Ben

I was able to tour $IREN ‘s Childress site last Friday to talk about BESS.   After seeing in person, I can confirm:   ⚡️The scale and size of their operations are impressive. There were over 400 people on site working that day ⚡️Data centers are very high-end. Squeaky clean, very well put together. ⚡️IREN looks to be on / ahead of schedule working towards 31 EH/s ⚡️Earthworks are already underway for blocks 4 (~150MW of something), block 5 (~150MW of something) and block 6 (~100MW of something) Shoutout to the @IREN_Ltd team for hosting!

Allied demand for American nuclear fuel accelerates everything we're building here in the US. Thank you to our partners at @ExImBankUS and NEDC for supporting us as we expand abroad.

📢 $NUAI just signed to acquire full ownership of its flagship #AI datacenter project in West Texas, buying out Sharon AI’s 50% stake in TCDC for $70M. A major step forward in the Permian Basin. Read the release: loom.ly/9zTpvGk

Added $IREN $5.39. $CIFR $1.92. $HOOD 32.19. $BTC holding up remarkably well.

@Agrippa_Inv Congrats Agrippa! Can’t wait to see the goods

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! ✌️

@IREN_Ltd @Microsoft outstanding job team. Best in the business.

$IREN is pleased to announce the signing of a $9.7bn AI Cloud contract with @Microsoft Key details of the transaction: - $9.7bn AI Cloud contract value - 5-year average term - 20% prepayment - 200MW (IT load) data centers - NVIDIA GB300 GPU deployments Refer to the press release and accompanying presentation below for further information Press Release: iren.gcs-web.com/static-files/0… Presentation: iren.gcs-web.com/static-files/a…

Congratulations $IREN fam 🚀 globenewswire.com/news-release/2…

@mithcoons @TheKamaHsutra 🤭 delusions of grandeur

@mithcoons @TheKamaHsutra haha oh Matty. You either just lied or got mixed up claiming something that never happened, but again, hit me with the Matty C mic drop!

Oh bud. That post was you saying “congratulations to everyone who bought short dated 08/29 calls” and felt sort of sarcastic, like you were downplaying the momentum as a short term thing. That was not you admitting you were wrong. I was trolling you by thanking you because I bought short dated calls, because I took the time to understand their business.

@mithcoons @TheKamaHsutra ha what? That wasn’t me. When did you say that or did I thank you? hah see point above 🎤 you can’t help yourself

@mithcoons @TheKamaHsutra I don’t hold a grudge against you Matty boy. I like giving you shit about $IREN because you made some bad calls but won’t admit you were wrong - and always try to spin everything as a mic drop 🎤 win.

@TheKamaHsutra @mithcoons lol at Matt cosplaying as an Iren bull after deleting all his Iren is topping posts 🕵️

@mithcoons @benemodi Nah... bro, anyone can buy everyone in the field in 2023, and that is what a lot of people did with the miners. It's a whole different ball when one goes into extreme high concentration into the right horse at the right time in $IREN vs the others. 😉

@ShashiGurufocus Tech seems interesting. I’ve never seen their tech in the field. I see a lot of warranty risk on new battery tech that isn’t battle tested. OEMs are tough businesses. I see better risk adjusted returns elsewhere which is why I don’t own EOSE.

@benemodi Thanks @benemodi what do you think about their tech? Let me ask you straight away. Why are you not an investor in EOSE? Any concerns?

x.com/YeahDrDave/sta… @benemodi I know you've been skeptical about EOSE. would like to have your opinion on this as a battery industry expert :)

*JPMORGAN SAYS 5 MAJOR AI HYPERSCALERS WILL SPEND $1.2 TRILLION COMBINED BY 2027

$IREN's Next Step into Multi-Cloud (Many of my post long but all are hand written. This one is my coup de grâce.) Everyone is speculating on whether IREN’s next customer is Google, Meta or some other hyper-scale company. This is not the way to look at it. The first step to understanding what will happen is to understand Multi-Cloud. To explain Multi-Cloud, I’ll use an example none other than the Nebius-Shopify relationship. Shopify specifies exactly what their relationship is with NEbius: “we [Shopify] are partnering with GCP, as our main infra provider, and also engaging with neo-cloud providers such as Nebius to utilize large training clusters” (1). In other words, GCP is Shopify’s main cloud but Shopify is using Nebius for GPU intensive functions due to Nebius' lower GPU cost. Before any Nebius analyst jump up and say it’s not for lower cost, further down the Shopify blog post, Shopify says “Our tooling abstracts away from the underlying cloud provider, allowing us to move between vendors to get access to the latest GPUs as they're made available” (1). Shopify is a Tier 1 Tech Company as an E-commerce company but not a Tier 1 AI Research Lab, when Shopify says large training clusters, they mean training clusters are larger than inference but not the massive scale training cluster xAI, OpenAI, etc are building for their next big run. Now why doesn’t Shopify run everything on Nebius? Shopify needs GCP for user analytics, fraud detection, Spanner DB, customer data protection, Identity Services, Dataproc, etc. Let’s put it this way, hyperscalers are hyperscalers for a reason: the breath and depth of their software platform/services. Now why doesn’t Shopify use GCP for everything? GCP is “out” of GPU compute even though Google has already spent $75B in capex, or as Microsoft CEO Satya Nadella puts it, “I’m good for my $80B” (2). Note that GCP is not really "out" of GPU compute, but it’s got so much demand that GCP GPU time commands ridiculous prices. In other words, nothing is ever “out”, it just depends on the price. Hyperscalers are conscious in their capex in order to maintain their asset-light model and focus on high margins from IP/Software. Why doesn’t Google just build more datacenter faster and take that free business away Nebius? First, Google is max allocated the capex that it’s investors are comfortable with. Second, Google already maxed out its DC expansion capacity and operations teams. While GPU datacenters are not nearly as complex as TSMC fabs, just like TSMC fabs are not copy and paste, GPU datacenter that have 99.8% uptime are not copy and paste. When you guarantee 99.8% uptime, you are guaranteeing the long tail of hardware bugs. You get hardware bugs that show up on one board and not anther. Some bugs only show up above certain hardware temperatures. Some networking bugs only show up above certain bandwidth and/or certain packet types. Uneven levels of hardware wear across heterogenous and homogenous chips. Inverse logic for poorly documented driver code from the antique ages. Tracing voltage fluctuations all the way down the schematic. God Forbid EMI. Google has already assigned all its teams to build and operate its own datacenters and part of the bottleneck is the training of new teams. Colocation gives Google one of the most important component of power but doesn’t solve all the bottlenecks. The building and more importantly operating of GPU datacenters for IaaS once you have power is not copy and paste! @brianfry01 knows! Thirdly and most importantly, Google doesn’t want to get stuck with all the current gen GPUs - multi-cloud distributes the risk! So what’s the value of IaaS? Why is Microsoft signing a deal with Nebius? By extending Azure compute on top of Nebius IaaS, Microsoft gets X PaaS revenue and pays Nebius Y IaaS revenue where X > Y. X-Y is a cashflow machine for Microsoft without the capex burden, GPU obsolecence risk, and Microsoft like Google cannot build GPU datacenters fast enough anyways. The more important question is how can IREN participate in Multi-Cloud? $NBIS's Inference as a Service stack (3) is: DataOne (Power + DC Construction + DC Physical Operations) with Nebius (DC Design + IaaS + PaaS) = Full Inference Stack’s Value Chain. IREN’s official partner is TogetherAI (4) and TogetherAI’s Inference as a Service stack (5) will be: IREN (Power + DC Construction + DC Physical Operations + DC Design + IaaS) and TogetherAI (PaaS). Now why does inference need PaaS? Didn’t this Jim bro tell me bare metal GPU was the best? When you write inference code for an application, you need to optimize the GPU kernels, CUDA capture graph, and batching for that application. If you are T1 AI Lab, you tune this yourself, but if you are most other Software company working on a Software Application, you just want to focus on the Framework, API calls, DB Schema, fine-tuning your training model, but you don’t care how your inference is optimized as long as it’s optimize. The PaaS portion of “Inference as a Service” is a software service that fine-tunes the application’s inference and runs it on top of bare-metal GPUs. T1 AI Lab will tune it themselves and run on bare metal GPUs. In other words, PaaS is literally a service, not what inference runs on top of. TogetherAI+IREN = Nebius+DataOne and can serve as a AI Cloud in the Multi-Cloud ecosystem. Now here’s the banger. It doesn’t matter if IREN works with TogetherAI or AWS or Microsoft, to IREN they all serve the same purpose: the PaaS layer. Now if AWS/Microsoft is uncertain about IREN’s capabilities, IREN will prove it in its partnership with TogetherAI. In fact TogetherAI needs IREN more than AWS/Microsoft because TogetherAI doesn’t have its power, DC operations, etc, so TogetherAI will give better margins to IREN than AWS/Microsoft. But once AWS/Microsoft sees that IREN can be trusted as Y in its X-Y cashflow machine, it will want IREN IaaS to fight for PaaS market share since PaaS is made by deploying code (aka copy and paste). But just as Nvidia keeps Neoclouds as leverage, it may make sense for IREN to partner with TogetherAI for better margins and better leverage in the relationship. IREN+TogetherAI will be in position to serve as Inference/Small Training Cluster Cloud in Multi-Cloud for companies ranging from startups up to large companies like Shopify. As IREN builds credibility, IREN’s IaaS may be able to partner other strong PaaS/SaaS companies like Databricks. I’ll note that $CRWV PaaS > TogetherAI PaaS which might be the factor to push IREN to consider working with hyperscalers or Databricks, etc. Furthermore, IREN can work with model development focused startups like HumeAI; although HumeAI doesn’t have a PaaS, HumeAI can optimize the GPU kernels, CUDA capture graph, and batching for its own application. This is why Tim Delcourt is in SF: to court the TogetherAI and HumeAI and work with the next generation AI companies.

@AlphaTrader00 @FransBakker9812 @litigious_dulce @Agrippa_Inv @Umbisam @awilkinson @KashRamki @alc2022 @theBTCMiningGuy @AtradeZ_ @RealJimChanos @RHouseResearch @Prof_heist @WolfpackReports @sprucepointcap I don’t think trying to scalp or predict % pullbacks on $IREN is useful, I’d rather just stay long. I just reposted @awilkinson ‘s price target and the math is mathing. I disagree on PA today if you look at Iren vs peers.

@benemodi @FransBakker9812 @litigious_dulce @Agrippa_Inv @Umbisam @awilkinson @KashRamki @alc2022 @theBTCMiningGuy @AtradeZ_ @RealJimChanos @RHouseResearch @Prof_heist @WolfpackReports @sprucepointcap Can you define "minor" for pullbacks in % terms? Selling pressure looked more impressive today than buying IMO on IREN. Let's see what happens

How many bulls short the stock they were once extremely bullish on? I wouldn't mind a 30% pullback in $IREN after selling 25% of my position at a $48 handle. @RealJimChanos Where is your fair market value share price estimate of IREN today?

@AlphaTrader00 @FransBakker9812 @litigious_dulce @Agrippa_Inv @Umbisam @awilkinson @KashRamki @alc2022 @theBTCMiningGuy @AtradeZ_ @RealJimChanos @RHouseResearch @Prof_heist @WolfpackReports @sprucepointcap when analysts are upgrading from ~$20 -> ~$80 my view is pullbacks will be minor. There’s still so much buying pressure. Today was a perfect example.

How low could $IREN go on a healthy pullback in the near term? $30, $27? @FransBakker9812 @litigious_dulce @Agrippa_Inv @Umbisam @benemodi @awilkinson @KashRamki @alc2022 @theBTCMiningGuy @AtradeZ_ @RealJimChanos @RHouseResearch @Prof_heist @WolfpackReports @sprucepointcap