Antonio Linares
IREN, AMD and Tesla Are "Infinite Money Glitches"
10/6/2025, 5:00:08 PM
Economic Summary
- Compute demand is rising year-over-year and has done so since the advent of computers, implying durable tailwinds for companies supplying compute infrastructure (e.g., AMD).
- The speaker frames certain investments as 'blueprints' that can 'print an asset' with potentially exponential demand in the new AI-driven economy, creating large upside if AI scaling laws continue to hold.
- Key risks include execution and key-person risk (specifically naming Lisa Su) and the possibility that AI scaling laws fail to persist, which would materially limit upside.
Bullish
- Humanity's consumption of compute grows every year, supporting long-term demand for AI infrastructure.
- A 'blueprint' that enables printing a valuable digital asset creates potential for exponential demand.
- Current odds appear favorable for the thesis given existing compute consumption trends.
Bearish
- AI scaling laws may not persist, which would reduce upside for AI-related theses.
- Key-person or execution risk (e.g., leadership like Lisa Su) can derail the thesis.
- The thesis depends on continued structural trends; if demand patterns change, downside emerges.
Bullish tickers
AMDRKLB
Bearish tickers
AMD
AMD
Bullish
Beneficiary of rising, multi-year compute demand and of any 'blueprint' that drives exponential AI-related asset demand.
Bearish
If AI scaling laws don't persist or execution falters, AMD's upside from AI infrastructure demand could be limited; also key-person risk noted.
RKLB
Bullish
Cited as an example of a 'blueprint' style play that could see strong demand if the new economy dynamics play out.
Bearish
Mentioned as an analogous 'play' but thesis could fail if structural assumptions or demand trends change.
People mentioned
Lisa Su