TRIGGER ALERT On a podcast yesterday $WULF CFO admitted to getting triggered by this "model". It's worth reading his full response: "You just triggered something, so I'm going to go there on this. I just saw, Jim Chanos, who when I was growing up in finance, he was a king. I started in the business in 2000 and he was around and one of the early short-sellers. He just put out some nonsense on us last night. I read it and I was like, you're an idiot. And by the way, if you want to be short our stock god bless you, but at least call me up so I can tell you what you're doing wrong in your model because it literally is nonsense. And so one of the things he did on the model, which has triggered this, is that he's modeling maintenance capex of $1-1.5M/MW. On an annual basis! I looked at his model and he has $8B D&A on a $4.4B build. Hey genius! The last time I checked the tax code you can only depreciate about 80%, not even the full amount. [The asset] costs us $4.4B, about 80% is depreciable. So, where the hell are you coming up with $8b of D&A? And I think it's because he's assuming another $1-1.5M of maintenance capex. Which by the way is ridiculous. So, let's just level set on that point: I build the shell the and the power and water to the rack. I don't do anything else, that's it. So, to your question, what happens if the technology changes, that's my tenant's issue. It's their rack that they put together with their integrator: Dell, Supermicro idk. I provide power and water for 99.999% of the time. What about maintenance capex? If the technology changes in 3-5 years that's on the tenant. I'm still providing electricity and water. You're telling me on a $10M per MW data center build, I am going to spend $1-1.5M/MW on maintenance capex, oh and by the way I hope he listens to this. Jim, pick up the phone and call me bro. My phone number is out there or you can email me. But stuff like this, it reminds me: back in Bitcoin mining days I had a NY Times reporter reached out to me who wanted to do a story on our facility at Lake Mariner. I got on the phone and what I found was an ignorant person who didnt want to understand why they were wrong about what they were reporting. They literally didn't care that what they were writing was wrong; they just wanted to sell eyeballs. Which basically is what Jim Chanos just did, and I lost all respect. This was a guy I held in high regard. You're wasting my time and just trying to sell eyeballs and that kind of stuff really bothers me, so sorry to get triggered on it. If you want to learn something, pick up the phone and call me." $WULF +11% this morning