Joined August 2009
Ant Eksiler retweeted
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.
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OMG the Tesla Roadster just flew in the air!
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I bet @Tesla roadster is going to do a full circular loop in the event, like a rollercoaster. That's why the photo is upside-down and they need nice weather for the event.
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I think one of the most important features of @Tesla cars is lockable glovebox. No other maker has it. My wife’s Range Rover doesnt have it, my friend’s Rolls Royce doesnt have it. It is so convinient to lock personal stuff inside.
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Ant Eksiler retweeted
We used to build websites. Now we make apps. Take a look at the new asquared.agency/. We make our own now.
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Hey @Tesla, can we please have lyrics support for Spotify?
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I used to love driving, but with @Tesla FSD, 95% of my driving is fully automated. The remaining 5% is probably just parking.
A public service announcement.
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Remember the time French people refused to speak English with the tourists? I recall the taxi driver giving me attitude, lol.
Outrage in France after Bally Bagayoko, the far-left mayor of the country’s most infamous no-go zone Saint-Denis joined student rioters who were attacking a high school in the area. He could be seen laughing with them, giving high fives and jumping up and down. Bagayoko is the mayor of 150 000 people, of which around 90% are immigrants, second-generation migrants and third-generation migrants.
Readers added context they thought people might want to know
Das Video ist ein verkürzter Ausschnitt eines längeren Videos, in dem zu sehen ist, wie der Bürgermeister zunächst die brennende Tonne vom Gebäude wegzieht und dann den Feuerwehrleuten beim Löschen applaudiert. Das komplette Video ist z.B. hier zu sehen: x.com/U71pb/status/2…
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A few people asked over the weekend what the calls to slow the pace of frontier AI mean for the buildout. Some thoughts: Even if models never improved from here, just rolling out what they can already do would take more compute than the world can build for years. The debate about how fast AI should be allowed to improve is a fair one to have. It's about future generations of models. Existing demand is the part I think people are misreading. Anthropic CEO Dario Amodei said in May they'd planned for 10x growth and were running at an 80x pace in the first quarter, and that's why they've had trouble supplying compute. OpenAI president Greg Brockman said in July they'll be in a compute shortage no matter what, and are choosing which products to scale. Google says it's processing 7x the tokens it did a year ago. Hundreds of millions of people use these models today, and most of them use a small part of what the models can already do. And every time more compute comes online, usage steps up again: limits come off for people already using it, customers who were turned away get on, and new use cases show up that weren't in anyone's plan. Now supply. The constraint is HBM, the memory that sits inside every major AI chip. Three companies make it and all three are sold out this year. A new memory plant takes years to build. TrendForce has HBM shipments growing 50-60% next year. NVIDIA, the biggest buyer of it, expects its revenue to grow about 70% next year and calls that outlook 'supply-constrained', noting its customers' forecasts point closer to 100%. On our own bottom-up work, the memory constraint lands in about the same place as NVIDIA's growth number. Then the chips need a building with power connected, which takes longer again. Goldmans reckons only about half the US capacity scheduled over the next two years will actually be built on time. The risk to demand continues to seem heavily weighted to the upside. The risk to supply continues to seem weighted toward less capacity getting built, not more.
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FSD Supervised now approved in Slovenia 🇸🇮 Rollout will begin soon
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Ant Eksiler retweeted
the biggest mistake western analysts make about Turkey is assuming that total control equals political stability. it does not. look at the state of the country right now. Erdoğan has achieved what every 21st century autocrat dreams of. he controls the lower courts, the supreme bench, the central bank, state television, and the regulatory bodies. he passed a cybersecurity law that wipes opposition accounts in two hours, and his prosecutors can hand an elected mayor twenty-three centuries in prison without presenting a single piece of evidence. by every classic metric of political science, the palace should feel invincible. instead, what we are watching is a regime in a state of permanent panic. when an autocrat is truly secure, he does not send police to raid printing presses to seize physical paper. he does not put ordinary billboard painters on trial in Silivri. he does not open criminal investigations against his own retired prime minister who walked away from politics a month ago. and he does not watch an opposition movement split from its old establishment and build a 91-seat parliamentary force from inside a prison cell. this is the structural paradox of modern authoritarianism. you can capture the entire legal ledger, but you cannot force 86 million citizens to trust your courts. you can control every broadcast antenna, but you cannot force international capital to invest in a country where property rights depend on the mood of the palace. western leaders think they made a pragmatic bargain. they gave Erdoğan a blank check on human rights in exchange for a predictable border guard on Europe's southern flank. what Brussels and Washington actually bought is not stability. they bought a hollowed-out system that has to invent new enemies every forty-eight hours just to explain why the economy is crumbling and the country refuses to obey. Erdoğan spent twenty-three years winning absolute power over the state. his real crisis in 2026 is that the state is no longer enough to control the nation.
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Ant Eksiler retweeted
POV: You hail a driverless Tesla Cybercab
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That is impressive!
This is the most impressive clip I’ve seen of FSD. The back and forth swerve is next level. Tesla just posted it on their evidence dashboard for EU approval.
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Ant Eksiler retweeted
This is why FSD is the undisputed best way to travel - from Upstate New York to Philly, 4 hours shrunk to 4 minutes. Through the rain and the windy roads of both states FSD handles the entire drive from start to finish
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I cannot fathom the lack of updates to Google products like Home in this era of AI. I can think of hundreds of features that can be shipped within months.
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Every new AI data center creates more demand for AI, not less. That's what people referring to past booms keep getting wrong about this one. Better AI needs more computing power to run. Cheaper AI gets used more, not less. And every step change in capability creates use cases that didn't exist a year ago. Demand grows at the speed of software, but supply cannot. Supply grows at the speed of the real world: power connections, transmission lines, concrete, steel, and the thousands of people it takes to build. In past booms, technology helped supply catch up. This time, technology is on the other side of the equation. It's fueling exponential demand, and the real world can't build fast enough to keep up.
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#VNL2026 TÜRKIYE ARE THE CHAMPIONS! 🏆🇹🇷 What a final performance! Türkiye closes it out to claim the VNL 2026 title! 🎉🔥 🎥 Highlights coming soon... 🏐 #BePartOfTheGame #Volleyball
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Ant Eksiler retweeted
Robotaxi is now in Miami. Waymo is as well.
¿Qué lo que Miami? Robotaxi now available in Miami
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Release the armada
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Ant Eksiler retweeted
Replying to @JohnLeFevre
Every time Tyson opens his mouth, I'm reminded of something Richard Feynman once said: “Never confuse education with intelligence, you can have a PhD and still be an idiot.” — Richard P. Feynman (Nobel Prize-winning physicist)
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