Former equities trader & small-cap investor. Strategic advisor / consultant to multiple private & public companies. Tweets include companies I work with. DYDD
Joined June 2017
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Jason Assad retweeted
Great to welcome Patrick Fleury, CFO of @TeraWulf on the podcast to discuss 3Q26 Earnings and 2027/28 Outlook, providing more colour and transparency to some of $WULF's recent big updates!!
➡️ youtu.be/ANWVpatPf5I
Jason Assad retweeted
Our CMO Dr. Fred Grossman joined Solomon Wilcots to discuss the significance of the FDA’s approval of our IND application for our Phase 2 study evaluating the efficacy and safety of COYA 302 in patients with #ALS, as well as our Treg-based approach to treatment for ALS.
At Coya, we are committed to advancing our mission of developing innovative therapies for those living with ALS and other #neurodegenerative diseases.
$COYA #EndALS
Jason Assad retweeted
I think one thing is pretty clear. Existing facilities, permitted facilities with grid connections, and data halls soon to come online - they are more valuable today. Why? There is a shortage of power, massive demand, and now - definitively, a moat between powered and grid-connected sites and the rest. In addition to our development pipeline, $WULF will remain focused on an additional CB-6 at Lake Mariner. And I think our 1G at Muskie just became a top contender for the triple crown. Lots of work to do, and all must be consistent with the thoughtful application and zealous protection of our balance sheet, together with preservation of value for shareholders. But $WULF is well positioned.
Jason Assad retweeted
JPMorgan says any dip in AI stocks after a Democratic sweep in the midterms would be a buying opportunity.
The bank expects AI spending to stay strong through 2028 no matter who wins. It sees divided government as the best outcome for stocks: the S&P 500 has averaged a 21% gain over two-year terms of gridlock since 1950, versus 18% under one-party control.
Jason Assad retweeted
"We knew from the beginning that being a passive vehicle for any ecosystem is not really additive... HYPE has a lot of utility within the ecosystem. So, currently to-date we have diversified across 5 business lines." Watch the full interview from @openinterest_hq below where @hyunsujung_ explains how @HyperionDeFi is more than just a DAT.
A SOL treasury and a HYPE treasury, asked to make the case against each other on camera. Both took it seriously.
Garrison (Forward Industries) and Hyunsu (Hyperion DeFi) on yield, value capture, marginal dollars and where the next 10x flows. Recorded in Singapore.
With @notkinsa. Supported by @krakenfx and @trycodex.
Jason Assad retweeted
Yes. The companies that have sites with generation and grid connections win. $WULF. That’s us.
Jason Assad retweeted
Excellent clip from @Shawn_Matthews_ Chairman @HostDigital_ on site selection & community engagement! 👀👀👀 $HOST
When evaluating a data center, the size is only part of the picture. Existing power and real estate, the surrounding community and the economics of the project all matter.
$HOST Chairman @Shawn_Matthews_ joined Ed Ludlow on Bloomberg Tech to discuss our approach to right-sized development, the Oklahoma project and the increasingly selective credit market.
Thanks to Ed and the Bloomberg Tech team for the conversation. You can view the segment here: bloom.bg/4swFskA
Jason Assad retweeted
The data center market needs to distinguish between projects that can use existing power and infrastructure and those that require years of new development. A 20–100 MW facility and a gigawatt campus carry very different execution risks.
The same discipline applies to financing. Credit is becoming more selective, with greater scrutiny of counterparties, cash flows and the ability to repay. That’s a healthy shift toward projects that can deliver.
Thanks to @EdLudlow for the conversation on @technology.
bloomberg.com/news/videos/20… $HOST
Jason Assad retweeted
Joining @EdLudlow on @technology soon.
$HOST Chairman @Shawn_Matthews_ will join @EdLudlow on Bloomberg Tech @technology around 11:20am ET today.
Stay tuned.
RT @Shawn_Matthews_: Investors have grown cautious about data centers, and the caution is spreading to anything near the sector. Some of th…
Best CEO in the space hands down.
Just in 3 months, NeoCloud went from being the coolest kid in the AI trade to a speculative trade.
Kudos to the $WULF CEO for going on air and addressing the concerns head-on.
I’m not saying every NeoCloud is immune to risk. But $IREN and $NBIS shouldn’t be lumped into the same bucket as debt-heavy $CRWV.
The risks were there. We knew them back in 2025, nothing new.. just that the finance bro’s are panicking now..
Or like I keep saying it’s a coordinated effort to short NeoClouds
Jason Assad retweeted
I’ve been thinking about @elonmusk’s deliberate weekend posting about neoclouds, and I don’t buy this as disinterested commentary.
Yes, financing has tightened, and some companies will most certainly take the beat. But we shouldn’t ignore the bigger picture.
First, the timing. SpaceX has just secured $40B in debt to buy GPUs. He then tells the market that companies whose revenue comes from AI infrastructure are about to face mass failures. SpaceX gets to expand while competitors are being called as financial disasters.
The double standard… remember, SpaceX is making an enormous bet on AI compute too. The difference is that it has Starlink’s launch revenue to support its financing. Sure, but it doesn’t automatically make competing AI infrastructure businesses bad businesses.
I acknowledge that credit conditions have deteriorated over the past two weeks… but tighter financing doesn’t mean AI demand has disappeared, contracts have become worthless, or every neocloud is soon to be facing bankruptcy.
And the effect on competitors is enormous. When one of the most influential people in the market publicly predicts an industry’s collapse, he’s clearly helping shape sentiment around companies that already face serious capital requirements thus making financing even harder.. and if investors come to see SpaceX as the only kind of company capable of financing AI infrastructure at scale, that is a very convenient narrative for SpaceX.
Maybe Musk genuinely believes most neoclouds won’t survive.. he may even be right about the eventual consolidation among the weaker players.
But I don’t believe we should automatically treat his commentary as an impartial warning from someone with no stake in the outcome. He has his own enormous business interests in AI infrastructure, and his company benefits from being seen as the exception to the rule he’s describing.
And it bothers me how he’s presenting a complex situation as if the outcome is already clear.
AI infrastructure is one of the biggest investment opportunities of this era. The financing risks are real, but so is the demand. We should be evaluating individual companies on their contracts, power, execution, cash flows and ability to fund their expansion, not letting one billionaire’s narrative decide which businesses deserve to survive.
Jason Assad retweeted
Some leaders keep a low profile, but our CEO @PaulBPrager has chosen a different strategy 🫡
Full credit to our friend (infin1test0rm) on @Stocktwits for this one! You had the whole team laughing $WULF
Jason Assad retweeted
@elonmusk may be right that we'll see unfinished data centers. But not all developers operate the same way.
$WULF follows a disciplined approach:
1. Identify sites with demonstrated customer interest.
2. Secure power from investment grade utilities.
3. Lock down specs, construction costs and schedules through GMP EPC contracts.
4. Secure long-term customer commitments backed by investment grade credit.
5. Arrange financing before committing to major construction.
We may move dirt early, but we don't build on spec.
I suspect we'll see projects stall because of inadequate capital, weak counterparties, execution misses, or regulatory hurdles. For experienced infrastructure developers with strong balance sheets, that creates opportunity.
What others call stranded assets, we may call a development pipeline. @PSInvestor @GavinSBaker
Jason Assad retweeted
Friday afternoon. Busy week. Crappy market. Made it back to the farm on the Eastern Shore from NYC.
A few things worth reinforcing and what I'm focused on next. Here’s my weekly 10.
Jason Assad retweeted
$WULF made Morgan Stanley's 14-stock earnings-catalyst list ahead of its Nov 6 report. Stephen Byrd stays Overweight at $65 and values the HPC leases at nearly 2x what today's price implies per share.
And that's leases in hand, before Muskie's 1 GW finds a tenant.
Jason Assad retweeted
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Jason Assad retweeted
$HOST I said Host Digital was interesting. Here are the details and why:
- 48.8M fully diluted shares, market cap of $145M at $3 a share
- strong management team, chairman is former Cantor Fitzgerald CEO
They are basically the small form version of $WULF signing and converting sites sub 100 MW or so. Here's the tricky part, the stock is closely held by management (low float currently) and the assets are also held by management (sponsors) outside the pubco.
I'm interested because they have 450+ MW of available power to be delivered in 2026 and 2027. Their model is to sign and finance the colocation and then drop them into the public company.
They have a 43 IT MW signed 15 year lease for $1.25B and a 12 IT MW signed 12 year lease for $391M. Neither has been funded. Projects are IG backed and they are confident they can finance at 100% with DSCR >1.2.
That guidance of 450 MW by 2027 is more than what $KEEL can deliver and the Canadians don't have a lease yet, $HOST does.
Now, the rub is that there is gonna be a cost when each of these projects enters the pubco. Given the low share price, there's probably gonna be an option grant whereby once $HOST stock reaches X price, sponsors can convert Y shares at a penny.
This is gonna leave overhead dilution risk and cap the equity price until subsequent sites drop that can exceed the hurdle. Nonetheless, there seems to be value at current levels and you can earn a nice spread on whatever the overhead cap price is. The company recognizes the low share price and announced a buyback a couple of days ago. Lots of execution risk here as well but no risk no reward.
Jason Assad retweeted
Updated to include $HOST sites and a column for delivery dates.
docs.google.com/spreadsheets…
$APLD $BTDR $CIFR $CLSK $CORZ $GLXY $HOST $HUT $RIOT $WULF
There is a lot more scrutiny on debt, credit quality, financing and spreads in recent days. Not every ai landlord is created equal and not every signed co-location lease is the same or share the same economics despite the headlines. Some have more leverage while others may have better debt coverage. I'm sharing my models for the first time. Feel free to save and modify for your own use. Open to corrections. $APLD, $BTDR, $CIFR, $CLSK, $CORZ, $GLXY, $HUT, $RIOT, $WULF
docs.google.com/spreadsheets…