Gerry Smith

$IREN is a powerhouse fueling AI's energy hunger. Currently has a market cap of 13.7B. This will x 20 to 30 during this AI revolution. Monthly chart looking beautiful 😍 Few

$IREN Bernstein reiterates $125 price target on IREN👇 We are Outperform on IREN (PT$ 125). The investment case for IREN is based on a strong 4.5GW power portfolio that allows IREN to build and scale its AI business. IREN has demonstrated a disciplined approach to building D2C AI cloud - mix of long term and on-demand contracts, diversified funding sources and quick execution ramp-up. If IREN can deliver on “time to market” for MSFT, then we believe, its 4.5GW portfolio (90% uncontracted) allows for optionality to scale with the evolution of AI stack (Blackwell to Vera Rubin et al) with major hyperscaler partners requiring reliable power and execution capacity. We believe the “time to market” thesis will continue to prevail in the current competitive and power constrained environment. At the end, Don’t just watch from the sidelines. Hit follow and let’s stack together.I'll always keep the $IREN channel up to date. I do what I say.

@Agrippa_Inv Great post

$IREN: Putting things into perspective There is really no other way to put it. $IREN's recent price action has been severely disappointing. The stock is now down over 20% YTD and nearly 60% from its all time highs. I honestly feel for people who first started investing in $IREN over the past ~6 months. $IREN hasn’t been the easiest stock to hold in recent months. There is no doubt about that. These days, I’m getting messages left and right from friends and family who are positioned in the stock. Most of them are baffled by the price action and are trying to make sense of it, and I think many investors find themselves in a similar situation. In this post, I’ll lay out my perspective on the matter, providing you with some valuable context on the current situation. First of all, it’s clear that much of the current sell-off over the past couple of weeks can be attributed to the macro backdrop. Virtually every stock is getting hit hard by a situation outside of management’s control. Clearly, however, some stocks are getting hit harder, and $IREN finds itself in that bucket. I see many investors attributing this volatility to the fact that $IREN's market cap is relatively small, but I wouldn’t say that’s the primary reason. After all, the company’s market cap has increased tenfold over the past year, and the stock still pretty much trades the same, with lots of volatility in both directions. Just consider that $TSLA is a company with a trillion dollar market cap, yet it still trades like many small and mid caps. The real reason for heightened volatility in some stocks is the gap between diverging opinions around the investment story, not just the market cap itself. Public companies that have a wide range of differing views will naturally trade with more volatility than something that is more established and has a stronger consensus among market participants. A great case study is Apple. Nowadays, $AAPL's price action is far less extreme than it was in the early 2000s. What changed is that, back then, Apple was still far less established than it is today, and its long-term positioning was much less clear to the market. The company’s moat was nowhere near as obvious as it is now. Many market participants feared fierce competition from the Windows ecosystem, with some even arguing for the inevitable commoditization of the PC itself. Then, on the other end of the spectrum, you had $AAPL bulls who saw the company as much more than just a PC vendor after the first iPod launch in 2001 and later the release of the iPhone in 2007. I’m sure some bulls, who were ultimately proven right, argued for 50 to 100x upside in the stock. So, on the one hand, you had investors arguing for deteriorating financials and eventual bankruptcy, while on the other you had investors calling for a 100x in the stock. These vastly different ranges of opinion created heightened investor uncertainty, i.e., fear, while at the same time fueling greed among investors looking for the next multibagger. Greed and fear are the most prevalent emotions in financial markets. More of both always creates more volatility. Nowadays, Apple is widely viewed as a slower growing but robust company with very predictable earnings and cash flows, so the spread of consensus is much narrower. There are not many investors who believe $AAPL will pull 10x move any time soon, but at the same time, pretty much no one thinks the company could go bankrupt in the coming years. $IREN, on the other hand, is still early in its growth story and is operating in a rapidly evolving market that is not yet widely understood. The volatile price action is largely a reflection of how uncertain the broader investor base still is about the company, with many investors not having done the necessary work to truly understand the business from the inside out. The only real way to stomach this kind of price action is to have very high conviction in both the company and the investment thesis, and that conviction can only be built through proper due diligence. The main takeaway here is hyper-growth stocks such as $IREN tend to suffer from stronger sell offs than most other companies, often even for factors unrelated to the company’s underlying fundamentals. As a reminder, $AAPL crashed by over 60% from its all time highs in the years following a very successful iPhone release because of unrelated macro events. The company even grew its revenue and earnings during the 2008 recession, yet the stock kept falling. Just let that sink in... In retrospect, buying $AAPL at $3 during that time, or simply holding the stock through the crash, was the most obvious play. But that required investors to see through the macro noise and focus purely on the company’s fundamentals. Just imagine how many good sounding bear arguments were flying around in the midst of what, at the time, seemed like a complete collapse of the financial system. Today, companies like $IREN are getting punished hard by broader market turbulence, even when the factors driving that volatility have little impact on current business operations or runway. Nothing has changed for $IREN. The market is still severely compute constrained, and $IREN is one of the few players with the technical expertise and resources to help fill that void. Even if the economy were to deteriorate as a result of rising oil prices, demand for AI is one of the last things I would expect to wane. Just like demand for the iPhone in 2008 only accelerated despite a horrible macro backdrop. I’d recommend everyone revisit their thesis for why they invested in $IREN in the first place. If nothing has changed, then there is no reason to panic. While my thesis on the stock has materially evolved over the past years, the core essence of the story has not changed one bit and, if anything, has only gotten stronger: $IREN is one of the best positioned companies for what is shaping up to be the most disruptive technological paradigm shift of our lifetimes, the rise of AI. As a final note, be aware of stock pumpers hopping from one theme to another. $IREN is not a trade. At least it is not for me. Would you have traded out of $AAPL at $3?

@mikealfred Let's go 🚀

Fixed The Fear & Greed Index For You.

Most can't see it yet but I am watching up close as IREN positions itself to make a run at being one of the largest companies on the planet. There are no guarantees of anything in life but IREN has all the right ingredients. Let's freaking go.

Trump's Director of National Counterterrorism Kent resigns: "I cannot in good conscience support the ongoing war in Iran. Iran posed no imminent threat to our nation, and it is clear that we started this war due to pressure from Israel and its powerful American lobby."

@cantonmeow Exactly what I was thinking 🪤

#Bitcoin 4 hour chart CZ's sell order block is waiting for you at your service

Life hacks my dad taught me 👇

Best explanation😂😂

Wouldn't that be something.

@FransBakker9812 @IREN_Ltd Good shit, thanks for keeping us updated 💪

The missing 3.3K GB300s in $IREN's CY2026 ARR Guidance @IREN_Ltd has guided for 3.7B ARR by the end of 2026 out of 150k GPUs that have been purchased so far. This includes the most recent purchase of 50k B300 air-cooled GPUs, but also the 1.2k GB300 liquid-cooled GPUs that were purchased for Prince George. During the FY2025 earnings call, IREN disclosed that they are building a 10MW IT load liquid-cooled data center that will support >4.5k GB300s. Based on construction updates, and satellite imagery, we have concluded that this data center consists of 8 sections of 1.25MW that combined will mean a 10MW liquid-cooled data center is being constructed there. If we look at the fact that IREN has been constructing that 10MW IT load liquid-cooled "installation" for over 10 months now, it's very likely that they will utilize the capacity that is left after the 1.2K previously purchased units are deployed there. So previously IREN guided for >4.5k GPUs (>4.5k GB300s reflects internal estimate of capacity based on 10MW (IT load) power capacity at Prince George liquid-cooled data center.), but only bought 1.2k. This leaves a gap of >3.3K GPUs that have not been bought yet, but could be deployed almost immediately, since the data center is being delivered as a 10MW IT load building, and not as a 2.5MW segment only. Previously they had only placed medium voltage equipment for ~2.5MW IT load outside of the building (picture from November 1st, 2025). But since then we have seen everything in the works to complete the entire shell for a 10MW deployment. All of the capex for this building has been funded with the balance sheet as we know by the latest data point being February 5. That means no additional funding is required to pay for the infrastructure of 3.3k additional GPUs that are yet to be acquired. This completely validates the TTDC (Time To Data Center) focus that @danroberts0101 has pounded the table with recently. How much faster can your TTDC be than: "it's already built bro". What to look for next? I believe IREN is in the market to buy GB300s from somewhere, and potentially looking to strike a good deal with a party that has idle inventory, or recently changed expansion plans. We know that Microsoft said they had GPUs gathering dust in their inventory, but we also know of other AI cloud providers that are running into capacity constraints. I said this before: Datacenter capacity is more scarce than the underlying power. I believe there is a big upside in IREN's 2026 ARR from deploying a new batch of GB300s into this already constructed liquid-cooled datacenter in Prince George. At $3.5 per hour, 3.3K GB300s could contribute >$100m of ARR to IREN's 2026 exit run rate. I will devote resources to finding out if there has been follow up on the external outfitting of the shell. Which should indicate that they are going ahead with expanding the building beyond the shell. OnlyFrans' most recent PG satellite shot is from early February, so it is time to take some action, and find out if they plan to bring online the entire 10MW this year. If this is the case. we only need to look forward to a new GB300 purchase, which would most likely mean pre-contracted capacity, and a very short time to revenue recognition. Construction updates = alpha. If the building sees capex, it will see GPUs, if it will see GPUs it will have customers with contracts. You don't need a big headline for a bump in EPS.

Let us take a trip back to June 2021. This is where Bitcoin is now. Bookmark this.

$IREN in 18 months: • Signed $9.7B with $MSFT • $2.3B ARR under contract • $1.9B prepaid, $3.6B GPU financing locked • 4.5GW secured and only needs 10% to hit $3.4B ARR target One of the fastest infrastructure pivots in history.

CORZ secures 1-year strategic financing with Morgan Stanley for up to $1B at SOFR +250bps. (For context, APLD raised $2B five-year funds at ~7.23% yesterday.)

Scotia Bank has launched an active crypto picking ETF in Canada today. Notable bc first bank up there to get in game and the fee is only 25bps, very low for active and Canada. Will hold the big cryptos but have 10% eq sleeve as well.

Great interview, highly recommended

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