Chris Cunningham

Specialist in ML, data engineering, duct tape and bailing wire.

[Milk Road AI @MilkRoadAI]

Chamath Palihapitiya just laid out the most important valuation question nobody on Wall Street wants to answer.

For 20 years, the Mag 7 won because they had the greatest business model ever invented, asset- ight software.

You write the code once, you sell it to a billion people, the marginal cost of the next customer is basically zero.

There is essentially no factories, no raw materials, no union workers, no physical infrastructure, just pure leverage, scale the revenue, barely scale the costs.

That's how you get 30x, 50x, 60x earnings multiples and the market was paying for compounding economics that had no natural ceiling.

But AI just blew that model up.

The hyperscalers, Amazon, Microsoft, Google, Meta are now projected to spend between $600 and $725 billion on capex in 2026 alone, up from $250 billion just two years ago.

That number is climbing, not plateauing and it's not just the chips and the data centers, it's the energy contracts underneath all of it.

When Microsoft re signed Three Mile Island, they locked in a 20 year forward purchase agreement at more than $100 per megawatt hour nearly double the prevailing spot rate of $60 for wind and solar in the same region.

That's a long term liability commitment baked into operating cash flows for two decades.

Here's where Chamath's math gets uncomfortable.

These five or six companies are now collectively spending so much that their capex has exceeded their free cash flow meaning they can no longer self fund growth from operations alone.

In 2025 alone, hyperscalers raised $108 billion in new debt and projections put the total debt issuance over the next few years at $1.5 trillion.

These are companies that, for two decades, were net cash accumulators and now they're going to the debt markets like everyone else with term loans, revolvers, and structured credit facilities.

That's Chamath's core point and it's a devastating one for anyone still modeling these companies the old way.

When a company is asset light, investors pay a premium for that lightness and the multiple reflects the belief that returns on capital will stay high indefinitely, because there's no heavy physical plant dragging them down.

But when Google starts looking like a utility locked into 20-year energy contracts, carrying hundreds of billions in debt, spending half its revenue on physical infrastructure, the rational multiple compresses.

You don't price a utility at 30x earnings, you price it at 12x.

His conclusion is that stop trying to value the hyperscalers themselves and follow the money instead.

A trillion dollars a year is flowing out of these companies into power companies, data center operators, chip manufacturers, cooling systems, fiber networks, rare earth metals.

The companies on the receiving end of that spending are already underpriced because the market is still staring at the senders while ignoring who's cashing the checks.

The asset-light era minted the most valuable companies in human history and the asset heavy era that's replacing it might be the best argument yet for owning everything around them instead.

[Glenn Greenwald @ggreenwald]

You won't hear a better 55-second description of MAGA and Trump than this: in terms of the perspective of any minimally honest MAGA supporter:

[Chris Cunningham @Der_elf_1]

@iyoushetwt TED on CDC Cyber and TECO on PDP-10. Also used the configuration options on a keypunch machine to format cards for COBOL and FORTRAN.

[PEDI 911 RN @911Pedi]

@RpsAgainstTrump

[Brian Allen @allenanalysis]

BREAKING: A Florida meteorologist just went on air and said he can’t accurately report the weather anymore, because Trump’s DOGE cuts gutted the satellite data he relies on.

We’re not just defunding science, we’re sabotaging public safety.

And for what? So a billionaire surveillance firm can get another contract while Americans can’t even get a hurricane warning on time?

[Elon Musk @elonmusk]

It will massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America citizens with crushingly unsustainable debt

[Chris Cunningham @Der_elf_1]

@DavidSacks Apparently you've missed the last 80 years of history between the Russians and the rest of the world.

[The Daily Show @TheDailyShow]

How to understand the stock market if you only watch Fox News

[Nick Di Fabio @NickDiFabio1]

99% of people think the Bible never changed.

But Ethiopia's version is older, larger, & contains lost books revealing:

• Lost prophecies
• Hidden histories
• Stories Western Christianity concealed

Here's what's inside the Ethiopian Bible (& why it was kept hidden):

[Chris Cunningham @Der_elf_1]

@jimkxa Nice list. would add "Zen and the Art of Motorcycle Maintenance"

[Tiffany Cianci @TheVinoMom]

🚨 THE NEXT 2008 IS HAPPENING NOW 🚨

Party City. Joann’s. Forever 21. Big Lots. ALL COLLAPSING.

But this isn’t just “retail struggling.” This is financial arson.

Private equity rigged the system. They built a time bomb. And now? It’s detonating.

A MEGATHREAD: 🧵⬇️

[Chris Cunningham @Der_elf_1]

Who is the dumbass at DOGE that fired the NNSA staff and why isn't their head on a spike outside your office as a warning to everyone to not do stupid stuff?

[Wall Street Apes @WallStreetApes]

UPDATE 🚨 Remember the surgeon who was PULLED OUT OF SURGERY to speak with UnitedHealthcare so they could try and cancel her cancer patients inpatient stay after surgery?

UnitedHealthcare DID CANCEL THE HOSPITAL STAY and now they’re THREATENING HER, she’s showing the proof

“Despite my efforts, they denied her stay. UnitedHealthcare didn’t stop at calling me during surgery. Now, they’ve sent me a legal threat—and even worse? They ended up denying my cancer patient’s hospital stay. Exactly what I was afraid would happen. Staying overnight after major surgery isn’t optional—it’s medically necessary”

“UnitedHealthcare decided they know better than the doctors caring for the patient. When they called me while I was operating, I knew that if I didn’t step out and respond immediately, they might deny her stay—leaving her with a massive bill. — I scrubbed out and called them back. But after all of that? They denied her stay anyway.”

Share this like wildfire

(If you’re not familiar with the original video I have linked it below, it’s the reshared post)

[The Kobeissi Letter @KobeissiLetter]

Here's the full video:

"DeepSeek has about 50,000 H100 Nvidia chips which they can't talk about."

Does this change the narrative at all?

[MeidasTouch @MeidasTouch]

Wow. Bishop Mariann Edgar Budde fearlessly calls out Trump and Vance to their faces. This is heroic.

[sean yoo @SeanYoo]

when you realize you took an edible before doing something serious

[The Vigilant Fox 🦊 @VigilantFox]

The viral moment of the night happened when Chappelle shifted from former President Carter to Donald Trump.

“The presidency is no place for petty people,” Chappelle declared before turning to the camera and uttering Trump’s name.

“I know you [Donald Trump] watch the show,” he continued, delivering a direct plea to the incoming president.

“Remember, whether people voted for you or not, they’re all counting on you. Whether they like you or not, they’re all counting on you. The whole world is counting on you,” Chappelle said.

“I mean this when I say this. Good luck. Please do better next time. Please, all of us, do better next time. Do not forget your humanity. And please have empathy for displaced people, whether they’re in the Palisades or Palestine. Thank you very much, and good night.”

[The Vigilant Fox 🦊 @VigilantFox]

Things took a serious turn when Chappelle mentioned that flags would be flown at half-staff during Trump’s inauguration due to the death of former Democratic President Jimmy Carter.

Chappelle admitted he wasn’t qualified to judge whether Carter was a good president, but he did reach a conclusion about whether he was a good man.

“I was in the Middle East years ago after I quit my show. I was trying to find out what I wanted to do with my life. And while I was there, Jimmy Carter flew to Israel. So everybody in the region was talking about a former American president being in the Middle East.

“And while he was in Israel, a book of his was released, and its title was very controversial in Israel. The title of the book was Palestine Peace, Not Apartheid. People were very mad in Israel. There were a lot of mean stories that came out in the paper, but some people were supportive.

“And while he was there, Jimmy Carter said, I want to go to the Palestinian territory. And the Israeli government said, it’s too dangerous, and if you go, we cannot protect you. And, man, Jimmy Carter went anyway.

“I will never forget the images of a former American president walking with little to no security while thousands of Palestinians were cheering them on. And when I saw that picture, it brought tears to my eyes. I said I don’t know if that’s a good president, but that right there, I am sure, is a great man,” Chappelle said.

[Wall Street Apes @WallStreetApes]

For everyone asking why she personally had to leave the surgery to speak with the insurance company and not a member of her staff, here’s your answer

American doctor exposes new internal change to prior authorization process to deny coverage for Americans

- They’ll only speak to the doctor who put in request
- They WONT SAY WHAT NUMBER THEY’RE CALLING FROM
- They’ll ONLY CALL ONCE
- If they miss the call, the patient will be denied coverage for treatment

[Wall Street Apes @WallStreetApes]

Board Certified Surgeon in Austin, Texas is whistleblower on US Health Insurance Companies

She was just PULLED OUT OF SURGERY
while her patient was asleep and forced to speak with UnitedHealthcare who tries to cancel patients inpatient stay after surgery who has CANCER

“It's 2025 and insurance just keeps getting worse”

“I've never had this happen before. But during the second deep, I had a phone call into the operating room saying that UnitedHealthcare wanted me to call them about one of the patients who was having surgery”

“So I scrubbed outta my case and I called UnitedHealthcare and the gentleman said he needed some information about her, wanna know her diagnosis and whether whether her inpatient stay should be justified. — I was like, do you understand that she's asleep right now and she has breast cancer?”

“It's out of control. It insurance is out of control. I have no other words.”