- PSIX delivered an exceptional Q3 beat-and-raise, surpassing record Q2 2025; yet it trades at a fraction of the valuation when shares topped $100.
- If announced expansions materialize, behind-the-meter capacity could rise from ~30 GW in 2027 to >100 GW by 2030, creating excess-supply risk for incremental providers.
- Without major political change or much higher AI monetisation, the author says rapid U.S. data-center buildout is neither economically nor politically supportable.
- After reviewing ANT’s S-1 and election results, the author closed most PSIX longs, retained an OTM call, and kept sector shorts.
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