Jose M Sánchez retweeted
$IREN is building a financing flywheel that validates its entire investment thesis.
GPUs account for roughly two-thirds of total AI infrastructure CapEx. The remaining third goes toward building the physical data centers.
Now look at the economics:
• Customer prepayments cover 45–55% of GPU CapEx, roughly equivalent to the entire cost of building the physical data centers.
• GPU-backed debt finances up to 90% of GPU costs.
• Operating cash flow and future data center financing fund the remaining requirements and fuel further expansion.
More contracts → More prepayments → More GPUs → More operating cash flow → More capacity → More contracts.
As this flywheel gains momentum, $IREN accelerates compute deployment, reinvests cash flows into further expansion, and reduces its dependence on shareholder dilution.
Once this flywheel reaches scale, $IREN stops being just another capital-intensive AI infrastructure company and becomes a self-funding growth machine.
Jose M Sánchez retweeted
$ASML $BESI ASML is reportedly developing its own hybrid bonding machine, potentially challenging BE Semiconductor.
According to SemiAnalysis:
🔹 ASML filed 27 hybrid bonding patent families between 2022 and 2024.
🔹 A new design could make chip bonding faster, more efficient, and cheaper.
🔹 ASML could use its expertise in precision and chip manufacturing.
🔹 Prodrive Technologies and VDL ETG could help develop the machine.
🔹 TSMC and Intel could become its first customers.
ASML has not officially confirmed the machine, but its patents and technology roadmap point to serious development.
Jose M Sánchez retweeted
La mayor fábrica de chips del mundo y el termómetro más fiable de toda la industria de la IA, bate todas las estimaciones.
Resultados Q3 $TSM
🔴 Ventas +41%
🔴 Margen EBIT: 58.6% (vs 50.5% en Q3 25')
🔴 Beneficio: +69%
6º trimestre consecutivo de beneficios récord.
Dentro 🧵
Jose M Sánchez retweeted
Nvidia’s CUDA downloads have reached 1.2 billion as of Q2, up more than 37X from 32 million in 2021.
$NVDA
Jose M Sánchez retweeted
🏰 Monopolies (near 100% control of a critical bottleneck)
• ASML - EUV lithography (100%)
• Verisign - .com domain registries
• CoStar Group - US commercial real estate data
• Illumina - high-throughput DNA sequencing
⚔️ Duopolies (two giants, one market)
• Visa / Mastercard - card payment rails
• Airbus / Boeing - commercial jet airframes
• Nvidia / AMD - discrete GPUs
• Novo Nordisk / Eli Lilly - GLP-1 weight-loss drugs
• Apple / Google - mobile operating systems (iOS / Android)
• ICE / Nasdaq - US stock exchanges
• TransDigm / HEICO - proprietary aerospace aftermarket
• Cadence / Synopsys - core chip design software (EDA)
• Fair Isaac (FICO) / VantageScore - US credit scoring model
🧱 Oligopolies (a tight cartel)
• Cloud (Hyperscalers): AWS / Azure / Google Cloud
• Advanced Foundries: TSMC / Samsung / Intel
• Credit Ratings: S&P / Moody’s / Fitch
• Consumer Credit Bureaus: Experian / Equifax / TransUnion
• Industrial Gases: Linde / Air Liquide / Air Products
• US Telecom: AT&T / Verizon / T-Mobile
• Global OTA Travel: Booking / Expedia / Airbnb
What would you add?
Jose M Sánchez retweeted
New edition is out: Bitcoin Momentum Update
Momentum holds while high yields restrain Bitcoin | October 13, 2026 (link below)
Jose M Sánchez retweeted
Something's not adding up right now.
The gap between $MA and $V compared to $AXP is CRAZY.
Earlier this year, all three saw a MASSIVE selloff.
At their respective YTD lows:
-> $AXP was down 20.9%
-> $MA was down 17.4%
-> $V was down 15.5%
Since then, both $MA and $V have climbed back to new ATHs.
$AXP on the other hand, is still down 15.6% this year.
And the business has continued growing, as it’s the premium card for consumers.
It trades at 16.7x forward earnings, while the other two are above 26x.
A very attractive long term opportunity I believe.
Jose M Sánchez retweeted
$MU $SNDK
Are the CXMT memory optimization headlines a real threat to the memory trade or is it just another architecture that will lead to more usage of tokens which will make up for pricing power in volumes?
The memory trade, like the semis in general, has been fragile enough for these headlines to affect them almost every week.
We saw this last week with the HDD manufacturing capacity increase by Toshiba that took $STX and $WDC down 20%.
At some point, the street either is going to believe these names are undervalued relative to their growth or they are going to give up on trying to be optimistic when a new headline around memory efficiency comes out every other week and reminds them about how traditionally cyclical the business is.
Jose M Sánchez retweeted
Hardware hacks, hardware bugs, AI cracking protocols, contracts, apps, and then future quantum risks. And it’s not sporadic,it’s weekly now.
All serious risks that pose significant headwinds for crypto adoption. Besides the already difficult aspect of self-custody.
UPDATE: I can confirm that the Ledger supply chain is compromised in Europe as well. @Ledger should initiate an immediate product recall to protect users.
I just purchased a second device from a different Mediamarkt location today, recorded the unboxing process, and discovered spyware once again (video linked in the second tweet).
The device was compromised in the exact same manner, featuring identical modifications (such as additional cables and an LTE module). This indicates its a widespread issue rather than an isolated incident, potentially affecting Ledger inventory across MediaMarkt and Saturn stores throughout Europe (comprising over 1,000 stores across 11 countries).
My initial hypothesis was that these devices were returns that looked unopened to the employees and were just sold again as new however, a MediaMarkt employee confirmed that the device I purchased was not a return, and that returned Ledgers are sent directly back to the manufacturer rather than resold.
Store records show the inventory originated from Aqipa GmbH. While Ledger's CTO was unsure if Aqipa serves as the direct distributor between Ledger and MediaMarkt, it appears to be the case. Given that Aqipa distributes across Europe, any physical retail store receiving stock through them may be at risk.
I sent the first ledger to mark and the second one is going to ledger now, so that they can analyse it.
If you purchased a ledger from anyone other than the official ledger store, make sure to check your device!!
Jose M Sánchez retweeted
The accelerating rate of software development is going to close the gap between blockchains and meatspace accounting systems (finance, legal, health, etc) shockingly fast.
Jose M Sánchez retweeted
Que tal fue la eliminación del despilfarro con DOGE en EEUU? Por ir calibrando expectativas.
El cálculo de Ostrom es estático y sobreestima el coste (cifra el IRPF en 85.000 M€ frente a los ~40.000 de VOX), ignorando que la bajada de impuestos (mínimo exento de 22.000 €, tramos al 15-25 %, IVA al 18/8 % y Sociedades al 15 %) estimula el consumo, la inversión y el empleo, ampliando las bases imponibles y recuperando parte de la recaudación. VOX no propone financiarlo solo con las “paguitas” que cita Ostrom (~15.000 M€), sino con un recorte mucho más amplio del gasto político superfluo, la burocracia, los organismos ideológicos y las subvenciones clientelares a todos los niveles, en un Estado cuyo gasto público ronda el 45 % del PIB. La reforma beneficia especialmente a rentas medias y bajas y a las familias con hijos, y busca priorizar lo esencial mientras se elimina el despilfarro.
Jose M Sánchez retweeted
Warren Buffett: “Don’t sleepwalk through life. Find something that you really enjoy doing, if you can do it.
Not everybody is lucky enough to be able to find that, but it ought to be your goal.”
Jose M Sánchez retweeted
This is not good for the AI trade.
JP Morgan sees fewer new data center projects, and a decline in construction spending.
This is why $NVDA is stuck at 15x forward earnings and it’s not going to get much better.
This is a direct signal that AI capex is about to peak.
Jose M Sánchez retweeted
Charlie Munger: “Invert, always invert.”
Before asking what could make an investment succeed, ask what could make it fail. Debt. Competition. Substitution. Management. Valuation.
Understanding the ways you could lose improves the odds you will win.
Jose M Sánchez retweeted
Un vídeo divulgativo para entender fácilmente por qué la crisis de la vivienda no se solucionará simplemente construyendo más.
Jose M Sánchez retweeted
$UBER is acquiring ezCater for $2.3B in cash adding 140,000 restaurant partners and more than $2.5B in annual gross bookings.
Uber moving deeper into enterprise food spend where $400+ average orders and high teens growth give Eats a more profitable demand pool.






































