Lev Myshkin

@Fibonacci_TA Thank you for the update. Flow being bearish for 24 hours doesn't change anything in Iren's structural thesis even if the print is bad tomorrow.

🌊 $IREN (Algo Flow) - This Week's Flow: Rally lacks flow support Price ran from $46 to $56 this week, yet he options tape wants nothing to do with it. Flow crossed below zero early Monday and has been selling off ever since. That late-session cliff drop to -4M is the loudest signal on this chart: aggressive net selling while price was still pushing higher. Right now flow is at its worst levels of the entire 3-day window and still falling. Price held $54 but the tape underneath it is deteriorating fast. Bulls watch: flow stops making new lows and starts curling back up. Until that cliff levels off, this divergence stays active.

@HyperTechInvest Software is a moat. Not the only one. Not the biggest one. The frame "software captures the value, infra is commodity" is wrong for AI infrastructure. Value splits across layers. Software gets a slice. Power gets a slice. Operations gets a slice. Inference gets a slice.

Can we now put to sleep the argument that software is not a moat for neoclouds? Once you need to spend $600M+ to cover just a fraction of the software stack, that thesis gets reduced to ashes $IREN is just starting its road to building a software stack, while a company like $NBIS is already at the top That gap should deserve a valuation premium

@McnallieM That's the rerating right there- from landlord to operator.

👀👀👀 $IREN

@danroberts0101 @danroberts0101 "Bringing compute online is the hard part" — true in 2010 too. EQIX did the hard part. AWS got the multiple. Stack timing: NBIS 2022 · CRWV 2025 · IREN 2026. Market: NBIS $88M/MW vs IREN $11M/MW. Mirantis closes the multiple — or the margin?

Bringing compute online is the hard part. Mirantis helps us do it better - strengthening how compute is deployed, managed and operated for customers. $IREN

We are entering the melt up. May-July should be wild. Do not get scared out by kid analyst and chart squiggler commentary. This is our time. Do not fumble the football.

@mikealfred This is the actual hidden bull. The math is brutal.

@mikealfred $42-60 Mike?

@aleabitoreddit Which tranche of capital specifically forces them to draw the ATM heavily, and at what BTC price does the math break? I bet you can’t answer this with numbers.

$IREN and $SLNH investors are probably the most braindead communities I've interacted with on X. I've never seen a community so bullish on a $219M MC stock that has a new $1,000,000,000 dilution. And an ongoing $500,000,000 ATM. Then you have $IREN, with $6,000,000,000 active ATM, sold over time into the open market. Maybe, it's a better idea to just go long on a stock without the toxic financing... So you can actually benefit from equity appreciation without just being liquidity? It's just so hard to explain to people the nuances in financial dilution who lack the brain cells. And it just so happens $SLNH gets mentioned positively by $BKKT, $IREN investors the moment after they file a $500M ATM since they need exit liquidity. The company is selling offloading shares directly to these idiots.

@soonfully @mikealfred Stuff like this move markets

Put me on the phone with Alfred🗿 $IREN @mikealfred, space tonight.

@danroberts0101 So it will be a difficult print on May 7th and you are asking for our patience?

Feels like we’re still early in the compute cycle. Supply isn’t easy, real-world constraints are everywhere. And every step forward in AI just seems to create more demand for compute.

@Agrippa_Inv @aleabitoreddit Past ATM performance during a 15x bull run tells you nothing about ATM risk during a period where the stock is down 55% and the company needs to deploy 145,000 GPUs in months to justify its valuation.

The irony is that $IREN had a $1b ATM open last year when the market cap was around $1.2b in April. Despite this "crazy overhang", that you claim would inevitably lead to bag holders, $IREN went up 15x from bottom to peak, and ~7x from the date the ATM was launched, $IREN even smoked $NBIS last year in performance. Your ignorance and surface-level analysis always amuses me. You should stick to pump & dumping random $25m market cap stocks.

There's a reason $IREN is down -7.9% YTD. While $NBIS is up 61.1% YTD. The amount of delusion buying into a $6,000,000,000 ATM is unreal. Even after this, IREN AMC bagholders still can't admit they're wrong? Markets are the biggest arbiter of truth, and massive performance difference between Nebius and Iren is telling. As I said before, the marketcap for $IREN will keep going up, but people's share values will decrease. That's how ATMs work. Excessive ATMs are not accretive to current shareholders. It's better to let all existing bagholders get wiped out first, then go long after the ATM is finished.

@BecauseBitcoin The gap between aspiration and reality is stark. Q2 FY26 (October–December 2025) AI Cloud Services revenue was $17.3 million for the quarter implying roughly $69 million annualized.

@BecauseBitcoin there are legitimate risks for Iren in regard to execution

@Agrippa_Inv The real risk is execution. The company has never hit a near term AI target on time. Not one. The $500M ARR- missed. Horizon 1 go-live - delayed. 150K GPUs- 3,500 generating revenue with 9 months to close a 40x gap.

$IREN: The best positioned data center company Despite the macro turmoil of the Iran mess, compute prices are currently increasing at an incredible pace. Nvidia's H100 GPUs, the hardware generation that came before Blackwell, are now being leased out for >30% higher prices than just a couple of quarters ago. Keep in mind, that's an older generation (~3 years old), so you'd think prices would move down as production for the new and much more powerful Blackwell chips is ramping up. But we are seeing the exact opposite take place. Essentially every single GPU model, both new and old, has seen an increase in leasing prices over the past weeks and months. Demand for AI compute simply can't keep up with the available supply, particularly data center supply. Just having access to GPUs isn't enough. Every cloud provider needs access to working data centers. The problem is that developing modern day data centers, capable of running the latest AI hardware, comes with a bunch of bottlenecks that can't easily be overcome unless you have prepared for them years in advance. One key factor is access to power. Every data center needs energy to run. Yet no company can simply plug into their local electricity grid without the required permits and approvals. You first have to conduct grid studies to see if your project can be eligible to receive a constant flow of power, followed by forming interconnection agreements with utilities, and ultimately overcoming any local administrative and regulatory hurdles. Everybody is rushing to secure power, administrative bodies are completely overwhelmed by the volume of requests, leading to greatly extended approval timelines. Therefore, securing grid connected electricity can take upwards of 5-7 years if you start today. Plan B is to produce power yourself via on-site gas turbines. However, this comes with a bunch of its own headwinds. It adds operational complexity, higher CapEx and OpEx, increased safety risks, as well as increased regulatory and environmental scrutiny. Essentially you need to become an industry expert of on-site gas generation, which opens the door for the likes of $NUAI. Once you figure out the power bottleneck, you must deal with constraints across your supply chain. Long lead items like transformers which are necessary to convert voltage into usable power for data centers take upwards of 2 years to procure, as the rate of manufacturing can't keep up with demand. Similar to most long lead items like back-up diesel generators, switchgear, and battery and UPS systems. Finally, there is the shortage of labor supply. Building a gigawatt scale data center requires thousands of highly specialized workers, which are often in short supply. The AI buildout has created a simultaneous surge in demand for tradespeople across hundreds of concurrent projects nationwide, forcing developers to compete fiercely for the same limited talent pool. All these bottlenecks are leading to issues we are seeing today: projects not getting off the ground, delayed development timelines, and outright cancellations. Bloomberg recently reported that more than half of the data center projects planned for 2026 will be delayed. This backdrop plays exceptionally well into the hands of what I'd argue is the best positioned data center company right now: $IREN. $IREN is one of the very few players that has been preparing for all of these bottlenecks since day one. They started the procurement of grid-connected power 7+ years ago, during a time where virtually nobody was concerned about access to energy. As a result, the company has now secured an enormous 4.5 GW power portfolio. This firmly places $IREN next to Google and Amazon in terms of self owned grid connected power. Most new investors and analysts falsely label $IREN as a $BTC miner that "pivoted" towards AI cloud. But that's wrong. Since its IPO, management has consistently positioned itself as a disruptive data center platform. …Mining Bitcoin was simply the most pragmatic way to get started and scale the data center footprint rapidly in a cost effective manner. The founders saw the digital world would scale exponentially, with the underlying core infrastructure of the real world not able to keep up - which is exactly what's happening right now. This is why $IREN has been securing gigawatts of power in regions of abundant energy for pennies on the dollar and with minimal friction. This mindset and long-term strategy is why management is constantly ahead of the curve when it comes to securing long lead items years in advance for sites that have yet to energize. I remember back in 2024, when management talked about having secured long lead items for its Sweetwater campus whose energization date was 2 years away. Today $IREN is reaping the benefits of that calculated decision by being on track to energize the 1.4 GW project this quarter, positioning the company with one of the largest grid connected data centers in the world. In essence, $IREN is much more than just a regular cloud provider. It’s effectively the only fully vertically integrated cloud platform that exclusively houses its GPUs in self developed data centers. The real advantage here isn't just improved cost structures, but that management has a much greater degree of control over its own destiny. As the head contractor of all of its data center projects, $IREN controls everything from supply chain management to sourcing labor. If one aspect of a buildout is facing unexpected delays, management can quickly allocate labor and resources towards another section, significantly reducing the risk of delays. There are simply no other cloud providers with this level of control and flexibility over their pipeline development. And in a world that is severely compute constrained, these attributes are worth gold. Demand is accelerating, supply can't keep up, and leasing prices for GPUs are skyrocketing. $IREN is in a very unique position to capitalize on these market circumstances in a major way. The market clearly hasn't fully priced this in yet.

@GrindeOptions Why so bearish?

Mark my words, $IREN will be a $60-$70 stock.

@KennyZufall @RoseEnv @TheTechInvest As long as it is before July 15 ERCOT deadline!

@RoseEnv @levmyshkin2026 @TheTechInvest ^ this was after questioned about the pivot in language.

$IREN is expected this month to announce energizing one of the largest data centers on the planet: SW1 (1.4GW). Based on the CEO and CCO most recent interviews, the deadline is unchanged.

@Agrippa_Inv Iren will probablybecome a hyperscaler but this could happen in the expense of the shareholders. Dillution is the real risk more than macro.

$IREN: Putting things into perspective There is really no other way to put it. $IREN's recent price action has been severely disappointing. The stock is now down over 20% YTD and nearly 60% from its all time highs. I honestly feel for people who first started investing in $IREN over the past ~6 months. $IREN hasn’t been the easiest stock to hold in recent months. There is no doubt about that. These days, I’m getting messages left and right from friends and family who are positioned in the stock. Most of them are baffled by the price action and are trying to make sense of it, and I think many investors find themselves in a similar situation. In this post, I’ll lay out my perspective on the matter, providing you with some valuable context on the current situation. First of all, it’s clear that much of the current sell-off over the past couple of weeks can be attributed to the macro backdrop. Virtually every stock is getting hit hard by a situation outside of management’s control. Clearly, however, some stocks are getting hit harder, and $IREN finds itself in that bucket. I see many investors attributing this volatility to the fact that $IREN's market cap is relatively small, but I wouldn’t say that’s the primary reason. After all, the company’s market cap has increased tenfold over the past year, and the stock still pretty much trades the same, with lots of volatility in both directions. Just consider that $TSLA is a company with a trillion dollar market cap, yet it still trades like many small and mid caps. The real reason for heightened volatility in some stocks is the gap between diverging opinions around the investment story, not just the market cap itself. Public companies that have a wide range of differing views will naturally trade with more volatility than something that is more established and has a stronger consensus among market participants. A great case study is Apple. Nowadays, $AAPL's price action is far less extreme than it was in the early 2000s. What changed is that, back then, Apple was still far less established than it is today, and its long-term positioning was much less clear to the market. The company’s moat was nowhere near as obvious as it is now. Many market participants feared fierce competition from the Windows ecosystem, with some even arguing for the inevitable commoditization of the PC itself. Then, on the other end of the spectrum, you had $AAPL bulls who saw the company as much more than just a PC vendor after the first iPod launch in 2001 and later the release of the iPhone in 2007. I’m sure some bulls, who were ultimately proven right, argued for 50 to 100x upside in the stock. So, on the one hand, you had investors arguing for deteriorating financials and eventual bankruptcy, while on the other you had investors calling for a 100x in the stock. These vastly different ranges of opinion created heightened investor uncertainty, i.e., fear, while at the same time fueling greed among investors looking for the next multibagger. Greed and fear are the most prevalent emotions in financial markets. More of both always creates more volatility. Nowadays, Apple is widely viewed as a slower growing but robust company with very predictable earnings and cash flows, so the spread of consensus is much narrower. There are not many investors who believe $AAPL will pull 10x move any time soon, but at the same time, pretty much no one thinks the company could go bankrupt in the coming years. $IREN, on the other hand, is still early in its growth story and is operating in a rapidly evolving market that is not yet widely understood. The volatile price action is largely a reflection of how uncertain the broader investor base still is about the company, with many investors not having done the necessary work to truly understand the business from the inside out. The only real way to stomach this kind of price action is to have very high conviction in both the company and the investment thesis, and that conviction can only be built through proper due diligence. The main takeaway here is hyper-growth stocks such as $IREN tend to suffer from stronger sell offs than most other companies, often even for factors unrelated to the company’s underlying fundamentals. As a reminder, $AAPL crashed by over 60% from its all time highs in the years following a very successful iPhone release because of unrelated macro events. The company even grew its revenue and earnings during the 2008 recession, yet the stock kept falling. Just let that sink in... In retrospect, buying $AAPL at $3 during that time, or simply holding the stock through the crash, was the most obvious play. But that required investors to see through the macro noise and focus purely on the company’s fundamentals. Just imagine how many good sounding bear arguments were flying around in the midst of what, at the time, seemed like a complete collapse of the financial system. Today, companies like $IREN are getting punished hard by broader market turbulence, even when the factors driving that volatility have little impact on current business operations or runway. Nothing has changed for $IREN. The market is still severely compute constrained, and $IREN is one of the few players with the technical expertise and resources to help fill that void. Even if the economy were to deteriorate as a result of rising oil prices, demand for AI is one of the last things I would expect to wane. Just like demand for the iPhone in 2008 only accelerated despite a horrible macro backdrop. I’d recommend everyone revisit their thesis for why they invested in $IREN in the first place. If nothing has changed, then there is no reason to panic. While my thesis on the stock has materially evolved over the past years, the core essence of the story has not changed one bit and, if anything, has only gotten stronger: $IREN is one of the best positioned companies for what is shaping up to be the most disruptive technological paradigm shift of our lifetimes, the rise of AI. As a final note, be aware of stock pumpers hopping from one theme to another. $IREN is not a trade. At least it is not for me. Would you have traded out of $AAPL at $3?

@NotEzzAI Can you ask Mike to talk about Cifr news pls?

@mikealfred Mike you are not bullish enough