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Tweetstorm I propose @michael_saylor is the 3rd most important event in the history of BTC I want to spend a little more time on the event that changed everything. There have been many such events in the short history of this amazing technology but other than Satoshi white paper
Scott Walker retweeted
Founders Fund II is in a league of its own
a $220m fund from 2007 that has created $37.4bn
that's 183.5x per dollar at risk. The median across 408 ranked funds is 1.3x
1️⃣ Founders Fund II, 183.5x, @SpaceX
2️⃣ Bullet Time Ventures I, 53.3x, @Uber
3️⃣ Founders Fund III, 52.2x, @PalantirTech
more than 3x any other fund on the list. INSANE
Source: @JoinOdin via @hkanji
Is this skill or one SpaceX-sized bet? @foundersfund
GPUs are aging like fine wine, with rental rates up across the board since January 1st
Approximate change YTD:
- H200: +160%
- B200: +120%
- RTX PRO 6000: +65%
- H100: +35%
Even the 6-year-old A100 rents for more than it did at the start of the year
Charts of the Week: a16z.news/p/charts-of-the-we…
Scott Walker retweeted
The newest painting in the Louvre. “The Girl with the Suicidal Empathy.” Oil on canvas. Go see it while the Louvre is still standing.
Scott Walker retweeted
A BIG THANK YOU to our legendary friend, @ElonMusk, for his incredible generosity in giving SpaceX Stock to millions of American children through TRUMP ACCOUNTS! This is exactly what was envisioned when we created TRUMP ACCOUNTS — Bringing together the GREAT PRIVATE SECTOR, Elon and so many more, to invest in our children, by far our greatest and most important asset, and give every American Child a piece of the American Dream. Thank you Elon! President DONALD J. TRUMP
Tragic.
She voted for it.
She welcomed them.
Faced with the encore, she begs them to stop. In her heart she knows they will not.
Everything she believed. That they were French like her, fighting for the same cause. That the ones who warned her were full of hate. That she would be safe.
It all falls apart in this moment. She is terrified of what comes next. In her heart she knows.
Only remigration can save her.
Scott Walker retweeted
While neocloud investors got absolutely wrecked last week, GPU rental prices skyrocketed.
B300 rates are now up >20% over the past month.
Know what you own...
H/T: @matthew_sigel
$IREN $NBIS $CRWV
Scott Walker retweeted
CoreWeave ($CRWV) is falling while GPU rents keep climbing. Over the past six months, Ornn's OCPI H100 rent is up 79% and B200 is up 84%. Yet CRWV is down 26%, and its 2032 bonds just broke 15%.
If compute is this scarce, what is the market pricing?
Fundamentally, GPU rental risk is amplified by debt.
CoreWeave paid $640M of interest last quarter and expects about $900M this quarter, nearly four times its operating profit. Its newest GPU loan matures across five years against contracts that pay over three. Around 2029, CoreWeave and its lenders will have to re-lease those GPUs at whatever rental prices are then, while the debt payments stay fixed.
Future GPU rent is uncertain, which is exactly why operators and lenders need to hedge it.
@OrnnExchange and @ICE_Markets are launching monthly, cash-settled futures on OCPI H100 (ICE:HPR) and B200 (ICE:BKL) to make this possible.
data.ornn.com
Scott Walker retweeted
$CRWV isn’t paying 15% interest. Only 4% of their debt costs that.
I went through the Q2 10-Q line by line. Out of ~$35B in debt, exactly one loan sits at 15%. It’s $1.3B, due March 2028, and already being paid down.
The 15% chart going around is the market yield on their 2032 bond. A higher yield doesn’t change what CoreWeave pays. It works like a mortgage. If you locked in at 3% and rates go to 7%, you’re still paying 3%. CoreWeave locked that bond at 9.625% and still pays 9.625%.
What they actually pay
> $6.6B of convertibles at ~2%
> ~$10B of bonds at 9-10%
> Most secured loans around 9%
> ~8.4% blended across everything
They have roughly $20B of 2026 capex left to fund, and 2027 will need more. Their main funding tool has been loans backed by customer contracts. The investment grade one backed by Meta priced around 5.9% in March. If they keep borrowing that way, I think the math holds.
Zooming out, the AI trade still looks intact to me. $ASML reported record Q3 profit this morning and said lithography demand will outrun their supply in 2027 and 2028, even after adding ~30% capacity each year. Customers are already asking about 2029 and 2030 slots.
Demand is still outpacing supply everywhere I look. $CRWV $ASML
Scott Walker retweeted
A retired NASA engineer who had worked on the Space Shuttle program for 25 years was hired by SpaceX at age 62. He described the first week as the most disorienting experience of his professional life.
At NASA, a design change required 3 meetings, 2 committees, a review board, and 6 to 18 months of documentation. At SpaceX, his new supervisor said "if it works, build it. If it doesn't, change it by Friday."
He sat at his desk after the first day and called his wife. He told her he felt like a man who had been swimming with ankle weights for 25 years and someone just cut them off. He could move. He could decide. He could build something in the morning and test it in the afternoon. The constraint that he had accepted as the nature of aerospace engineering turned out to be the nature of bureaucracy.
Within 6 months he had contributed to more design iterations than he had completed in his last 5 years at NASA. Not because he was working harder. Because the time between having an idea and testing the idea collapsed from months to hours. The same brain. The same knowledge. A different operating system.
He described a specific moment where he proposed a modification to a Raptor engine component. At NASA, the proposal would have entered a queue. At SpaceX, the modification was machined by the end of the day and tested by the following morning. He watched his idea become a physical object in 18 hours. At NASA, 18 hours would not have been enough to schedule the first meeting to discuss whether to schedule a meeting.
He told an interviewer: "I didn't get smarter when I went to SpaceX. I got faster. The intelligence was always there. The system was in the way."
The difference between SpaceX and NASA is not talent. NASA has extraordinary talent. The difference is the time between a thought and a test. SpaceX compresses it. NASA elongates it. The same engineer produces 10x more at SpaceX than at NASA because the bottleneck was never the engineer. It was the meetings about the meetings about the work.
Scott Walker retweeted
$IREN, $NBIS, $CRWV
Elon Musk is right. People have no idea what's coming.
We've been investing in the AI data centre sector since 2024, and the crazy part is that two years later, we're still only getting started.
I genuinely believe retail investors who recognised this opportunity early are sitting on one of the biggest investment trends of the next decade.
Think about what's coming. Millions of AI agents working around the clock, businesses automating entire workflows, and AI becoming part of almost everything we do.
All of that requires enormous amounts of computing power, electricity, memory and data centre infrastructure.
The demand we're seeing today could be tiny compared to what's coming over the next five to ten years.
We've already witnessed an extraordinary two years in this sector, yet the next phase could be significantly bigger.
Scott Walker retweeted
Dans 50 ans, les livres d'histoire diront qu'Elon Musk a gagné une guerre que personne ne savait qu'on était en train de perdre.
Une guerre commencée il y a 100 ans, dans une cellule de prison italienne.
En 1926, Mussolini fait arrêter un intellectuel sarde de 35 ans. Au procès, le procureur aurait dit : « Nous devons empêcher ce cerveau de fonctionner pendant vingt ans. »
Il s'appelait Antonio Gramsci.
Son cerveau n'a jamais cessé de fonctionner. En prison, il a rempli des milliers de pages qui sont devenues l'un des textes politiques les plus influents du XXe siècle. Je pense qu'on est en train de vivre le moment où sa théorie s'effondre.
Laissez-moi vous expliquer.
Gramsci se posait une question simple. Pourquoi la révolution communiste a-t-elle réussi en Russie mais échoué partout en Occident ?
Sa réponse : en Occident, le pouvoir ne tient pas seulement par l'État, la police et l'armée. Il tient par la culture. Par ce que les gens trouvent normal, évident, « de bon sens ». Il appelle ça l'hégémonie culturelle.
Donc, pour prendre le pouvoir, il ne faut pas d'abord prendre le palais. Il faut d'abord prendre les esprits. Les écoles. Les universités. Les journaux. Le théâtre. L'édition. Les tribunaux. C'est la « guerre de position » : une conquête lente, institution par institution. Quand la culture a basculé, la politique suit toute seule.
Quarante ans plus tard, l'activiste allemand Rudi Dutschke en fera un slogan : la longue marche à travers les institutions.
Pendant des décennies, on a vécu avec une énigme que personne n'arrivait vraiment à expliquer.
Pourquoi presque tous les artistes sont-ils de gauche ? Les acteurs, les chanteurs, les profs, les journalistes, une bonne partie de la magistrature. Pourquoi un pays pouvait voter à droite élection après élection et voir quand même sa culture parler d'une seule voix ?
On nous répondait : « c'est parce que les gens éduqués sont de gauche. »
Je crois que la réponse est plus simple. Gramsci avait écrit la recette, et elle a été appliquée. Quand tu contrôles qui obtient la subvention, le poste, la bonne critique, le prix, l'invitation sur le plateau, tu contrôles ce qui devient « la culture ».
La même énigme existait à l'échelle du monde.
Pourquoi tant de pays en développement, notamment en Amérique latine, revotaient-ils encore et encore pour des gouvernements socialistes ou de gauche radicale ? Venezuela, Bolivie, Nicaragua, l'Argentine des Kirchner, la Colombie de Petro. L'économie s'effondrait, les cartels prospéraient, le chaos s'installait. Et pourtant le même vote revenait.
Ma conviction : la pauvreté n'était pas un accident du système. C'était un électorat. Et autour, il y avait tout un écosystème d'ONG, de médias « indépendants » et de programmes de « société civile », financé en grande partie par l'argent occidental.
Puis, début 2025, il s'est passé quelque chose que personne n'avait jamais osé faire.
Elon et DOGE ont ouvert les livres de USAID. Une agence quasi intouchable depuis 1961, des dizaines de milliards de dollars par an. La grande majorité des programmes ont été coupés, et l'agence a été absorbée par le Département d'État.
Le robinet a été fermé.
Et regardez ce qui s'est passé depuis.
Bolivie : le MAS perd le pouvoir après presque vingt ans. Équateur : Noboa réélu. Honduras : la droite reprend le pays. Chili : Kast élu. Argentine : Milei remporte largement les élections de mi-mandat.
Et il y a deux jours, le Brésil.
Jair Bolsonaro est inéligible, condamné à 27 ans de prison. La gauche pensait avoir refermé le chapitre. Lula, 80 ans, briguait un quatrième mandat face à un pays qu'on disait acquis.
Dimanche, son fils Flávio est arrivé en tête du premier tour. Plus de 47 % contre près de 45 % pour Lula. Lula lui-même a reconnu un résultat « inattendu ».
Le plus grand pays d'Amérique latine est à un second tour de basculer.
Le plus grand virage à droite du continent depuis des décennies.
Coïncidence ? Je ne crois pas. Quand le financement disparaît, le récit perd ses haut-parleurs.
Il reste un dernier vrai bastion. L'Europe.
Bruxelles finance ses propres réseaux d'ONG, avec une opacité que même la Cour des comptes européenne a pointée. Les grandes fondations comme l'Open Society de Soros. Les entités supranationales qui produisent de la norme sans jamais passer devant un électeur.
C'est la dernière forteresse de l'hégémonie culturelle. Et elle commence à se fissurer.
Je suis convaincu que tout ça va s'effondrer, et plus vite qu'on ne le pense.
Gramsci avait raison sur un point essentiel : la culture précède la politique. Mais il avait oublié que ça marche dans les deux sens. Quand une culture artificielle perd ses perfusions, ce qu'il y a de vrai en dessous remonte à la surface.
Ce qui vient après, je crois que c'est une renaissance. Une culture qui recommence à aimer la beauté, l'ambition, la science, la civilisation qui l'a fait naître.
Et dans les livres d'histoire, on se souviendra que tout a commencé quand un homme a décidé de regarder les comptes.
Il fallait quelqu'un d'assez riche pour ne dépendre de personne, d'assez fou pour s'y attaquer et d'assez libre pour encaisser la haine qui allait suivre.
Merci Elon.
The cost of intelligence is collapsing. The cost of energy is collapsing. The cost of a token, the cost of a watt, the amount of intelligence you get out of every unit of energy... all of it is falling at once.
And cheaper is what makes the whole thing go exponential.
Jevons paradox... make something cheaper and the world finds a thousand new uses for it. Every time intelligence gets cheaper, we use more of it, which pays for the next round of getting cheaper. Wrights Law and Metcalfes Law running into each other.
We're at the very start of that and AI is already building AI...
Play it forward a few turns of the wheel and the speed of it goes beyond anything we can picture... intelligence being used in volumes we cant imagine, to build things we haven't even dreamed up yet.
Scott Walker retweeted
lambda's backlog went from $15bn in june to $50bn in september, and the anthropic deal it signed in late august was $35bn, so the whole jump is one customer and anthropic is now about 70% of lambda's backlog.
now it's raising up to $4bn at $14.5bn pre-money, on top of $1bn of debt last week. that's about 14 cents of new money for every dollar of backlog it added, and the GPUs for $35bn of compute get bought before anthropic pays a dollar of it.
anthropic's TPU lease this week came with broadcom guaranteeing the senior debt. nobody's guaranteeing lambda's contract, so if anthropic's IPO slips again it's lambda's lenders and the coatue and blackstone money waiting on one customer to pay.
Scott Walker retweeted
The boring AI infrastructure stack nobody talks about 💡
$VST — Generates always-on power AI data centers desperately need.
$CEG — Nuclear power giant signing long-term hyperscaler energy deals.
$GEV — Builds turbines and grid equipment powering AI expansion.
$VRT — Powers and cools high-density AI data center racks.
$ETN — Controls and distributes electricity from grid to servers.
$PWR — Builds transmission lines connecting power to data centers.
$FPS — Builds switchgear distributing power inside AI data centers.
Scott Walker retweeted
Yes $META and $MSFT will have lower cost moving their model in house with Anthropic. But if you do your inference on an Inference provider whether open source or frontier lab, it’s hard to beat OpenAI Luna in cost.
No talks about how cheap open source AI models are anymore.
@OpenAI has entirely crushed that conversation with Luna.
Scott Walker retweeted
Shoulder turn, solid setup, balanced finish.
Anthony Kim makes the swing look a lot simpler than it is. The key is getting the lead shoulder behind the ball, trail shoulder through impact, then finishing in balanc
Scott Walker retweeted
The American Dream should be something along the lines of create and build something that provides value to society
Not create a “business” that bills the government for no actual services and provides no value to society and a fraudster pockets millions
End the welfare scams.
Scott Walker retweeted
Every compute cycle in history has been roughly 10x bigger than the last one
And this AI cycle is breaking the one limiting factor that capped the rest: humans
One PC per person, one phone per person, eventually you run out of people to sell to
AI doesn't have that, the "users" are agents, robots, cars and glasses, and one person can run dozens of agents at once, 24/7, without ever getting tired
That's how you get to tens of billions of units. The demand isn't limited by population anymore, it's simply limited by compute
And the scale of the spend is already showing up. Morgan Stanley pegs the entire cloud and mobile era at $1T of capex. The top hyperscalers are spending roughly that much in 2026 ALONE
When this is all said and done, my guess is that $10T will actually be a low estimate for the amount of compute we need to build. I think it will be much much higher
The bears keep calling this a bubble because the numbers look insane compared to past cycles, but that's how every compute cycle has played out and this was has no human limit!
And yes, this means it's still somewhat early days for buying memory, neocloud and power stocks! If you want to see how I'm allocating to this, you can check out my exact portfolio in real-time here: link.milkroad.com/t5837z
Scott Walker retweeted
Michael Burry is so COOKED
His whole bear case is that NVIDIA GPUs are worthless after 3 years and hyperscalers are "faking" earnings by depreciating them over 6
The data is showing the exact opposite. NVIDIA GPU rental prices are up 30-58% this year
Doesn't matter what version of NVIDIA GPU you own, they're ALL heading higher
The one that should really scare Burry is the H100. It's roughly 3 years old, two generations behind the newest chips, and it's renting for ~40% MORE today than it did in January. That's the chip that was supposed to be waste by now
And here's the other important part to understand: Blackwell rolled out in size this year. If newer chips made older ones obsolete, H100 prices should've collapsed when B200s and B300s hit the market. Instead they went up
Think about what that does for whoever owns these chips. The GPU was already paid for yet the rental rate keeps climbing. It's pure margin expansion and the GPU rental business is becoming a better business every day!
This is VERY bullish for the neoclouds and hyperscalers who own the bulk of these GPUs
If you want to see how I'm playing the neocloud and AI infra trade, you can track my real-time portfolio here: link.milkroad.com/t5837z
Don't forget to give me a follow @kylereidhead for more insights on AI and markets




































