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Own What the Chips Produce, Not Where They Reside: Jim Chanos on the AI Trade
Jim Chanos was on the Monetary Matters podcast this weekend. He is net long AI through the index and short what he calls the financialized middle layer, the NeoCloud plays like CoreWeave that he views as equipment leasing finance companies with mid single digit returns on capital. Own what the chips produce, not where they reside. I also cover Jordi Visser's take on the CapEx air pocket he thinks is coming, why Chinese open source AI models are within six months of the frontier without top end Nvidia chips, and what that means for the LLM commoditization story. Micron also reports this week…
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