TeraWulf $WULF CFO Patrick Fleury states that either NVIDIA, Amazon,...

Uploaded: 2026-07-07T20:23:02.000Z
Duration: PT70.315S
Channel: Rittenhouse Research

0:37

Nvidia just backstopped $100B for OpenAI’s Ohio data center that will house its chips. Here's why: “OpenAI doesn't have the credit to be able to kind of lease that on its own and convince lenders to back it.” “So it would need kind of an investment grade company with a strong balance sheet such as Nvidia to back it.” — Phoebe Liu

The Information

23,093 views • 2 months ago

0:42

🔥TERAWULF CEO: "WE'RE NOT INVOLVED IN BITCOIN" The company started as a Bitcoin miner but the CEO says the business was "not natural for us. Bitcoin didn't offer predictable cash flow." He adds bitcoin was "great for a short period of time to help us transition to long-term, investment-grade credit off-takes in the data center world." TeraWulf just signed a 20-year, $19 billion lease with Anthropic to host the AI company at a Kentucky data center.

Coin Bureau

68,251 views • 3 months ago

1:29

Ben Thompson on why Google and Amazon are Nvidia's biggest competitors, and what they're doing about it: "Google and Amazon aren't selling their chips on differentiation. They're selling chips as commodities. Nvidia's the one selling the differentiation. So that's Nvidia's biggest problem, because what's the number one advantage that the hyperscalers have? Lower cost of capital. It's a capital fight. They have a lower cost of capital than the neoclouds do. Intel is a good example here. AMD cleaned them out in hyperscaler sales, because the hyperscalers put in the effort to get stuff working on AMD versus Intel. Because they're buying at such scale, the investment to do that is worth it. The part of Intel's business that never floundered was selling to government and selling to enterprises, because they don't have the resources of a hyperscaler. That's why Nvidia talks about selling to sovereign clouds, that's why they talk about selling to enterprises. They want to get into markets where they're not going to be balancing this chip versus that chip. The hyperscalers have always been the threat to Nvidia for that reason, because they're actually bigger."

Patrick OShaughnessy

38,415 views • 2 months ago

1:25

Chris Camillo just made the most bullish case on $AMZN. Everyone worried when Amazon raised their capex to $200 billion Camillo believes they might make that $200 billion back on their Anthropic investment alone when Anthropic IPOs. What Amazon has done in the last 18 months is remarkable in scope. They didn't try to win the foundation model race against OpenAI and Google directly. They went a completely different direction, positioning themselves as the infrastructure underneath everything that is AI. Trainium chips, cloud buildout, advertising integration and equity stakes in two of the three most important AI companies on the planet. First Anthropic. Now $50 billion into OpenAI on top of that. And that OpenAI investment isn't just a financial bet. It ties OpenAI into Amazon's cloud ecosystem, probably permanently. Two of the big three AI labs now run on Amazon infrastructure. Google is the only one that doesn't. The market has spent two years debating who builds the best model. Amazon decided to own the plumbing those models run on and bought equity in the winners while they were at it.

Milk Road Macro

55,169 views • 5 months ago

1:25

Chris Camillo made the most bullish case on $AMZN. Everyone worried when Amazon raised their capex to $200 billion Camillo believes they might make that $200 billion back on their Anthropic investment alone when Anthropic IPOs. What Amazon has done in the last 18 months is remarkable in scope. They didn't try to win the foundation model race against OpenAI and Google directly. They went a completely different direction, positioning themselves as the infrastructure underneath everything that is AI. Trainium chips, cloud buildout, advertising integration and equity stakes in two of the three most important AI companies on the planet. First Anthropic. Now $50 billion into OpenAI on top of that. And that OpenAI investment isn't just a financial bet. It ties OpenAI into Amazon's cloud ecosystem, probably permanently. Two of the big three AI labs now run on Amazon infrastructure. Google is the only one that doesn't. The market has spent two years debating who builds the best model. Amazon decided to own the plumbing those models run on and bought equity in the winners while they were at it.

Milk Road Stocks

41,351 views • 3 months ago

0:35

"Credit to Shaun for bringing in the SpaceX investment. We vote on companies, and I think someone voted a one. I've seen fours, of course. I've seen threes. Never seen a two. After that proposition occurred, he didn't give up. He just kept pushing. He forced all the partnership to fly over to see with their own eyes. We ended up doing a smaller investment that led to a big investment, and now, a couple of years later, that's one of the best investments in the history of the firm." Julien Bek What did you see that got you so excited? What is the upside from here? 10 years out, where is SpaceX Shaun Maguire

Harry Stebbings

35,459 views • 2 months ago

1:07

When asked about report that Jensen is “not happy” with OpenAI: “That's nonsense. That's complete nonsense. We are going to make a huge investment in OpenAI” - NVIDIA CEO Jensen Huang $NVDA “I really love working with Sam” “We haven’t made the investment in them because they're closing their round. But we will definitely be involved in their next round.” “We will invest a great deal of money. Probably the largest investment we've ever made.”

tae kim

85,627 views • 9 months ago

5:59

While established bond rating firms like S&P and Moody’s are being lobbied by investment bankers to award AI giants investment grade status, a small AI-powered ratings firm has already passed judgment on the debt of OpenAI and Anthropic.

Forbes

20,337 views • 22 days ago

2:12

BREAKING: UBS proposes bundling private credit loans into investment grade A2 bonds By diversifying the loans the ratings agencies can label the bonds as investment grade, allowing them to sell to insurance companies and retirement funds.

Financelot

326,800 views • 3 months ago

0:28

Salesforce CEO Marc Benioff says the $500 billion Stargate Project is "the beginning of trillions" and "the very beginning of what will be one the biggest investment levels in the history of the world" that will "completely transform how we do everything"

Tsarathustra

71,348 views • 1 year ago

0:48

Gabe on why he doesn't think Anthropic or OpenAI will own finance: "The reason people get confused when they look at app layer businesses like mine or Harvey or Legora or Sierra is because there's a spectrum of perpendicularity to what the labs are building. There's a whole bunch of stuff underneath the surface that the labs are never going to build, that we need to build for finance. All of finance is a collection of different niches with different data sets, different regulatory requirements. And we can get to $5 billion in revenue by going deep across those things and creating the systems of record that help manage them. That for Anthropic would be like stopping on the side of the road to pick up a penny, because they're on the pathway of trying to go from $100 billion in revenue to a trillion in revenue. Say you are a big public company buying another big public company and you need to send data back and forth. You actually need some sort of data room, something that is compliant, safe and secure. And I don't think OpenAI or Anthropic will ever want to build a data room business. If you actually want to be the exchange for all of high finance, you don't just need to own the intelligence, you need to own the transaction venue, the communication venue, the workflows, and all the data inputs that go into it. Think about the fundamental difference between Claude Code when it came out versus ChatGPT. The models were actually fairly similar, but the harness and the way that it was presented from Claude was far better. The way that you harness these models is so, so important."

Patrick OShaughnessy

85,548 views • 1 month ago

0:35

As President Donald J. Trump has said, there’s more at stake than just the tariff income. The President has used IEEPA to bring in trillions of dollars of overseas investment, and that could all be at risk of being reversed. I am very confident the Supreme Court is going to allow the signature economic policy and not throw a wrench into things. We are bringing in substantial revenue, representing trillions and trillions of dollars in investment. The economy is hot, and one of the reasons is massive overseas investment – and to reiterate, it is the President’s use of IEEPA tariffs which is driving this investment.

Treasury Secretary Scott Bessent

367,022 views • 9 months ago

1:32

SF Compute CEO evan conrad on his contrarian thesis that OpenAI and Anthropic won't eat the world, everyone will become OpenAI and Anthropic instead: "Our impression is not that OpenAI and Anthropic will eat the world, it's that everyone will look like OpenAI and Anthropic. That's simply the way that companies work now." "Every single company in the world that is of meaningful scale will look like a frontier lab. There is this belief that the large labs have won it all, and they've got this compounding advantage. The default assumption of that is assuming nobody else will do anything." "The bottleneck was there's 100 people, and they know how to train the models. Or you thought, the problem is compute. The problem of compute is credit. And OpenAI and Anthropic are not unique to having credit. In fact, they don't have as good credit as other people." "If you assume the problem is not the researchers, that that problem's basically gone away the moment you got to auto research, then what you should assume is that pretty much every other company is going to swap the way they work to look like a frontier lab. It won't be OpenAI and Anthropic take the whole world. It's that everyone's OpenAI and Anthropic now." San Francisco Compute

MTS

135,653 views • 2 months ago

1:35

Jensen Huang just admitted the biggest AI labs can't borrow money like normal companies. So Nvidia signs for them, and they spend it on Nvidia chips. Nvidia reported Wednesday and the numbers are absurd: Revenue of $96.2 billion, up 106%, with net income of $59.7 billion, the most profitable quarter any public company has EVER posted. And Huang just told Fox Business that every chip Nvidia can make next year is already sold. Here's why this matters the most: Huang wrote this himself about his own customers: "Frontier AI labs have extraordinary demand for training and inference compute, but many are growing faster than their balance sheets and long-term credit profiles can support." Then: They "still lack the decades-long infrastructure contracts and investment-grade financing capacity needed to secure the AI factory infrastructure independently." Put simply: His customers can't get the loans. So Nvidia signs for them. There's a compute campus going up in Ohio with OpenAI as the tenant. Nvidia has tied roughly $105 billion in commitments to it. OpenAI's existing and planned commitments now come to about 12 gigawatts of Nvidia compute. CFO Colette Kress told analysts Nvidia will also provide selective credit enhancement for nearly 2 gigawatts of compute at a second frontier lab. She wouldn't say which one. Nvidia put up to $10 billion into Anthropic in November at a valuation near $350 billion, and Anthropic agreed to buy up to a gigawatt of Grace Blackwell and Vera Rubin systems in the same deal. And Nvidia isn't only guaranteeing these companies. It OWNS pieces of them. This week's filing shows $18 billion committed to equity investments for the rest of the fiscal year, and $47.9 billion already sitting in private companies as of late July. Now here's where it gets really insane: Last week, Huang sat on a CNBC set surrounded by six of Wall Street's biggest firms. Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR. They signed a memorandum to mobilise up to $500 billion in outside capital for AI data centres. Nvidia kept the option to backstop up to a quarter of those deals. And Huang used that stage to announce that Nvidia GPUs are now an asset class. Pension and credit funds can now lend against graphics cards the way they lend against office towers. Kress saw the accusation coming and got ahead of it on the earnings call: "We recognise the scale of this support, and we know some will call this circular financing. We see it differently." But look at the two things Huang says about the same companies. On the earnings call he said AI has hit its inflection point, that the tokens are productive and profitable, and that compute is now revenue. But he also said those same labs can't secure investment-grade financing on their own. A business that's inflecting into profit is exactly the business a bank lends to. Banks lend against cash flow every day. But Nvidia‘s guarantee exists because something in that first story isn't landing with the people whose job is pricing risk. Kress does have a real answer to this though. She said the second lab's credit support only complements capacity it already secured on its own, without Nvidia backing it. Vendor financing is also old and legal. Cisco did it and GE built a finance arm on it. Huang's case is that Nvidia understands these businesses better than any lender could, and he says the risk is low and his only regret is not investing more and sooner. He may be completely right. But one thing is certain: Nvidia guarantees the paper. The paper buys the chips. Nvidia books the sale. Then Nvidia tells you the order book is full for a year. That order book is the entire argument for a $5 trillion company. And Jensen Huang just explained, in his own words, that his customers couldn't have written those orders without him. Isn’t this suspicious?

Ricardo

64,411 views • 2 months ago

2:36

📁 Dario Amodei, CEO of Anthropic, says that in just three years AI went from high school level to writing professional-grade code. He warns that in one or two years we could see a country of geniuses inside a data center. That is why he argues for acting now and adopting a paranoid engineering mindset, where every possible failure is anticipated.

Jon Hernandez

42,034 views • 9 months ago

1:02

David Friedberg says every dollar Nvidia spends making chips turns into $18 of Anthropic revenue, with SpaceX making an 83% margin in between “I basically said start with NVIDIA, how much does NVIDIA spend to make the chips? And then how much do they sell the chips for? So for every dollar of COGS, every dollar that NVIDIA spends, that turns into $4 of revenue for NVIDIA, 75% margin." "And then that gets sold to SpaceX, and then SpaceX turns around, and they’re making, you know, an 83% margin on that chip spend, because they’re kind of looking at a five-year depreciation. So they spent $10 billion on Colossus one, five year life, $2 billion a year depreciation. And so that’s kind of the cost per year, but then they’re making $1.25 billion a month on Colossus." "And then Anthropic is showing in this S-1 pretty remarkably to Sacks’s point that they’re making about 85% incremental gross margin on every incremental dollar coming in. It’s obviously a baseline of compute spend, but 85% is kind of the incremental gross margin. So at the end of the day, a dollar that NVIDIA spends turns into $18 that Anthropic is making selling to customers.”

Fireside Alpha

123,717 views • 6 days ago

0:41

Wall Street just pulled off the exact move that turned 2008 from a housing problem into a global collapse. They turned Nvidia graphics cards into bonds, stamped them investment grade, and started selling them into the funds that hold retirement money. Here is what happened while everyone was busy arguing about whether AI stocks were overvalued: The company at the center is CoreWeave, which rents out Nvidia chips to AI companies. To buy those chips, it borrows enormous sums, and the collateral on the loans is the chips themselves. That alone is alarming because a graphics card LOSES most of its value within a few years as the next generation makes it obsolete. You are lending against an asset built to rot. In January, Nvidia invested $2 billion straight into CoreWeave, which then used borrowed money to buy more Nvidia chips. On March 31, CoreWeave closed an $8.5 billion loan backed by its chips, and for the first time the rating agencies stamped that chip-backed debt investment grade, with Moody's assigning it an A3. Debt secured by depreciating graphics cards was rated nearly as SAFE as a blue-chip corporate bond. Then on May 18, CoreWeave closed the first chip-backed facility designed to be publicly syndicated and traded on secondary markets. And that's the part that really matters because it means this debt can now be sliced up, passed around, and bought by anyone, including the bond funds and pension managers who are required to hold "safe" investment-grade paper. On June 11, it announced another $3.5 billion in bonds on top of all of it. Now compare this to what happened in the past: Subprime mortgages in 2007 were not dangerous because some people got loans they couldn't repay... They became a global bomb the moment that debt got rated AAA and sold into the wider financial system, because the rating is what let it bleed into money market funds, pensions, and bank balance sheets that were supposed to be boring and safe. The bad loans were the spark but the packaging and rating were the detonator. And that detonator just got built for AI. Debt backed by graphics cards is now rated investment grade and trades on secondary markets, which means the AI bubble is no longer trapped inside tech stocks you can choose not to own. It has been quietly converted into bonds and routed toward the retirement accounts of people who have never typed a single prompt in their lives. And the whole structure rests on a backlog of customer "commitments" that CoreWeave values at nearly $100 BILLION, backed by a $21 billion Meta deal and a $6 billion Jane Street deal. Those are promises to pay over many years, made by AI companies that are themselves mostly unprofitable and burning cash. If even a few of those customers slow down or walk away, the collateral sitting under all this rated debt is a warehouse of chips losing value by the month. The AI bubble used to be a stock-market story you could opt out of. But as of this spring, that isn't the case anymore. So here's the real question: When the people packaging this debt swear to you that it's safe, who do you think is standing on the other side of that trade?

Ricardo

212,622 views • 4 months ago

1:24

"A lot of public risk, a lot of public expense as well." "I think it's notable that Canada is one of, I believe, perhaps the only oil producing country that has carbon capture utilization and storage as a prerequisite to development." "I think it's also okay to be asking how much it's actually going to cost and whether or not we're actually doing the things, David, we need to do to fix the foundation of investment and private sector investment." Kate Harrison

cbcwatcher

28,038 views • 3 months ago

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While established bond rating firms like S&P and Moody’s are being lobbied by investment bankers to award AI giants investment grade status, a small AI-powered ratings firm has already passed judgment on the debt of OpenAI and Anthropic.

BREAKING: UBS proposes bundling private credit loans into investment grade A2 bonds By diversifying the loans the ratings agencies can label the bonds as investment grade, allowing them to sell to insurance companies and retirement funds.

Salesforce CEO Marc Benioff says the $500 billion Stargate Project is "the beginning of trillions" and "the very beginning of what will be one the biggest investment levels in the history of the world" that will "completely transform how we do everything"

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While established bond rating firms like S&amp;P and Moody’s are being lobbied by investment bankers to award AI giants investment grade status, a small AI-powered ratings firm has already passed judgment on the debt of OpenAI and Anthropic.

BREAKING: UBS proposes bundling private credit loans into investment grade A2 bonds By diversifying the loans the ratings agencies can label the bonds as investment grade, allowing them to sell to insurance companies and retirement funds.

Salesforce CEO Marc Benioff says the $500 billion Stargate Project is "the beginning of trillions" and "the very beginning of what will be one the biggest investment levels in the history of the world" that will "completely transform how we do everything"

While established bond rating firms like S&P and Moody’s are being lobbied by investment bankers to award AI giants investment grade status, a small AI-powered ratings firm has already passed judgment on the debt of OpenAI and Anthropic.