Jim Chanos

speaker

353 appearances 1 recordings 1 series first heard Jul 2026 last heard 31 Jul

Jim Chanos’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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Prof G Markets · Jim Chanos: We’re In The Golden Age Of Fraud · 31 Jul 2026 podcast

I don't know that they're as at risk given their balance sheets.

We know Google just went into negative free cash flow in this last quarter.

These companies are still funding most of their build from internally generated cash.

So in that respect, they're in much better shape than some of the other companies.

But again, that didn't prevent General Electric from going down 40% in 2001, 2002.

And increasingly, the returns on that investment that they are increasingly making are dropping.

They're still robust, but they're not what they were.

And in fact, we track that pretty closely.

And most of the return on incremental invested capital, that is, how much additional operating profit are you getting from an additional amount of investment?

has been pretty much cut in half for the hyperscalers over the past year and a half.

And that's a lot.

And companies that were earning 100% incrementally on their capital are now earning 25%.

And a couple of the companies are now earning in the teens on their incremental investment.

And if that continues to deteriorate over the next 12 to 18 months,

I think the C-suites in Silicon Valley for some of the giants are going to be having some interesting conversations about their continued spend.

I know that they feel that they can't, quote unquote, lose the race.

But there could come a point, you know, 18 months from now where they're all losing the race.

And that gets back to our original question, which is unanswerable, which is what is the ultimate solution?

ROI on all this spend, not for NVIDIA or OpenAI or Anthropic, but for you and for me and for the plumber down the street and corporate America and what advantages and what increases

to productivity and profitability will that bring?

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