Frazier

Every business has a price at which you should buy it. For some that price is negative.

[Frazier @Frazier_Cap]

@JerryCap And this is Azure Foundry is shit and Bedrock is eating their lunch

[Frazier @Frazier_Cap]

@pekwat Which 3y period?
Because next 3y is going to be $1T

[Frazier @Frazier_Cap]

@TotemMacro @atelicinvest MFU != utilization

Data centers are ~100% utilized

[Frazier @Frazier_Cap]

@TMTLongShort Why would hynix take money from hyperscalers with 0 FCF if they have $150b of their own

[Frazier @Frazier_Cap]

@pekwat Moving from pure rental model to also buying chips, i.e. need upfront investment

[Frazier @Frazier_Cap]

@JerryCap A CSP bear case from Jerry? Wow, did not think I would see the day.

[Frazier @Frazier_Cap]

@viggy_krishnan @kab604 MSD vs (LSD) is worlds apart at this leverage

[Frazier @Frazier_Cap]

@pekwat Going to be $500b of NTM revenue by the time they have all IPOed

[Frazier @Frazier_Cap]

@citrini Wiwynn for ODMs

[Frazier @Frazier_Cap]

@JigsawCap @TMTLongShort If you go to true 6% and aren‘t a competitive bodybuilder, you are kinda retarded

No one needs glute striations in everyday life

[Frazier @Frazier_Cap]

@JigsawCap @TMTLongShort Fully agree, but how many people are actually <10% bf?

Gen pop thinks you are lean if you are ~<18%

[Frazier @Frazier_Cap]

@MetacriticCap Trainium (and to som extent TPU) are much cheaper
Seems fine for nvda only

[Frazier @Frazier_Cap]

@evrgn11112231 Have fun being wrong in the next months

[Frazier @Frazier_Cap]

@evrgn11112231 How is it hard to accept that a rapidly growing business with inproving margins that is amortizing fixed cost over a growing base is starting to become profitable?

Run the math yourself on their GW of compute vs ARR

[Frazier @Frazier_Cap]

@evrgn11112231 I don't have access to GAAP financials, but like I said above they likely soon will be

[Frazier @Frazier_Cap]

@evrgn11112231 Anthro has grown >3x YTD (reported, actual now ~4x) at 70% incremental margins with ~$25b of rev per GW of inference compute

Were they quite unprofitable in 2025? Yes
Is the story different now?
Also yes