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[@pepe_maltese](/creator/twitter/pepe_maltese)
"@FransBakker9812 2526 is a golden window while everyone scrambles into liquid cooling. If IREN converts its cheap capital into commissioned contracted high-utilization clusters quickly this outlook is a strong tailwind"  
[X Link](https://x.com/pepe_maltese/status/1978809692366234112) [@pepe_maltese](/creator/x/pepe_maltese) 2025-10-16T13:06Z 1907 followers, 7571 engagements


"@infraa_ The old model (import from Asia assemble in DM sell to U.S.; surplus nations buy USTs) is fraying: Geopolitics/sanctions risk - CBs add gold some reduce visible USTs. Tariff/industrial policy (CHIPS/IRA Trump tariff) aims to shrink the U.S. trade gap and on-shore capex"  
[X Link](https://x.com/pepe_maltese/status/1979635974507511957) [@pepe_maltese](/creator/x/pepe_maltese) 2025-10-18T19:49Z 1907 followers, XXX engagements


"What if 👀 $BTC"  
[X Link](https://x.com/pepe_maltese/status/1979671868664868956) [@pepe_maltese](/creator/x/pepe_maltese) 2025-10-18T22:12Z 1907 followers, 1175 engagements


"@VAusvicas45467 I am convinced that as states platforms and analytics vendors tighten surveillance (KYC perimeters blockchain forensics AI data fusion CBDC pilots) the market assigns rising utility to assets and rails that preserve transactional privacy. Shows up as an anonymity premium"  
[X Link](https://x.com/pepe_maltese/status/1980028726042583385) [@pepe_maltese](/creator/x/pepe_maltese) 2025-10-19T21:50Z 1907 followers, XXX engagements


"@VAusvicas45467 Catalysts that raise the premium Policy drift: broader AML/CFT rules exchange surveillance mandates CBDC pilots. Freeze/blacklist events: bank account seizures address sanctions - migration to shielded rails. Tech step-changes: cheaper proofs (zk hardware accel)"  
[X Link](https://x.com/pepe_maltese/status/1980029024836485210) [@pepe_maltese](/creator/x/pepe_maltese) 2025-10-19T21:51Z 1907 followers, XX engagements


"@FransBakker9812 💯 yep make Sweetwater a real campus not just one building. lock in the first 1.4GW hookup for the big long-term customers and keep their power/SLA totally ring-fenced. then work on a second grid connection so the site can grow past 1.4GW. add batteries first solar later"  
[X Link](https://x.com/pepe_maltese/status/1978840336119054690) [@pepe_maltese](/creator/x/pepe_maltese) 2025-10-16T15:07Z 1895 followers, XXX engagements


"@Lazarus_Capital @RHouseResearch Cheap grid-connected power (BC + TX) purpose-built campuses (Prince George Childress/Horizon) and their own network/ops team. That cuts out the colocation middleman and lowers site opex per MW"  
[X Link](https://x.com/pepe_maltese/status/1979469924385910959) [@pepe_maltese](/creator/x/pepe_maltese) 2025-10-18T08:49Z 1891 followers, XX engagements


"@Lazarus_Capital @RHouseResearch Monetize in two ways switchable per market: Bare-metal cloud (GPU-hours) with multi-year contracts; and/or Colo (longer term lower margin). They can also use Bitcoin mining as a short-term buffer for idle power/GPU gaps. Optionality is part of the model"  
[X Link](https://x.com/pepe_maltese/status/1979470176304181294) [@pepe_maltese](/creator/x/pepe_maltese) 2025-10-18T08:50Z 1897 followers, XX engagements


"@Lazarus_Capital @RHouseResearch Evidence its a real operating plan: Theyve disclosed 23k GPUs operating/on order and say theyre contracted on 11k already implying $225m ARR now and $500m ARR once the full 23k are online by Q126 (company statements)"  
[X Link](https://x.com/pepe_maltese/status/1979471061239443831) [@pepe_maltese](/creator/x/pepe_maltese) 2025-10-18T08:54Z 1897 followers, XX engagements


"@Lazarus_Capital @RHouseResearch Power + PUE math supports margins: at $10M/MW/yr revenue BC/TX power at $35/MWh and 1.11.2 PUE implies $0.3-0.4M/MW/yr electricity cost. Add staffing/network/insurance/maintenance and youre still roughly $0.70.9M/MW/yr site opex. Owning the site is the point"  
[X Link](https://x.com/pepe_maltese/status/1979471404664762457) [@pepe_maltese](/creator/x/pepe_maltese) 2025-10-18T08:55Z 1890 followers, XX engagements


"@elerianm the downgrade is a symptom not the disease. France (and much of the EU) is trapped in a growth model that no longer works: import inputs from China to assemble in Europe to sell to the US. That pipeline is being squeezed from all sides"  
[X Link](https://x.com/pepe_maltese/status/1979510401139351668) [@pepe_maltese](/creator/x/pepe_maltese) 2025-10-18T11:30Z 1897 followers, XXX engagements


"@infraa_ Stablecoinization is a new plumbing to on-shore dollar intermediation without banks pulling USD activity back under U.S. law. Europes growth/energy/wage problem (e.g. France downgrade) makes it the weak link if the global USD tide recedes"  
[X Link](https://x.com/pepe_maltese/status/1979636170616418536) [@pepe_maltese](/creator/x/pepe_maltese) 2025-10-18T19:50Z 1897 followers, XX engagements


"@infraa_ How I see this unfolding: U.S. pushes tariffs + subsidies runs big deficits but channels flows to domestic capex; on-shores USD via stablecoins/T-bill wrappers; CBs keep buying gold; bonds need policy support (QE/yield-curve control) later. $GLD $BTC"  
[X Link](https://x.com/pepe_maltese/status/1979636776823345308) [@pepe_maltese](/creator/x/pepe_maltese) 2025-10-18T19:52Z 1896 followers, XX engagements


"@Lazarus_Capital @RHouseResearch I welcome the pushback and it is a lot to unpack. Totally fair to flag Poolside to CRWV as a real signal. It says two things I have addressed i) time-to-power and ii) proven ops at Blackwell scale win logos right now. But it doesnt debunk IRENs model for a few reasons imho"  
[X Link](https://x.com/pepe_maltese/status/1979279011600867536) [@pepe_maltese](/creator/x/pepe_maltese) 2025-10-17T20:11Z 1902 followers, XXX engagements


"@Lazarus_Capital @RHouseResearch Different near-term plays. IRENs AI cloud is anchored in BC (air-cooled) now with Horizon 1/2 (liquid-cooled) ramping through XX and Sweetwater from XX. Poolside wanted a lot of GB300s fast and simultaneously announced theyll build their own 2GW campus"  
[X Link](https://x.com/pepe_maltese/status/1979279527647035403) [@pepe_maltese](/creator/x/pepe_maltese) 2025-10-17T20:13Z 1902 followers, XX engagements


"@VAusvicas45467 In our regime of fiscal dominance + data surveillance scarce censorship-resistant assets (gold/BTC) get a monetary premium; privacy coins/rails add a civil-liberty premium on top. If CBDCs/AI-monitoring broaden expect a structural bid for anonymous/attestable rails"  
[X Link](https://x.com/pepe_maltese/status/1980029304244482107) [@pepe_maltese](/creator/x/pepe_maltese) 2025-10-19T21:52Z 1897 followers, XX engagements