Chase Long

being replaced by AI. trying to build a few products. Trading stocks sometimes. Mostly focusing on making money. My picks are NFA. Do your own research.

[Asymmetric Bets @UncleAlpha007]

Addressing the $brun FUD. Have a nice weekend.

1/ ASSET OWNERSHIP — Finance leases under ASC 842 transfer substantially all risks/rewards of ownership. CRWV finances its GPUs too. IREN finances its GPUs. The colo criticism is valid but applies equally to every neocloud at this stage. NBIS and CRWV started with a colocation model as well. So not sure why some would suggest this is a negative? Following a proven playbook. Colocation --> growth --> build your own.

2/ BARE METAL TERMINAL VALUE — If bare metal has no terminal value, $CRWV at $55B market cap is also uninvestable. The market disagrees. BRUN moves up the stack the same way CRWV is — you can't make this argument without being negative on CRWV/NBIS too.

3/ CRYPTO REVENUE — In 2025 BRUN had capacity before customers existed. Throwing idle GPUs at crypto to cover fixed costs while ramping. They now have $1.415B in contracted backlog. Management is implying $4B+ based on LOIs per recent investor deck. Looking at 2025 crypto revenue is looking in the rear view mirror. BTW, CRWV started as a crypto mining company.

4/ CUSTOMER QUALITY — Mira Murati left OpenAI as CTO to build a frontier lab and signed a $471.7M non-cancelable contract with BRUN over CRWV and NBIS. That's the opposite of adverse selection. Management says they have LOIs for $3.5B+ in the pipeline that they expect to convert. The $400M+ ARR is already locked through June 1, so everything additional is beat and raise upside. Guidance is so sand bagged its not even funny.

5/ BRIDGE LOAN — A company in default on an $11M bridge in February is now sitting on $134M SPAC proceeds with a $2B+ market cap and full equity market access. Applying February liquidity constraints to June 2026 is stale analysis. We already saw this play out with $IQE HSBC. The bridge loan is a joke.

6/ PRICING POWER — The binary is simple: you're either AWS (expensive, full stack) or bare metal optimized. NBIS and CRWV sell the same thing. Nobody calls them uninvestable on pricing power grounds. 3-year non-cancelable contracts already lock in current pricing anyway.

7/ EXEMPLAR — 8 providers out of hundreds of NVIDIA Cloud Partners. If it were easy there'd be 80 partners not 8. The preferred GPU allocation is structural. NVIDIA equity would be nice but the certification is independently validated.

The M&A comp you're missing: IREN just acquired a company at 5x ARR on $125M ARR. BRUN is at $470M ARR run rate right now. At 5x that's $2.35B — roughly current EV. At $1.2B LOI ARR that's $6B. The M&A floor alone justifies the current price with significant upside.

@aleabitoreddit @leopoldasch @mkfilko @burningbushcap @ParadisLabs

[Chase Long @chasing_long]

@Glassesman88 can buy a dinner

[Chase Long @chasing_long]

@mikealfred Top ticked GJ

[based16z @based16z]

> shows up
> loses 10 billion dollars
> leaves

[Chase Long @chasing_long]

@Glassesman88 bro why you had 1 GLW 😭

[Chase Long @chasing_long]

@JamesTrvdes I’m long and up and I still say everyone is a genius in a bull market. It is true because you just buy shit and it goes up

[Chase Long @chasing_long]

@omgsidewalks yes lotto wins are tax free in canada

[Luke Metro @luke_metro]

From a young age, I have always wanted to be the exit liquidity for shareholders of artificial intelligence companies

[Chase Long @chasing_long]

@jackfriks @hunterjisaacson U never free unless you have money working for you and not the other way

[Chase Long @chasing_long]

@DeepDishEnjoyer @notthreadguy Have balls

[Chase Long @chasing_long]

@solvingfrank how are fifa tickets?

[Chase Long @chasing_long]

@citrini @d_gilz congrats @citrini you guys are going to make $500 on your position

[Asymmetric Bets @UncleAlpha007]

$BRUN has not gone mainstream yet like $crwv $nbis $iren despite being $nvda exemplar status (only 6 companies) and having potential to do $1B+ in 2027 revenue.... $brun should grow faster than the big players off a smaller base as $cdw feeds them clients

https://t.co/TB8tZj3zAf

[djcows @djcows]

> found a $10 bill
> took 5 seconds to pick it up
>$63m annualized ARR

[Chase Long @chasing_long]

@bubbleboi $60

[Chase Long @chasing_long]

@Globalflows are you still bullish ORCL?

[Chase Long @chasing_long]

Imagine selling so some German mf can print on his puts lmao. Market is full of cucks

[Chase Long @chasing_long]

@PurpleDrink_LLC Do one with orcl

[TOGI @ShaneStoffer]

If you are ever depressed

Just remember that there’s at least 500 niggas full port on GME waiting for the short squeeze 🤣🤣🤣🤣🤣🤣🤣🤣🤣

[Chase Long @chasing_long]

@MktMavPro Yeah my cb is 160. I’m not 100% ytd on it yet 😭😭😭