Noel

$IREN The playbook is there. Bootstrapping Nvidia B/GB’s & BTC mining to stack Rubin Ready DC’s. The biggest and most important AI player < 3 years. Pin it. The blueprint for global AI dominance.

@DharmilMehta777 @PatrickMoorhead @DellTechWorld @MichaelDell Powered by IREN 🚀

@PatrickMoorhead @DellTechWorld @MichaelDell Look forward to the epic Dell AI factory!

The Week Ahead In Technology for May 18, 2026. $NVDA Wednesday after the bell is the first hard test of whether $725B in 2026 hyperscaler AI capex actually lands in Jensen's revenue line. I'll be at @DellTechWorld in Las Vegas, where @MichaelDell and Jensen Huang share the keynote stage Monday to likely unveil the next generation of the Dell AI Factory. Watch for the @AMD angle too, after Dell's PowerEdge expansion with Instinct earlier this month. $SNPS reports the same evening as NVIDIA, a second read on AI infrastructure design demand. @Lenovo Thursday on AI PCs and servers. @Intuit on agentic AI in the SMB stack. Carry-over: @CerebrasSystems after its 68% IPO pop and Friday pullback, and the reported clearance of NVIDIA H200 sales to major Chinese hyperscalers following the Beijing summit. Both feed directly into how Jensen frames forward guidance. I'll be on @CNBCOvertime right after the NVIDIA b

Building the infrastructure stack for the AI era. @nvidia @danroberts0101 @MichaelDell

$IREN I really like this deal, in all respects ( $2.6B + $0.4B / upsize, 1% rate, $73 strike, $110 cap price) 🫶

If this is all about housing for young people then why are all our other assets being included such as shares , commercial property , industrial property what’s that got to do with housing ?

$IREN Institutions willing to lend IREN up to $3b for seven and a half years at 1%, while accepting a conversion price of $73 and allowing IREN to hedge dilution up to $110. 🤯 Well done @danroberts0101 and team IREN. 🚀

So $iren convertible bond holders just agreed to an exercise of 55*1.325= $72.88 and $NVDA agreed to an exercise of $70 on its $2.1B investment. The institutional floor is beginning to form and will settle at $70. Time to sign deals and plug in newly delivered GPUs

Another absolute banging review on the current state of IREN and its runway ahead. 🚀Love it Gripps well done mate and thanks for all your efforts - much appreciated 🙏👏@Agrippa_Inv

New $IREN Deep Dive: Childress Unlocked I’ve spent the last couple of weeks writing the most important $IREN deep dive I’ve published to date. Air-cooling at Childress is a MUCH bigger deal than the vast majority of investors and analysts realize. Honestly, $IREN price targets across the board should be well above $100 at this point. But Wall Street missing the forest for the trees is nothing new. I’ve extensively modelled out the company’s near-term pipeline using conservative assumptions (below management’s guidance), and it’s clear as day that the market isn’t properly pricing in $IREN's industry-leading earnings power. $IREN is going to make BILLIONS of actual net income over the coming years… not just meaningless EBITDA or top-line figures, but real profits flowing to the bottom line. If anyone is the next hyperscaler, it’s $IREN. Remember, real hyperscalers are actually profitable… At the same time, every investor should be aware of looming industry risks that affect all neo-clouds in the sector and evaluate how they could impact the investment thesis. That’s exactly what I’ve done for all our readers. These are the topics this new report covers: ➞ Breaking down the new GPU orders + new guidance ➞ Implications of air-cooling ➞ Extensive pipeline modelling ➞ Comprehensive analysis of the new $6b ATM ➞ Risks to the investment thesis ➞ + Plenty of bonus topics This 40+ page mega deep dive covers everything $IREN investors should be aware of today. It’s written in a very reader-friendly way, with many graphics & embedded video clips throughout. I chuckle when I read so-called “analysts” on X give their takes on $IREN after doing nothing more than surface-level analysis (at best). Most investors have no idea where this is heading… If you’ve read the new deep dive, I’d love to hear your feedback in the comments. Appreciate all of you, cheers! ✌️ agrippa.investments/p/iren-childre…

@bitcoinbutcher1 Wise words BB 👍 thanks for sharing

$iren Press Release Reaction 3.04.25 1. 50,000 B300s purchased; note that as of 9/22/25 the company had just under 24k GPUs to go with the 76k GPUs for the $msft deal on 11/3/25 for ~100k total. 2. Company previously guided $3.4B for 140k GPUs for 2026, but this now increases guidance to $3.7B for 150k GPUs. There's a net increase of $300m ARR and 10k GPUs. 3. Existing data centers at Canal Flats and Childress provide capacity to support additional GPUs over time. Yes! Air cool DCs in Texas for B300s likely for inference and RDHx or liquid cooled racks will maximize the cooling to accompany the fan cooling. This is the most under appreciated part of the release. Likely $3-4m/MW retrofit vs $9-11m/MW for a brand new liquid cooled DC. No teardown and rebuild; just a retrofit before plugging in the GPUs 4. $3.5B purchase price equals $70k per GPU for B300, well over the historical prices of ~$55-60k but the company addresses GPU sourcing concerns and the rate environment is favorable for pricing. Per 8-K, it appears $2.3B will be sent to Canada while the remaining $1.2B will be sent to Childress. 5. Separately, IREN has also established an at-the-market equity program as part of its broader capital management framework. The program is intended to complement existing and new funding sources. A lot of investors are spooked by the $6B ATM which does represent a substantial portion of $iren market cap. This replaces the previous $1B ATM from August 2025 that got fully utilized. Notice how the press release reads separately, meaning the GPUs are not associated with the ATM. An ATM of that size can only mean one thing to me; Sweetwater. Why else would @danroberts0101 @mikealfred subject themselves and IR to the burden of explaining funding of this magnitude without a good reason? I personally believe this serves as some sort of assurance to their prospective partner that a new deal will not get off track if debt cannot be immediately secured. Let the skeptics chirp. Head down and keep moving forward. Deal(s) soon.

@TheJohnDorff @FransBakker9812 Legend. Thanks for sharing John

So… This morning, @FransBakker9812 DM’d me with a question: “Can you go to McAlester, OK today?” Turns out, I could go. Here’s my report: Pittsburgh County hosted a meeting in McAlester, OK, on Tuesday afternoon to discuss a proposed tax abatement for Iren ($IREN), a data center company. The committee was comprised of representatives from all the taxing entities in the county and was presided over by one of the county commissioners. $IREN sent Vice President of Operations, Giles Walsh, Head of Data Center Operations, David Shaw, and Jason Date from the commercial team. (It was great to meet them!) The attorney for the county briefly outlined the tax increment financing (TIF) process, which would provide a tax break in exchange for investment and job creation. And, he submitted draft proposals for Iren and the committee’s review. An estimate presented by $IREN indicated the project could generate revenue equal to 25 percent of the county’s current total. There was some discussion about the project having 3 phases, with Phase 1 being 600MW, of the total 1.4GW for the project. The committee didn’t make any decisions about the project. The atmosphere remained calm, with no apparent conflict. The next committee meeting is scheduled for April 6. Two public hearings will follow. If approved, the committee’s recommendation will go to the county commissioners and all other taxing bodies for final approval.

$IREN is going to the moon and there is nothing you can do about it. Travel advice 🚀

Agrippa Investments is LIVE ✅ Over the coming hour I’ll make 2 additional posts on X: - Everything there is to know about Agrippa Investments - Content Launch Schedule For now, enjoy the first deep dives published on Agrippa Investments. ✌️ 👇 CHECK COMMENTS 👇

@Agrippa_Inv Awesome work Gripps. Fantastic write up mate. Congrats 👏

Everything there is to know about Agrippa Investments 👇 In this post, I’ll explain WHY I created this new platform, how it’s set up, and what you can expect from it. I’ve always had a passion for investing and for finding mispriced hyper-growth companies with 100-bagger potential over a 10-year horizon. While I’ll continue sharing work on X, it lacks the tools and structure I need to build a full-spectrum research hub. That’s why I created Agrippa Investments — a clean, user-friendly platform where every section serves a clear purpose. The core of this website consists of 3 sections: - Deep Dives - Analysis & Breakdowns - Radar Reports Most of my in-depth work lives in the Deep Dives section — this is where I cover my highest-conviction holdings from every angle, from company-specific topics to broader industry and structural themes. Just like Deep Dives, the Analysis & Breakdowns section focuses on my core positions, but it zooms in on specific events: earnings releases, major deals, capital raises, and other milestones that materially move the story. The goal of the Radar Reports section is to surface the next potential multi-bagger. To qualify, a stock has to meet one simple rule: I need to believe it has a realistic shot at becoming a 10-bagger over a five-year horizon. These are typically under-covered, undervalued, and widely misunderstood small-cap names. Each Radar Report ends with a clear rating. Each month, I publish 1 Radar Report for all subscribers and 1 additional Radar Report exclusively for Advanced (+) members. Complementing these 3 primary categories is the Key Terms section — a curated index of definitions and explanations that I link across my entire coverage universe inside Deep Dives, Breakdowns, and Radar Reports. Advanced (+) members also get access to the Resource Hub and the Q&A section. Inside the Resource Hub, I provide a range of supporting data and tools — from earnings call transcripts to proprietary financial modelling instruments. The Q&A section is where I respond to investor questions with thoughtful, in-depth answers once a month. Pricing: 💸 There are 2 subscription tiers: Basic and Advanced (+). The Basic plan includes most of the core elements of this platform, including access to all Deep Dives and all Breakdowns. It also includes access to 1 of the 2 monthly Radar Reports. Pricing for the Basic plan comes in two formats: - Monthly ($19.95) - Yearly ($167.99) The Advanced (+) plan includes everything this platform has to offer — everything in Basic plus 1 extra Radar Report per month and access to the Resource Hub and Q&A section. Advanced (+) pricing comes in a single yearly format: $194.99. If you are not based in the US, the subscription price will automatically be converted into your local currency for seamless billing. Substack (the platform provider) also makes it very easy to cancel your subscription at any time, for whatever reason. The pricing structure is designed to make the Advanced (+) tier a no-brainer. Switching to Advanced (+) saves you almost 20% per year relative to the Basic monthly plan. It’s also very simple to upgrade your subscription tier whenever you like — whatever you’ve already paid is automatically credited toward the new plan, making it a smooth and effortless process if you decide to upgrade. I’m very proud of the content roadmap ahead of us; I’m currently on a legendary run in terms of research and the Deep Dives coming out of it, with my new $IREN Deep Dive being the first of many to come. In the next post, I’ll provide a little sneak peek into the upcoming content I’ll be releasing very soon on Agrippa Investments. Thank you so much for the early support — after just ~1.5 hours we’re already close to 80 premium subscribers. Amazing stuff 🫶

@Agrippa_Inv Yeah Gripps!!

Tuesday is Launch Day 🥇 On the coming Tuesday (Nov 18) I’m finally launching Agrippa Investments – an investment research & analysis platform dedicated to helping you become a better hyper-growth stock investor. Every “wannabe stock guru” nowadays wants to sell you a useless course that costs an arm & a leg and consists of info you can easily get for free online. Their aim is to “teach you how to fish”, i.e., teach you to become a great investor who stands on their own legs. What they fail to realize is that 9/10 retail investors have an actual job and don’t have the time to pour 100s of hours into researching single stocks. Teaching you how to fish won’t be of any use if you don’t have the time to fish. Moreover, becoming a great investor isn’t an overnight process – it takes years to get an eye for value and constant commitment to stay on top of your holdings. Over the past ~2 years , I have helped 100s if not 1000s of individuals on X make better stock investment decisions through my research. And while this journey has been incredibly rewarding for me, it’s time to step it up to a whole new level. On Tuesday I will be launching my institutional-grade research & analysis service on Substack (a third-party web / app platform). Usually when I hear someone launching their Substack I cringe – most paid Substack services can barely hold up against my free content here on X… My new service is a whole different animal to what is out there. While I’m sure you’ll grow as an investor with the help of my research, the goal isn’t to “teach you how to fish”; the goal is to provide you with the fish, so that you can make a great dish out of it. In other words, my in-depth research has you covered in terms of due diligence. I can’t give you financial advice, but I can lay out my analysis, my thought process, and my conclusions in a format that’s both easy to comprehend and entertaining to read. You’ll then just have to make the actual investment decisions yourself. I’m extremely confident that the platform I have built is borderline disruptive to the financial media ecosystem. I’m fully aware that something of this caliber doesn’t exist yet. Many of my current followers know me as one of the original $IREN analysts who covered the stock in great depth well before it became mainstream. However, some of my OG followers still remember me as one of the first $HIMS analysts on X. Back in 2023, I went pretty much “all-in” $HIMS at an average price of below $10 and covered the stock extensively here on X. I even published my first ever ~20-page long research report on $HIMS in late 2023 when that stock was trading at $6. S/O to my good friend @Stock_Inf0 who let me publish it on his Substack account at the time. My point is that I’m not “just” an $IREN investor – I specialize in finding under-covered and under-valued hyper-growth stocks before mainstream finance and Wall Street catches on to them. And once I smell blood, I commit heavily – not just in terms of portfolio allocation, but especially in the amount of time I dedicate to analyzing every single detail of the company. It's important to point out that most Wall Street analysts are at a big disadvantage when it comes to this niche of hyper-growth stocks. For one, this category of stocks usually has relatively small market caps, meaning it won’t be on the radar of any large asset-management firm due to a lack of trading liquidity. Basically, a >$50b fund can’t easily deploy funds into the stock without the stock price moving drastically as a result (skewing both price & valuation). Since there isn’t any institutional-driven demand behind the tickers, financial media and research firms won’t cover them either. And even the very few outlets that might write a brief ~2-page article on the stock usually fail miserably at presenting an accurate picture of the firm. Why is that? Most corporate analysts have a wide investment universe. A single analyst may cover up to 20–30 stocks at a time and doesn’t have the time & energy to really dig deep. Only once the public firm has become big & popular enough does the coverage around the ticker improve, but by then the stock has usually already gone up by ~10x. Agrippa Investments will have a very concentrated approach. Instead of covering the typical MAG7 companies or the latest hype stock that has already run up a bunch, I exclusively narrow my focus on a select basket of high-conviction, hyper-growth stocks, as well as covering 2 new potential candidates every month, that will get a rating from me. At the moment my focus is still on $IREN and its ecosystem of related stocks, since I still believe it to be one of the best performers over the mid / long-term, but I have already spotted a few potential candidates that have the potential to become my next high-conviction plays. I’ll cover them over the coming weeks in my “Radar Reports” section on my new page. You may ask yourself why I don’t just launch a premium subscription service here on X. The thing is, X doesn’t have the user interface I require for the kind of research I’m publishing. Per post, I’m limited to uploading just 4 images and lack important editorial features. My new page will have one of – if not THE – best user interfaces that any investment-research platform currently offers. I don’t want to spoil too much, so you will have to see for yourself on Tuesday 😉 I guess by now you’ll have realized that this will be a paid subscription service and wonder what will happen to my X page. I’ll continue posting on X – more than ever actually. It’s not a secret that I have been quite inactive here on X as I have been extremely busy over the past months setting up this venture. But going forward, I’ll leverage the work I do on my premium service and share highlights & interesting graphics here on X. I’ll basically utilize X to amplify my reach and provide value in shorter forms of content, while the premium analysis is accessible on my own page. I’ll continue sharing the type of post I made yesterday on X (I would hardly consider that “in-depth research”) and I believe these types of educational market-psychology posts will always have a home here on X. On the other hand, Agrippa Investments is aimed at answering critical, thesis-defining questions regarding my top holdings in the form of easy-to-understand, yet thoroughly researched deep dives. I’m very excited for the launch & highly confident that this venture will be a massive success. I have already gotten a business partner on board who will help me scale this service and allocate resources effectively into improving our platform. Over the first couple of years we’ll re-invest the vast majority of revenues into growing the team to deliver even more value to our subscribers. For example, one of our mid- to long-term goals is to hold high production-value, in-person interviews with key decision makers in our high-conviction holdings. I’ll reveal more on pricing tiers shortly before the launch on Tuesday. What I can say now is that pricing will be affordable and accessible. However, as the value on our platform increases over time (richer content library) we’ll periodically increase pricing across all tiers. BUT your subscription price will always stay locked at the rate you signed up at – we’ll honor that original deal. On Tuesday, Agrippa Investments will launch with 3 Deep Dives. One of them will be my new $IREN deep dive that I’ll exclusively publish on my new site for FREE. I believe that piece will give everyone a good taste of the calibre of my work. On Tuesday, I’ll also publish my full breakdown & analysis of the $IREN x $MSFT deal to my new subscribers – and from what I’ve seen so far, it stands to be the single best breakdown of this deal that’s published anywhere. More details soon & a massive Thank You to all my followers who have supported my work over the years. I’m appreciative of all of you. 🫶 Cheers! ✌️

(Breaking News) Baillie Gifford highlighted in its Q3 2025 update that it has opened a position in $IREN within its portfolio. "But among them is IREN, a company which started with a simple insight: that the digital world is scaling faster than the physical assets behind it."

Mike Alfred: "@IREN_Ltd has the best site acquisition team in the space, the actual pipeline for $IREN is quite substantial" IREN really likes Canada, because they can run GPU's in an air-cooled setup. I also really like Canada, $500M of ARR at 98% hardware margins, will bring in ~$122.5M of gross profits per quarter, starting as early as Q4 FY2026. This is not only a 175x from Q1 — of which 52% is already pre-contracted 👀 — but this will cover all the projected corporate overheads, making just 50MW at Prince George able to carry the company into substantial net profits going into 2026. Don't stare at the $MSFT deal and forget about the golden goose. Canada is where we will reel in the cash, Childress will have its time, but for now this is just an enabler for what's to come at Sweetwater. Canada will be the breeding ground of IREN's partnerships with AI natives. If you think I'm giving this too much weight, look at what @MarkosAAIG said about the $NBIS earnings call: "As previously noted, Nebius itself emphasized how crucial it is to form early-phase partnerships with key customers, particularly AI labs or enterprises seeking early, co-developed solutions, to build long-term integration and trust. By being capacity constrained, they have essentially excluded themselves from fully leveraging those opportunities at the right time." $IREN already started to forge these partnerships, and look what @kentpdraper said during IREN's most recent earnings call: "The air-cooled servers that we are installing up in our facilities in Canada lend themselves very well to customers who are looking for 500 to 4,000 GPU clusters and want the ability to scale rapidly." This is why we have pre-contracted more than 50% of the GPU's that are bought for Prince George. Because we are building long-term relationships with companies like @togethercompute, @FireworksAI_HQ and other AI natives. Those are the partners that are looking to scale with us, and we have the power for them. IREN doesn't disclose their future sites, but even what we have currently going, we are already trending towards significant EBITDA margins, while scaling up alongside our growing customer base. IREN won't be capacity constrained like $NBIS. IREN won't be delayed by third party data center builders like $CRWV. IREN will be highly profitable, while having only tapped into 16% of the disclosed power by the end of next year. Does it really matter how profitable the first 200MW with Microsoft is? Does 1 deal with tight margins, warrant a doubt about management's ability to execute? Did they not just raise a $1B convertible note at 45% premium and 0% interest? Why is nobody calculating how profitable BC will be at 160MW, $1.8m/MW of capex, and 98% hardware margins? IREN signs deals weekly for GPU's coming online in the coming 4-5 months, in BC. These will all be contracted, and will bring in cash even before the first cluster in Childress is up and running. Don't be fooled by the negative sentiment on this platform. The market is currently selling off every tech stock. Know what you own, the cream will rise to the top. $IREN is just starting.

@litigious_dulce Great take Dulce. Turning the screws. Powerful.

Many "analysts" poo-poo'd the $IREN-$MSFT deal, arguing that IREN should have negotiated for better headline numbers. I already explained elsewhere why the deal provided IREN everything it wanted (e.g., enabling the construction of a T3 next-gen data center without dilution). However, there is another layer to this. By virtue of IREN's revenue/MW being less than $NBIS's, MSFT got a bargain, and hyperscalers love bargains. Now the rest of the Mag7 knows that @danroberts0101 isn't some obstinate curmudgeon. He will say yes to reasonable terms. While negotiations are undoubtedly a compromise, they can be mutually beneficial. With this one deal: 1. IREN's AI/HPC aspirations have been completely validated; IREN will own 200 MW of DCs and GB300s without diluting; and IREN will generate marginally positive cashflow that will eventually earn it a place in the S&P500. 2. MSFT receives high-quality CSP in bulk at a below average price with potential to scale significantly. 3. DELL profits from procurement and installation of the GPUs. 4. NVDA books revenue from GPU sales. Everyone involved is incentivized to do more of these deals because it's that good, and it stems from IREN being vertically integrated, reducing IREN's costs. So ask yourself: If you're MSFT and you can pay $10m/MW or $14m/MW, what are you going to do? And if you are another hyperscaler and you see MSFT paying $10m/MW instead of $14m/MW, what are you going to do? This is old-fashioned price competition, and I love it.

It took the market 2 days to realize that $IREN signing a deal with $MSFT is in fact bullish. This is the competition.