Hacken (@chrishacken)
Chris Hacken retweeted
Nagranie z momentu pacyfikacji zamachowca.
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Chris Hacken retweeted
AI vs. the dot com bubble. One of these things is not like the other. 😑
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$IREN: "we have signed a five-year contract at about $22 million per megawatt with 90% of the GPU capex prepaid by the customer, and a short-term contract at $40 million per megawatt."
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Chris Hacken retweeted
$META president says a newly elected governor who made data centers a campaign issue asked to meet after inauguration: “As soon as we get past the inauguration, let's meet, because we don't want to lose this investment in our town." "We don't want these jobs to go elsewhere.”
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Chris Hacken retweeted
One of the things the data analysts on our side obsessed over was "composition"—whether the electorate looked close enough to 2024 for Republicans to win. And despite polls that showed a Democrat blowout, the data kept on telling us the same story: in some states turnout was merely OK, in other states it was downright amazing, and in no state was it catastrophic. There was a genuine sense of optimism on our team: our people were showing up. So, I asked the smartest data guy I know, does that mean we're going to shock the world? "No," he told me. "We might do better than the polls suggest. But the data is telling us that a lot of Trump/Vance 2024 voters are pissed and planning to vote for the other guys. Our voters are turning out, but they may not vote for us." Well, that looks prophetic now. Our voters did show up. In Florida, for example, the electorate was 9 points more Republican than Democrat, just a couple points worse than 2024. Undoubtedly there were places we could have done better on turnout. But the main problem is not turnout. The main problem is that many people who voted for Trump/Vance in 2024 voted for Democrats in 2026. There will be a lot of infighting and arguing over what happened and why that is. One of the pollsters I really respect told me that our economic messaging wasn’t sharp enough down the stretch. I’m sure that’s true. But the real reason we lost is obvious to almost everyone. Another pollster—one of the smartest people I know in politics, told me yesterday we’d lose the generic ballot by 13 points. I felt negative going into Tuesday, but even I was shocked by this. In his polling, he saw that a lot of Trump 2024 voters were angry and planning to vote for Democrats. He asked those voters who had abandoned us what would cause them to come back on our team. The top four answers, accounting for nearly all of the responses were: 1) End the war 2) Focus on cost of living/inflation 3) Put America First 4) Change our relationship to Israel Our voters showed up. And the above four reasons are why many of them voted for Democrats. This is according to a pollster who nailed the results. While many spent Monday attacking Rachel Campos Duffy for calling for a diplomatic resolution to the conflict, it turns out her political advice was sound. (She’s also a great person.) In the next few months, there's going to be a lot of gaslighting. Expect to hear any number of establishment politicians say the solution to our woes is amnesty. I'm open to the idea that we should change enforcement—by focusing more on businesses that hire illegal labor, for instance. But anyone pushing amnesty is lying to you. The reason we lost is the war. The president himself said so last night. If you'd like to argue it was worth it, that losing the Senate for the next 6 years was worth it, then do so. Argue it was a worthwhile cost to pay. Agree or disagree, that's at least honest. But everyone knows why we lost. And any honest conversation about where we go from here must start there. I remain hopeful about our country. To the people who are pissed off and want to say, “I told you so”: you’re right, you did tell us so. Take that energy into electing Republicans who share your worldview. To the people who are just pissed at the results, you should be. Let’s take that anger and get back to the work of saving our country.
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Chris Hacken retweeted
Today is starting to feel like max pain. I've lived through many moments like this over the last 25 years. They are never easy but as long as you don't die, you live to fight another day. Stay hard.
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Chris Hacken retweeted
With AI stocks down 20% to 50%, I keep getting asked whether the AI trade is dead. I was in the market during the dot-com boom in my early twenties, so let me put the two side by side. Duration first. The dot-com boom ran 5.3 years from Netscape in 1994 to the peak in 2000. The AI boom, counted from the ChatGPT moment in late 2022, is 3.9 years old. If it merely matches the dot-com in length, there are 1.4 more years to go. Then magnitude. The Nasdaq 100 rose about 1,000% during the dot-com boom. In the AI boom so far it is up 137%, which is roughly 13% of the way there. Now the poster boys. Cisco was the most important stock of the dot-com era, and at the 3.9-year mark it was up around 700%. It went on to peak at 4,200% on a forward P/E of 131 times. Nvidia at the same point is up about 1,000%, and its forward P/E is 17 times. Cisco was priced for perfection. Nvidia is priced like a mature industrial. I am not forecasting that Nvidia goes 4x from here. I am saying that on both duration and valuation, this boom is nowhere near where the last one ended. That is why I treat these pullbacks as rotations within a bull market rather than the end of one. Learn to invest and trade at piranhaprofits.com
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Chris Hacken retweeted
you should scramble to get compute because I have a feeling it's about to get ugly
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Chris Hacken retweeted
Replying to @untamed_01
Warren Buffett would pick $IREN. Its scarce power assets (key for AI data centers) provide a more tangible edge than pure GPU rentals, and the recent sharp drop creates a clearer margin of safety versus peers trading on richer multiples. He still dislikes the crypto roots and prefers proven cash flows, so none fully fit—but among these it best matches his undervalued-infrastructure bias.
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Chris Hacken retweeted
Two prices for $IREN , and they're nowhere near each other. In May, $NVDA signed for the right to buy in at 70 a share. Up to 30 million shares over five years. Friday's close was $24.91. That's 64% below the price they signed for. Either that price was a fantasy, or this selloff went too far. November 5 will tell us. I hold it, so I'll be watching.
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Chris Hacken retweeted
IREN’s @danroberts0101 speaks to @ArjunKharpal about AI financing and demand on CNBC. Watch the full interview.
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Chris Hacken retweeted
“Higher rates will kill $IREN"💀 I have heard that a lot lately. So I ran the numbers. Per MW. Last quarter, IREN guided for $25–30bn of capex in FY27. Thats a lot of debt, and I get why it scares people. Every time I have said the fundamentals have gotten better this year, I have gotten a lot of hate. Thats fair, and I understand it. Debt can be scary. So in this post I will try to show why I say what I say. I built a model of the cost per MW and how higher rates actually change IREN’s profitability. Step 1: $IREN’s own math Recent 3-year contracts: >$20m revenue per MW (IT) per year. Payback on the GPUs: ~2 years (revenue minus direct costs). Work that backwards and you land at ~$35m of GPU capex per MW. Step 2: put the debt on top 90% of GPU capex financed at 9% (Blue Owl / PIMCO) Paid down over the 3-year contract Data center debt on top of that That’s ~$31m of GPU debt per MW. Sounds like a lot, right? Here’s the thing people miss: the debt amortizes with the contract. The customer is literally paying it down. Average interest ends up at ~$2.4m per MW per year. That’s ~12% of revenue. Step 3: the stress test (the part the bears skip) What does IREN need in revenue per MW to make the same profit if rates go up? Debt at 12% → $21.0m/MW Debt at 15% → $22.0m/MW Debt at 18% → $23.0m/MW And if they got zero extra pricing? At 15% they’d still sit at ~28% margin per MW. Profit per MW only hits zero around ~34% interest. 👀 Step 4: now look at what pricing has done While everyone has been worried about financing costs, compute pricing has gone the other way. Just look at the GPU rental data from @silicondata: prices are up from ~$6 to ~$7.5 an hour since July. Over the same period, the stock has lost ~50% of its market cap. IREN’s own contracts tell the same story: MSFT deal: ~10-11m/MW 3-year pricing: up ~125% since November NVIDIA deal (May): ~$14m/MW Recent deals (September): ~$23m/MW Active talks: ~$25m/MW and increasing🔥 At $25m/MW, IREN could pay ~24% on its debt and still make the same profit per MW as at $20m and 9% today.🤯 And I havent even counted the prepayments. Customers are paying 45–55% of the GPU capex up front. Interest-free. “Starting to finance our build-out for us.” Dan Roberts, on IREN’s customers So what am I actually saying? A 6pp rate hike costs IREN ~$2m per MW. Going from $20m to $25m per MW is worth ~$5m per MW. The debt has grown, yes. The economics of every MW that debt is financing have grown faster. TLDR= Pricing > rates
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Chris Hacken retweeted
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.
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Since USAID was dismantled, the left has not won a single election in Latin America, by the way.
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Chief Design Officer @jgebbia officially unveils America.gov, the new online home for the United States of America
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Chris Hacken retweeted
10 yrs ago I remember wishing for the life I have now. I did everything: work hard, pissed people off, took risks, became selfish, you name it - to make my dreams come true and I did. But the dreams were from 10 years ago. I have new dreams now, and I’ll make them come true too
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Chris Hacken retweeted
this x money stuff is getting weird so i feel the need to say i am not hacked and i still really dislike crypto and please don’t buy any stupid coins, i don’t like this
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Annual reminder: Bethlehem Steel was able to build a ship a day during WW2.
I think people still don't realize how insane WW2 really was. Number of military planes produced during WW2 America: 300.000 planes Soviets: 140.000 planes Britain: 130.000 planes Germany: 120.000 planes Japan: 90.000 planes Today the US military has around 13.000 planes
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Chris Hacken retweeted
We are now at 700 employees. US manufacturing is alive and well
Created 70 US manufacturing jobs so far this month
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Chris Hacken retweeted
Why would you claim both that the AI can create a super-virus that will wipe out the entire world and also create a bio lab specifically to be used by the AI?
Anthropic has set up a wet lab in San Francisco, their bio research has advanced beyond in silico. They are now conducting physical research both in-house and with external partners. The NYT also broke the news this morning that Anth now plans to scale its compute to 5 GW by the end of the year, and 10 GW within the next 16 months. Bio is next after math, and I think we are going to see some medical announcements much sooner than people are expecting.
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