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Mint
30-06-2025
- Business
- Mint
Chanos Warns of AI Pullback, ‘Absurd' Bitcoin Treasury Companies
(Bloomberg) -- Enthusiasm for all things artificial intelligence has helped propel stocks to another all-time high, but the AI ecosystem is getting close to a potential pullback, warned legendary short-seller Jim Chanos. The founder of Chanos & Co. likened the dominance of AI companies to networking giants such as Cisco and Lucent which characterized the market of the 1990s and saw their stocks soar as companies upgraded their systems to handle the new internet age. At a live recording of the Odd Lots podcast in New York, he cautioned that a potential pullback in demand from corporate customers for AI-related goods and services could spark a contraction in both corporate earnings and economic growth. The risk is that customers who are spending billions of dollars on everything from data center space to semiconductors could end up unexpectedly curbing their capital expenditure. In the early 2000s, at the height of the Technology, Media, and Telecommunications (TMT) bubble, companies like Cisco and Lucent saw their massive order backlogs suddenly evaporate and their valuations plummet. Now, with some signs of a slowdown in the labor market and potential disruptions from tariffs, it's possible that big corporate customers cut back on their spending plans once again. 'There is an ecosystem around the AI boom that is considerable as there was for TMT back in '99 and 2000,' Chanos said. 'But it is a riskier revenue stream because if people pull back, they can pull back CapEx very easily. Projects can get put on hold for six months or nine months, and that immediately shows up in disappointing revenues and earnings forecast if it happens.' 'We're not there yet, but that's one of the risks out there that I think a lot of people are underestimating,' Chanos said. As stocks surge, Chanos has been warning of other market absurdities including the proliferation of Bitcoin treasury companies which raise money to buy and hold the cryptocurrency. He's been beefing with Michael Saylor, founder of Strategy, in a high-profile dispute over the value of the company. Strategy's market cap of more than $100 billion far outstrips the roughly $60 billion value of the cryptocurrency on its balance sheet. Saylor has justified Strategy's lofty valuation by arguing that the company's ability to raise funds at a premium essentially means its business model is 'risk-free.' 'There's a wonderful sales job that's being done about the fact that this is an economic engine in and of itself,' Chanos said. 'And so therefore, terms like 'Bitcoin yield' are used and I've called them financial gibberish because they are.' When asked for his thoughts on Tesla Inc., whose stock Chanos has previously shorted, he drew on the Cisco parallel once again. 'There's always one stock in every bull market that has that, at least that imprimatur of, I call it hopes and dreams,' he said. 'Everyone can really project their hopes and dreams onto that company and then value it any way they want. And Cisco was that company, by the way, in '99. And [now] it's undoubtedly Tesla.' 'You could see Elon robbing a Brinks truck with a mask on or whatever [and people would say] 'Oh, that's Elon. I'm sure they're going to have a new business of robbing Brinks trucks. And we'll put a trillion [dollar] valuation on that,' he said. More stories like this are available on
Borneo Post
27-04-2025
- Borneo Post
Minister: Show no compromise against cyber threats
Julaihi (second right) fields questions from the press. — Photo by Matthew Umpang KUCHING (April 27): The Sarawak government and federal authorities should adopt an uncompromising stance in responding to cyber attacks, said Utility and Telecommunications Minister Dato Sri Julaihi Narawi. He said effective enforcement was crucial in deterring future cyber threats, and there was a need for enforcement agencies to stay vigilant and adamant in curbing cyber crimes. 'We must be firm and ensure that any attempts to disrupt or threaten our technology usage are dealt with seriously. 'Our regulations are already in place. It is now a matter of enforcement and vigilance on the part of all parties, including individuals and the community, to remain cautious of cyber threats,' he told reporters when met after launching the 'MCMC-Microsoft AI Tech Skills for AI-enabled Economy' programme at the Centre for Technology Excellence Sarawak (Centexs) here today. He added the state government would continue taking proactive steps in addressing the ever-evolving threat of cyber attacks. 'As technological developments are dynamic, we must keep pace with these changes. Related agencies must take appropriate measures to curb challenges that could disrupt the harmony of our digital environment,' he said. Meanwhile, Julaihi also encouraged the sharing of knowledge and expertise among stakeholders to strengthen defences against cyber threats. 'Knowledge is dynamic, and we should be open to sharing useful information and best technologies available to prevent cyber attacks. It is important that we continuously adapt to the latest developments.' Among those present were Ministry of Utility and Telecommunication deputy permanent secretary Syed Mohamad Fauzi Shahab, Centexs chief executive officer Dato Syeed Mohd Hussien Wan Abdul Rahman, Sarawak Digital Economy Corporation chief executive officer Dato Sudarnoto Osman and Malaysian Communications and Multimedia Commission (MCMC) Kuching Branch director Scott Kueh Sui Yek. Also in attendance were Sarawak Artificial Intelligence Centre chief executive officer Professor Dr Patrick Then, Sarawak Multimedia Authority deputy general manager Dr Suhaila Jaffar, Social Security Organisation Sarawak deputy director Farinah Japar and Biji-biji Initiative chief executive officer Rashvin Pal Singh. cyber crimes cyber security cyber threats Datuk Julaihi Narawi
The Sun
22-04-2025
- Business
- The Sun
S'wak confident in supplying 30 MW power to Sabah after grid project
KOTA KINABALU: Sarawak is confident its plan to supply 30 megawatts (MW) of electricity to Sabah will be realised once the grid project in northern Sarawak is completed. Sarawak's Utilities and Telecommunications Minister Datuk Seri Julaihi Narawi confirmed that the grid project is nearing completion, with the final phase expected to be finished by the end of this year. 'We have signed a power exchange agreement with Sabah, and initially, we agreed to supply 30 MW of electricity, depending on the completion of the northern Sarawak grid. 'Once completed, we could increase the supply to 50 or 80 MW, depending on demand,' he noted. Julaihi was speaking to reporters after attending a memorandum of understanding signing ceremony between the Sabah Energy Commission and Sarawak's Utilities and Telecommunications Ministry, aimed at standardising the regulation of electrical equipment and gas appliances. He also explained that Sarawak intends to complete the Borneo Grid project before exploring the possibility of supplying electricity to the Philippines, a long-term plan that will require a feasibility study. Sarawak, he said, aims to become a key energy hub for Borneo, Malaysia and Southeast Asia in the future. On Feb 17, it was reported that Prime Minister Anwar Ibrahim had asked Sarawak to supply its excess electricity to the southern Philippines via Sabah starting next year.
The Sun
22-04-2025
- Business
- The Sun
S'wak confident in supplying 30 MW of power to Sabah after grid project completion
KOTA KINABALU: Sarawak is confident its plan to supply 30 megawatts (MW) of electricity to Sabah will be realised once the grid project in northern Sarawak is completed. Sarawak's Utilities and Telecommunications Minister Datuk Seri Julaihi Narawi confirmed that the grid project is nearing completion, with the final phase expected to be finished by the end of this year. 'We have signed a power exchange agreement with Sabah, and initially, we agreed to supply 30 MW of electricity, depending on the completion of the northern Sarawak grid. 'Once completed, we could increase the supply to 50 or 80 MW, depending on demand,' he noted. Julaihi was speaking to reporters after attending a memorandum of understanding signing ceremony between the Sabah Energy Commission and Sarawak's Utilities and Telecommunications Ministry, aimed at standardising the regulation of electrical equipment and gas appliances. He also explained that Sarawak intends to complete the Borneo Grid project before exploring the possibility of supplying electricity to the Philippines, a long-term plan that will require a feasibility study. Sarawak, he said, aims to become a key energy hub for Borneo, Malaysia and Southeast Asia in the future. On Feb 17, it was reported that Prime Minister Anwar Ibrahim had asked Sarawak to supply its excess electricity to the southern Philippines via Sabah starting next year.
Chicago Tribune
07-02-2025
- Business
- Chicago Tribune
Porter Commissioners, Soliday differ on House bill shifting energy permitting to the state
The Porter County Board of Commissioners unanimously approved a resolution opposing Indiana House Bill 1628 on Friday morning — a measure which would give authority for approving multijurisdictional utility projects affecting electricity, gases and fluids, and water to the state by July 1, if approved in the current legislative session which ends April 29th. State Rep. Ed Soliday, R-Valparaiso, who chairs the Committee on Utilities, Energy, and Telecommunications, says the resolution is a reaction to local governments allowing themselves to be influenced by the same group of 300 that travels the state attempting to throw up roadblocks to progress with scaremongering. 'If you're going to do public policy by the mob, I don't know how that will work,' he said by phone Friday afternoon. 'We have 72 counties in the state that have moratoriums on renewables, and if you ask them why, they can't explain it,' Soliday said. 'All 1628 was for was to start a conversation on two things: 1) Should one county be able to block a project? And 2) We're in transition and need to onshore manufacturing.' Soliday said the $50 billion worth of new business coming to the state is 100% on board with renewable energy 'because they want to sell their products to Europe, Canada, places that want to know what you're doing' to limit our carbon footprint. 'Do we tell these people, 'Not here?' Is that who we want to be? Where are our kids going to work?' All three Porter County commissioners and the president of the county council say they want to be officeholders who answer to their constituents. 'Once local governance is taken away, why even bother having local governance?' asked Porter County Council President Andy Vasquez, R-4th. 'We serve the citizens of Porter County, and we never want to serve the interests of anyone else, because they're the ones who elected us.' 'I'm opposed to any bill that takes away local control,' said Board of Commissioners Vice President Ed Morales, R-South. 'That's never good.' Board of Commissioners President Jim Biggs, R-North, said he's never heard of a large infrastructure project where a tax abatement wasn't sought by the developer. 'Are they (the state) going to dictate a tax abatement?' he asked. 'I'm really concerned; is the state of Indiana going to take that authority away from us? I think it's stunning that they did not address that.' Soliday pushed back against Biggs' arguments, saying he knows Biggs was at the Statehouse just the other day and didn't bother to speak with himself or HB 1628 sponsor Craig Snow, R-Warsaw. For his part, Biggs complained that Soliday didn't reach out to the county and brought up the E911 bill that he said the state mandated without providing a funding mechanism as a past example of edicts from the state. County officials aren't the only ones concerned. State Sen. Rodney Poll, Jr., D-Chesterton, said he just had a conversation with Porter Council Council Vice President Red Stone, R-1st, 'about how the state is getting increasingly hostile to local government. 'I think it's terrible,' he said of HB 1628. 'It's something in which we're taking away the choice of what happens in the local community and that to me is not small government.' Others, such as State Sen. Ed Charbonneau, R-Valparaiso, are reserving an opinion until they know more. 'Since the bill's still in the House he hasn't had time to consider it yet,' said Charbonneau's Press Secretary Emma Balzer. Other legislators representing the county could not be reached for comment by press time. County Commissioner Barb Regnitz, R-Center, asked what would be the best way to get the resolution in front of them. 'I have no problem if a county wants solar farms, and there are a number of them that do, but Porter County is not one of them,' she said. She also wanted to know if these multijurisdictional projects would be allowed in any zone. 'Have they said what zone it would be in?' she asked. 'No,' replied Porter County Attorney Scott McClure. Soliday acknowledged a solar farm could qualify for circumventing local permitting requirements under the bill if it passes. 'It would be up to them to make the case' because one county would be moving electricity across county lines, he said. 'Generally the solar piece depends on what we do in the amendments.' But as far the proposed Malden Solar Farm is concerned, Soldiay said the sun has set on any industry interest there. 'They'll never come back,' he said. 'NextEra has not talked to me for a minute.' Still, he said that since solar has to be near transmission lines the Indiana Utility Regulatory Commission identifies areas that are ideal for solar farms. Should the bill pass it may contain language that gives counties latitude for selecting the placement of solar farms in their borders as well as considering the location of solar on lowest-yield farmland such as sandy soils or near coalfields. Soliday said the Committee on Utilities, Energy and Telecommunications is busy working to amend the bill with input from any interested party. He said 25 witnesses testified for the committee on Tuesday and those speaking for the bill outnumbered those against it two-to-one. 'If citizens come down, they get to have input,' he said. 'That bill will not be finished, assuming I even let it out of committee, until April 27th.'
