Myles

Overnight, $IREN traded almost AUD $10 billion in a single session on the NASDAQ - more than the entire @ASX's on-market daily turnover of AUD $7.5 billion. I'll be honest. That number is humbling. But it also stings a little. Because two and a half years ago, we were told we weren't welcome on the ASX. The rejection was disappointing - not just for what it meant for us as a company, but for what it said about Australia's willingness to back next-generation technology at scale. We believed then, as we do now, that the future of digital infrastructure and compute deserved a place in Australian capital markets. Apparently, the feeling wasn't mutual. But we never gave up on Australia. We have continued to try and do business here. We have several large-scale data centre development sites across the country, and our commitment to building world-class, renewable-powered infrastructure on Australian soil has never wavered. Australia has everything it needs to be a global leader in AI infrastructure - the land, the renewable energy, the engineering talent. The permitting and regulatory process remains our biggest challenge - and I won't pretend otherwise. It is slow, complex, and at times deeply frustrating for a business operating at the speed that AI demands. What it needs now is the regulatory and policy environment to not miss out on this opportunity. But we are working through it, and when we get to the other side, we are ready to accelerate.

Momentum stocks are experiencing one of their sharpest rallies relative to minimum-volatility equities on record. Source: @RealAlpineMacro