F.☀️

ลงรายละเอียดการฟัง K-Pop ของไทย พบว่าความนิยมที่ดิ่งเหวเกิดจากยอดฟังของวงอื่นลดลงฮวบฮาบ เหลือแค่ BTS ที่ขึ้นมาช่วงกลางปี 2023 และยืนระยะแค่กลุ่มเดียว

I thought I’d share my latest updated thoughts on $IREN that I sent to my subscriber community with all of you since I’ve seen so many questions about what I’m doing with the position in my growth portfolio. IREN has a very real asset base and a genuine power story which in some ways makes its foundation more defensible than many of the neoclouds but the market just isn't going to reward that as instantly as it rewards something like $NVDA Rubin access or a Jensen architecture signal for $NBIS. The $MSFT relationship is obviously huge because it gives the company a real hyperscaler anchor and a clearer frame for how large the business can become but the path from here to there requires IREN to energize sites, deploy capital and scale physical capacity. That's why the equity story feels heavier and slower since the upside may be very real but it has to be earned through capacity buildout, power monetization and eventually contracted AI infrastructure revenue rather than through a constant stream of strategic endorsement events that re-rate the stock overnight. The $6B ATM and the dilution debate sit right in the middle of that difference as well since IREN is effectively saying that the way to maximize long-term value is to make sure the capital is there to fund the buildout, secure the GPUs and create the physical infrastructure first trusting that if it executes then the market will eventually pay for that. That is a much more old-school infrastructure mindset than what Nebius is doing and in a fragile 2026 tape where investors hate dilution and want instant validation, it has naturally been a harder sell but I wouldn't let the narrative be dictated by the price action. IREN is optimizing for asset-backed scale first because its moat is far more tied to power, sites and infrastructure delivery.