$IREN: Leading Lab, Thinking Machines?
Great find by @sri_sri_dokania on $IRRN director promoting Thinking Machines. This could be the leading lab that $IREN is working with.
Most people think bigger name better but I’m coming to the realization that smaller enterprises and
These semi-hit pieces tell me that $IREN is near bottom and shorts have paid to max-FUD to have a liquidation candle and to take profit.
Anyone following $IREN knows that IREN has been operating well in PG for 4 years now and the buildings are simply retrofitted for AI HPC.
$IREN: Owning Your Datacenters
Here's a critical earnings call snippet from @conceptualnomad that says IREN can eventually use their datacenters to finance the buildout of future datacenters while the GPUs can be covered 90% from prepayments and debt financing.
The upfront
Neoclouds: Nvidia’s Margins
I’m invested in an Neocloud called $IREN and am monitoring a headwind where Nvidia sees most of the margin benefits from improvements in GPUs.
In other words, Nvidia takes most of the higher benefits of higher $/MW. However Jensen is a good team
Love that @daniel_koss, big $NBIS investor saying that access to POWER is the bottleneck. For his power plays he likes $BE and $FCEL. I think $BE is the cleaner, safer play but when demand-supply gets tight, more companies get looked at.
For power, I like $IREN who has grid
$IREN: EV/Forward ARR or YE26 Exit ARR
A very fast growing AI Platform/Neocloud should trade at 6x EV/Forward ARR while a stagnant or mis-executing one trades at 3x EV/Forward ARR. Remember this is Forward ARR for end of year not just ARR.
$IREN has been slow to ramp execution
$IREN: Successful H1 Acceptance
$IREN has successfully delivered 50MW IT H1 to MSFT. This is the first domino to fall for IREN’s ramp to execution. Execution converts to AI revenue which will rerate IREN at significant AI Revenue threshold at ~200m/quarter which is what $NBIS
