Jim Chanos Warns IREN Taking 'All The Risk' In $9.7 Billion Microsoft AI Pact: 'Deal Will Decrease EPS'

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2025/11/05

Famed short-seller Jim Chanos has poured cold water on the market’s excitement for IREN Ltd.‘s (NASDAQ:IREN) new $9.7 billion AI cloud deal with Microsoft Corp. (NASDAQ:MSFT), warning that the deal is...

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(NASDAQ:MSFT), warning that the deal is...</p>\n\n<a href=\"https://www.benzinga.com/markets/equities/25/11/48645965/jim-chanos-warns-iren-taking-all-the-risk-in-9-7-billion-microsoft-ai-pact-deal-will-decrease-eps\">网页链接</a>\n\n</div>\n","source":"benzinga_recent_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Jim Chanos Warns IREN Taking 'All The Risk' In $9.7 Billion Microsoft AI Pact: 'Deal Will Decrease EPS'</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJim Chanos Warns IREN Taking 'All The Risk' In $9.7 Billion Microsoft AI Pact: 'Deal Will Decrease EPS'\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-11-05 16:04 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.benzinga.com/markets/equities/25/11/48645965/jim-chanos-warns-iren-taking-all-the-risk-in-9-7-billion-microsoft-ai-pact-deal-will-decrease-eps><strong>Benzinga_recent_news</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Famed short-seller Jim Chanos has poured cold water on the market’s excitement for IREN Ltd.‘s (NASDAQ:IREN) new $9.7 billion AI cloud deal with Microsoft Corp. (NASDAQ:MSFT), warning that the deal is...</p>\n\n<a href=\"https://www.benzinga.com/markets/equities/25/11/48645965/jim-chanos-warns-iren-taking-all-the-risk-in-9-7-billion-microsoft-ai-pact-deal-will-decrease-eps\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MSFT","symbol_name":"微软","start_time":0,"source_url":"https://www.benzinga.com/markets/equities/25/11/48645965/jim-chanos-warns-iren-taking-all-the-risk-in-9-7-billion-microsoft-ai-pact-deal-will-decrease-eps","article_id":"2581746078","we_media_id":null,"thumbnails":["https://cdn.benzinga.com/files/images/story/2025/11/05/IREN-Limited.jpeg?optimize=medium&dpr=2&auto=webp&width=120"],"rights":{"source":"benzinga_recent_news","url":"https://www.benzinga.com/markets/equities/25/11/48645965/jim-chanos-warns-iren-taking-all-the-risk-in-9-7-billion-microsoft-ai-pact-deal-will-decrease-eps","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2581746078","pubTimestamp":1762329840,"columns":[],"sourceInfo":{"source_id":"benzinga_recent_news","name":"Benzinga"},"weMediaInfo":null,"summary":"Jim Chanos warns IREN is taking \"all the risk\" in Microsoft AI deal, claiming it will \"decrease EPS\" with returns below its cost of capital.","collect":0,"end_time":0,"defaultTopTitle":"benzinga.com","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"MSFT":"微软","IREN":"IREN Ltd"},"translate_title":"吉姆·查诺斯(Jim Chanos)警告IREN在价值97亿美元的微软人工智能协议中承担“所有风险”：“交易将降低每股收益”","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"IREN":1.5,"MSFT":1.5},"content_text":"Famed short-seller Jim Chanos has poured cold water on the market’s excitement for IREN Ltd.‘s (NASDAQ:IREN) new $9.7 billion AI cloud deal with Microsoft Corp. (NASDAQ:MSFT), warning that the deal is a high-risk financing arrangement that will likely harm shareholder value.\nCheck out IREN’s stock price here. \nIn a detailed analysis posted on the social media platform X, Chanos argued that despite IREN’s stock skyrocketing on the news, the deal’s underlying financials are “below $IREN's cost-of-capital.”\nChanos, who posted a ROIC/IRR analysis of the deal, claimed that even with “favorable assumptions,” the project’s return on invested capital of 7.7% and unlevered internal rate of return of 10.2% are too low.\nHe dismissed market enthusiasm, stating, “The 20% IRR figures people are throwing around are ridiculous. This is a financing deal, w/IREN taking all the risk.”\nThe critique comes just days after IREN announced the five-year agreement to supply Microsoft with NVIDIA GB300 GPU cloud services, a move that sent its stock to new highs.\nSee Also: Jim Cramer Says Forget CoreWeave As He Reverses On IREN, Nebius: Past Doubts ‘Don’t Matter,’ Amid ‘That Much Demand’\nChanos’s “sanity check” also highlighted what he sees as unfavorable terms for IREN. He calculated that the 77,000 GPUs in the deal are “being rented-out at an implied $2.88 per hour… well below where other deals have happened.”\nHis analysis concluded with a stark warning for investors celebrating the revenue milestone. “Finally, it's hard not to conclude that this deal will actually DECREASE EPS at $IREN going forward,” Chanos wrote, adding that the company faces “increased balance sheet risk and/or equity dilution” as a result.\nThe deal, one of the largest in the AI infrastructure sector, involves IREN purchasing $5.8 billion in equipment from Dell Technologies, to be funded through cash, customer prepayments, and other financing.\nBenzinga reached out to IREN for comment on Chanos’s analysis but did not receive an immediate response.\nDespite ending 1.65% lower at $66.63 apiece and falling further by 1.46% after-hours, IREN has scaled 537.00% year-to-date returns. It has advanced 645.30% over the year.\nIt maintains a stronger price trend over the long, short, and medium terms, with a poor value ranking. Additional performance details, as per Benzinga’s Edge Stock Rankings, are available here.\nWhile the S&P 500, Dow Jones, and Nasdaq 100 closed lower on Tuesday, the futures were mixed on Wednesday.\nRead Next:\nDisclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.\nPhoto courtesy: Shutterstock","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}