Trump says tariff checks are ‘probably’ coming to millions of Americans - and soon. This is not priced into the market. finance.yahoo.com/news/trump…

I’ve initiated a position in $NUAI this morning. “We are going to announce a tenant very soon in Q4, we owe it to our shareholders” 🤯 Watch the clip below… said 4 days ago… And now the announcement below… We are close.

Killing time with some friends.

GW Shortage x Time to Power: If you review the data presented by Morgan Stanley and Deloitte, you realize just how large the GW shortage is in the US and the actual energy sources that can meet energization timelines. This is one reason why I’m bullish on $SLNH, a small $240M market cap company that has 1GW exclusive to them and a growing 2.8GW+ pipeline. They also have a unique interconnection strategy that gives them one of the fastest times to power and cheapest sources. The shortfall alone suggests that the hyperscalers are going to need $SLNH MW and it becomes increasingly more urgent as MW are taken off the market as we’ve seen this week with $IREN and $CIFR. This is the exact setup I look for in asymmetric investment opportunities.

I just bought shares in $SLNH. Why now? I just can’t find any other better risk/rewards on the market. To me, there is no doubt that $SLNH deserves a $1B market cap valuation. You just look at peer valuations and it’s so obvious. Nobody really argues it. As of this writing, the stock is trading at ~$3 and showing a ~$185M market cap, well below peers and companies with a fraction of the MW. In my opinion, the stock deserves a 5x rerate based solely on the ~948MW I see being energized by EOY 2028 and 2.8GW+ pipeline. That’s a lot of MW for a ~$185M market cap company and it’s just wildly undervalued IMO. Not only do I think $SLNH deserves a $1B valuation, but I also think a higher stock price makes sense for investors. This is why. If $SLNH were to rerate from $3 to $15, (~$200M to $1B) it’d put both shareholders and the company in a much better position. The company would be able to issue shares at a much higher price and the shareholders would benefit from those raises with an increased value per MW. The larger they grow, the more value they can extract from each MW. It’s a virtuous cycle and very unique where the company might actually get cheaper from a valuation perspective as the share price goes up. We’re seeing this with some hyperscalers in the space as well. Rerating to $1B could also help to attract institutional capital, which could potentially be the trigger to send the snowball down the hill and grow larger as it gains momentum. The more $SLNH is able to spend on a colocation buildout, the more they’re able to capture in revenue per MW. $SLNH has the team to go full stack cloud via Helix, but right now they just don’t have the capital to build it out. Maybe someday or with a start with the 2MW at Grace, but all $SLNH needs is colocation to be very successful IMO. A major advantage $SLNH has over most other competitors right now is their time to power is very fast, not only by plugging in behind the meter but also by potential regulatory advantages moving $SLNH to the front of the cue. That’s something I see very few investors talking about that’s a really big deal. $SLNH management needs to get the stock price up and access to capital now to capitalize on the modern day gold rush for power. We’re now likely in a position where both can happen. I obviously was not happy with the timing to increase authorized shares by 4x during an active rerate. I was so displeased by the handling of it that I sold my shares. I truly believe we’d be at a $15 share price right now without it, but here we are now and maybe that’s the alpha. Management has been very transparent and we know the new authorized shares are only going to be issued if they go towards increasing the value per MW. The advantage to authorizing a bunch of shares now is that shareholders likely won’t have to do it again for a while in the future and pull the stock price down. It seems to me like this is the moment. Shareholders are having an open dialogue with management and the gold rush is on in the industry. I’m ready to go along for the ride. As a full disclosure, I’ve done around 600 hours of dedicated research on Soluna and been studying the space for a while. Not enough to make me an expert by any means, so please do your own due diligence and even better provide your insights so we all can become more informed investors. That’s the power of X. As always, these thoughts are my own and do not constitute investment advice. I just want to be as transparent as possible and let everyone know where I stand.

“The biggest issue we’re having now is not a compute glut — it’s power. You may actually have a bunch of chips sitting in inventory that you can’t plug in.” — Satya Nadella, Microsoft, on the BG2 Podcast with Brad Gerstner & Bill Gurley AI isn’t limited by silicon. It’s limited by electricity — clean, reliable, scalable power. $SLNH @SolunaHoldings @OpenAI

Business cycle wise, and macro structure wise (not just BTC), the most recent point of similar market positioning was October 2020. Then: BTC 10k, ETH 300 Now: BTC 100k, ETH 3k Both: Sentiment terrible Poetry.