EON

$IREN filed to dilute $6,000,000,000 at a $11.7B MC. That is not noise. This is Iren's way to monetize their 4.5GW capacity by selling all those new shares onto the open market. If you want some history on how this turns out: Look at $BKKT that crashed 99% with Mike and $IREN board of directors history with excessive ATMs. Or his recent company $ASST. It’s accretive to the company and executives: Because it wipes out all retail shareholders and they can always issue SBC. So they don’t actually care what stock price it needs to be at to sell. After they’re finished, they have $6B in new cash to use for scaling without paying interest. But the reason why convertible notes with interest, and $NVDA funding balance sheets is much better for retail capital: Is because it doesn’t wipe out retail equity to achieve this. Because at this point $IREN looks like the $AMC of datacenters with a dwindling moat, and looming $6B in shares sold into the open market. Reason I post about $IREN is because - people dismiss a $6B ATM as “Noise” - it’s one of the most popular retail “buy the dip” companies that they’re buying into a $6B dilution machine - people still don’t understand the risk at all. - the amount they have now is not enough to finance GPUs/GW capacity monetization. - they likely will have to use the ATM, it’s not “optionality” Again: I have zero positions in the company. I’m just warning retail investors that this ATM structurally wipes out your equity appreciation by how structural mechanics of $6B+ ATMs work. Because $IREN likely needs to sell new shares at any price to monetize their GW, otherwise there would be zero need to file it. Executives actually don't need to care because they can make up for stock price dropping by issuing SBC like $SNAP. If you have to wonder if your equity gets wiped out from an excessive ATM: There are better longs out there than $IREN.

This is why you need to have conviction before entering a trade. If you knew $SIVE positioning in the CW laser space to Jabil, $MRVL Celestial, and others for CPO. $250M MC as the light source chokepoint would be a joke. High confidence we’ll see this end up like $AXTI in a years time since it this will be the architectural paradigm for cpo scale up. Don’t care about volatility in the way up because I have conviction in how this plays out with photonics.

We are currently in the middle of an unprecedented, multi-year compounding supercycle Here is how the distinct optical cycles actually overlap: 400G: The foundational baseline that is mainstream today 800G: The current workhorse. Bears think this cycle peaks soon, but 800G unit volumes are projected to continue growing and won't actually peak until 2028 at ~84 million units 1.6T: The next massive inflection point. Expected to become the standard for new AI cluster buildouts, volume ramping begins in 2026/2027 to feed next-gen GPU clusters, driving a heavy shift toward Silicon Photonics 3.2T: The ultimate pluggable endgame. This technology is already in development and expected to hit meaningful commercial ramps by 2028+ before Co-Packaged Optics (CPO) fully takes over the backend Historically, optical cycles replaced each other and pricing power died quickly. But in the AI era, network bandwidth demand is doubling every two years. These deployments aren't cannibalizing each other they are heavily overlapping and stacking on top of one another to build a $45.4 billion transceiver market by 2030 $LITE $COHR $AAOI $CIEN $TSEM

$SIVE / $SIVEF Great day so far!