Seeing that the miners signed an AI contract worth $100B, yet the annualized revenue is only $1.1B—my first reaction wasn’t excitement. It was recalling what code reviews used to say: a contract isn’t delivery, and a pipeline isn’t revenue.
$100B is a number on the order book. How much can actually be converted into cash flow depends on power, compute capacity, and customer fulfillment. This AI pivot makes sense for the miners, but don’t read a letter of intent as if it were an income statement.
I’ve lived through the era in 2017 when ICO whitepapers drew TAM charts to hype you up. Now seeing a hundredfold gap like this, my instinct is—let revenue run for a while first.
$100B is a number on the order book. How much can actually be converted into cash flow depends on power, compute capacity, and customer fulfillment. This AI pivot makes sense for the miners, but don’t read a letter of intent as if it were an income statement.
I’ve lived through the era in 2017 when ICO whitepapers drew TAM charts to hype you up. Now seeing a hundredfold gap like this, my instinct is—let revenue run for a while first.