Lando

RAISE Day 1 Summary $IREN: ‣ Horizon 1 handover confirmed 19th July ‣ Commisioning H2 ‣ MSFT very happy with IREN so far, very hands off. Great partners. ‣ IREN on call with NVDA basically everyday ‣ Deals signed today are even better than 2 months ago. ‣ Pre payments sweetspot now between 25-40 roughly. Some even offering 100% ‣ IREN GB300 NVIDIA EXEMPLAR Cloud certified. Likely announced next week. Only THREE have this right now. ‣ IREN selected with small number for VERA rubin for testing VERY SOON. Unofficially late EOY mass production. Likely early 2027 ‣ H5-H6, Sweetwater 1 Vera Rubin ‣ Mirantis deal closing this month is the aim ‣ Semi conductor shortage micron $MU seeing into 2031 h/t: @FinGigawatt x.com/LandoInvests/s…

@scagy_trades Thanks Kyle! Just trying to do my part this community is awesome, so much alpha.

@LandoInvests excited to see these guys progress. Thanks for being such a positive member of the IREN community.

After following everything that came out of RAISE Summit, I walked away with one major takeaway: The conversation around AI is evolving. It wasn’t about who has the flashiest model or the newest application. It was about the infrastructure required to support what’s coming next. One theme kept surfacing. Compute is becoming one of the world’s most valuable resources. GPUs matter, but they’re only one piece of the equation. The ability to deploy capacity quickly, networking, reliable power, and scalable data centres are becoming just as important. That’s exactly where $IREN has been investing for years. Here are a few things that stood out: •AI infrastructure was one of the dominant themes throughout the summit, highlighting that the biggest challenge is no longer building models but providing the compute to run them. •Compute demand continues to outpace available supply, making scalable infrastructure increasingly valuable. •Energy availability is emerging as one of the biggest competitive advantages for AI infrastructure providers. •Management reinforced its vision of building an integrated AI infrastructure platform spanning compute, data centers, networking, and power. •Sovereign AI remained a major topic as governments and enterprises seek trusted, domestic compute capacity. This is what I keep coming back to: If AI demand continues growing, and infrastructure remains the bottleneck, then the companies that already own the capacity, land, and power to scale may become some of the biggest beneficiaries. The market still tends to associate $IREN with its Bitcoin mining roots, but I think that narrative is becoming increasingly outdated. What I saw at RAISE Summit was a company positioning itself for a future where AI infrastructure is every bit as critical as the models themselves. I’m not saying execution won’t matter. It absolutely will. But after listening to management and seeing where the industry’s focus has shifted, I believe the opportunity in front of $IREN is much larger than many investors currently appreciate!⚡️

@InvestNorthwise I think Mirantis is looking to close this month if I remember hearing that from Kent/Denis from raise. Horizon soon, GB300 Exemplar, and APAC expansion (Anthropic?)

It’s certainly possible, as they are the likeliest to announce a large bare metal deal at this time. We are hoping to hear more about the Mirantis acquisition and integration before we see $IREN as a “forever” hold. It’s looking like value at this level though and we are excited about our new model that’s in development.

$NBIS $CRWV and $IREN can certainly move much lower short term, but we think investors at these prices are going to be very pleased in the next 2-3 years. Nothing has changed for AI demand, and if anything it continues to blow past what was thought to be possible as debt becomes a larger part of the capex picture. There will come a time where demand likely closes in with supply, but the visibility through at least 2028-2029 has not yet given in signs.

@cantonmeow I won’t lie I do find it extremely interesting that bottoms always come right before a potential “deal” or milestone for companies like IREN. For example, Horizon delivery most likely next week. It’s insane!

Sometimes you need that little flush downwards to build out a bullish divergence so things can bottom. $IREN

@SmallCapSnipa They have land for days 😭

@LandoInvests Totally. Abundant land

NEW: $GOOGL is the customer behind Wyoming's largest data center project 2.7 GW, just a few miles south of Cheyenne, that will cover over 700 acres Massive site for a massive giant that is desperately in need of compute capacity

@DollarCostAvg @jciccale x.com/landoinvests/s…

@LandoInvests @jciccale The chart has been begging since it was in $60s . No one is donating to $IREN EXCEPT Shareholders were diluted to donate to Robert brothers. Time will tell. I am still holding though.

Institutions foaming of the mouth at $IREN current price, great find @jciccale

Institutions seem to love these prices $IREN

@RaiseSummit in Paris last week was 🔥 Got to reconnect with founders and leaders from top neoclouds and labs, and meet a few new ones. Paris in July is HOT, but hearing the latest on how execs are thinking about the buildout was valuable + reinforcing. Also had a great time at the side events with @ChristophSitter and many others. A few quick takeaways - Inference demand is broadening faster than expected - Speed to token is still king - Tokens per second per MW is becoming the benchmark - The data center is becoming one integrated compute system - Power remains the most acute bottleneck - Memory efficiency may matter almost as much as chip efficiency - Inference providers will need real differentiation Big thanks to @LandoInvests and @HenriDelahaye for organizing and making it all happen!

@DollarCostAvg @jciccale The charts beg to differ

@LandoInvests @jciccale They are not. Robert brothers foaming at their wild pay check

NVIDIA on the AI Factories market today: “Power-constrained environment” sounds a lot like something $IREN has a lot of right?? 👀

@davevermilion It’s beautiful

IREN RS vs S&P 500

@mcF_dan @jciccale I think it’ll run very hard in the coming months. It’s genuinely one of the best R/R imo even from $30-50 is all amazing for where this is going. Loving this price action tbh, gives me time to accumulate!!

yes, they are playing a game of how much can they accumulate without spiking the price. Once they are full they will let it run, IMO. Retail is getting board and moving on. They'll be back as soon as the price starts running again and it always does. Shorts are getting greedy at this point.

@PSU_Lion_commit Texas is growing significantly, wouldn’t surprise me if they end up surpassing CA in GDP soon

correct and the way liberal states operate is vastly different than conservative states so the notion that this will be a domino effect is has no reality basis. More likely the domino effect will work the opposite direction… when growth friendly states start showing massive gains liberal states will be forced to relax their restrictions.

Just your friendly reminder that most of these companies have 0 DC in New York $IREN $NBIS $CIFR Long west Texas 🇺🇸

@EndicottInvests It’s over sell everything 💔💔

OMG A STATE WHERE NO ONE WANTS TO BUILD DATA CENTERS IS SLOWING DOWN DATA CENTER BUILDS OH NO $NBIS IS SO COOKED Get a grip.

@RJCcapital It’s comical

Neoclouds are sliding this morning as New York becomes the first state to impose a data center moratorium. It is truly shocking how retarded democrats are reuters.com/world/new-york…

@NVIDIAAIInfra @amphenol @CoreWeave @Dell @Microsoft When IREN 👀

Proud to be building with @amphenol, @CoreWeave, @Dell, Foxconn, Ingrasys, @Microsoft, and more 🤝

The NVIDIA Vera Rubin NVL72 scale-up fabric, built on the sixth-generation NVIDIA NVLink. The NVLink 6 Switch trays connect 72 Rubin GPUs in an all-to-all configuration. The NVLink spine—over 5,000 copper cables make up the vertical NVLink traverse. It securely moves more data than the entire bandwidth of the internet. The single-wide NVIDIA MGX rack design unlocks a cable-free, horizontal NVLink scale-up traverse, running directly on PCB for resiliency at scale. This is how NVIDIA Vera Rubin NVL72 works as one, designed to deliver the lowest token cost and 10x more performance per watt than the previous generation. #NVIDIAVeraRubin

$IREN Horizon 1 handover imminent Satellite imagery confirms that the grounds around the Horizon 1 complex, including data halls, liquid cooling plant, and network core building — have been paved ahead of customer handover. Furthermore, security has increased, with Microsoft bringing in their own security equipment, including a brand new security booth, which needs to be passed to enter the complex grounds. If you have any sense of how these projects work, then you realize that these events are the final details of a customer moving in, rather than a construction team moving out. Do with that information what you will, but shorting @IREN_Ltd ahead of a PR storm of relevant stakeholders, celebrating a 1 out of 4 identical projects successfully being turned into a billing AI factory, sounds pretty irresponsible to me. Not financial advice ☝️