Unai

$IREN – Rounding Bottom Update The breakout above $18.5 has confirmed the rounding bottom pattern I posted earlier. Now the Fib extensions point to: • 1.38x → ~$45 • 1.62x → ~$87 • 2.0x → ~$248 (long-term target) This is no longer just “crypto miner” price action. The market is starting to re-rate $IREN as AI-native infrastructure. Strong volume, strong breakout, strong thesis.

@StockSavvyShay @fiscal_ai Wait for EOD

NASDAQ 100 $QQQ OFFICIALLY IN A CORRECTION

@TogetherWeTrad3 Looks there is a control zone at 271.33. Possibility for a pullback and to confirm the H&S pattern?

$GOOGL The top that I thought was not a top but is actually a top.

"It's a simple thesis--as long as customers are short of compute, it's a bidding war for every available MW. Especially if the project is funded and coming online this year. Signing a deal doesn't necessarily make this go quicker. Putting GPU's on order is what sets the critical path for a data center when you already have power. If you have capital or access to capital, you don't need a deal to make this happen. This is what truly differentiates IREN from other neoclouds and miners making the AI/HPC pivot--Their competitors either have the power and no GPU's (and no capital), access to GPU's and no secured power, or have to subcontract out power development sites at a premium. $IREN now has everything they need."

What is the useful life of a GPU? $IREN CTO Denis Skrinnikoff explains why it might be longer than you think:

@alc2022 Levantar pesado, empujar y tirar pesado, con una frecuencia casi diaria es suficiente para mantenerse saludable. Pero para poder progresar añadir intensidad en forma de peso es interesante también. Con 45 minutos bien organizados es más que suficiente.

Going to the gym is a deeply feminine thing. The most masculine workout is maxxing pushups, pull ups and squats in under 30 minutes. Then go build something.

Very well said! Having built Cloud-IaaS businesses since 2001, I can tell you: if $IREN’s model, leadership, and team are maximizing price per MW in a market with insatiable demand ahead, shareholders should be thrilled. The “Wen Deal” crowd needs to realize — many competitor deals sacrifice higher $/MW and future optionality just to announce something quickly. $IREN ’s AI Clouds (Cloud Factories) are built for maximum long-term value per watt and they are filling up as fast as they can build them. That’s what this shareholder is focused on!

$IREN 🔥🔥🔥 GPU spot rates are exploding 🚀 B200 on-demand rentals +50% in one month. H100s +20% since November. Meanwhile $IREN is sitting on 150,000 NVIDIA GPUs (including >50k fresh B300s), a $9.7B Microsoft AI cloud deal, and cheap renewable power. Compute is getting scarcer and more valuable by the day. The AI infrastructure winners will be printing.

@mcF_dan @TheBigDegen @marksotoges 💯

@TheBigDegen @marksotoges Wall street is sleeping on this one again. The big boys were not prepared for the run up from $5 to $80. The move $40 to $200 will be just as powerful.

@mcF_dan @OverkillTrading

@OverkillTrading So you don’t take any fundamentals into account? Zero?

ZZ $IREN STOCK 🚨 MARCH 24

@Magyar4Steven No creo que haya contratos hasta el Q3-Q4 de este 2026. Parece que primero se van a dedicar a ejecutar gran parte del guidance.

$IREN anunciará de aquí a finales de Abril uno o varios contratos de varios Bn$. Primero anunciaron la ampliación de capital de hasta 6 Bn$ que irán haciendo por tramos ( seguramente en función de las necesidades de financiación y cuando sea más factible de cara a diluía lo menos posible ). Si sale todo como se espera, debería cotizar por encima de 70$ antes de Junio. Hoy ha cerrado en 41,12$.

One other thing that caught my eye on the second pass. Lenovo says: Together, IREN and Lenovo configured and deployed 648 Lenovo ThinkSystem SR680a V3 nodes, forming clusters featuring NVIDIA® HGX™ B200 GPUs. In other words... past tense.... as in they've already deployed these 5,184 B200 GPUs. They then go on to say that the B300s are being prepared. The team is preparing to introduce NVIDIA® B300 servers at the same site, from an order of 440 Lenovo ThinkSystem SR680a V4 nodes with NVIDIA HGX™ B300 GPUs. So 5,184 B200s already deployed with an additional 3,520 B300s probably right behind them. Nice! 👀👀👀👀👀 (Should we read anything into the fact that Lenovo used a picture of the Prince George site on their website. Hmmm)

@TogetherWeTrad3 Looks like a control range/zone for market maker. Also $39.70 is key structural level.

@unaibld Interesting. Why is that level on your radar?

$IREN As long as this is above that rising 200-day I don't hate it. Hard to take new trades just yet though.

@alc2022 Costa del Sol? 😍

few understand the joy of both staring at your screen for hours and enjoying the mediterranean lifestyle modern men need both

$IREN Compute = Revenue. Listen to Jensen:

@AutismCapital No DLCs, no subscriptions

This is what they took from us.

What a week at @NVIDIAGTC Three themes: 1. Time-to-compute 2. Scale 3. Execution Not just how much compute, but how fast you can deliver it.

It’s always funny to see Wall Street completely fumble hyper-growth stocks. The street is expecting $IREN to make ~$8.4b in revenues by FY 2030, with EBITDA margins of just ~68%. Analysts are completely mispricing $IREN's 4.5 GW site-portfolio and multi-GW pipeline beyond that. I went ahead and modelled out my own near-term projections for the coming 2 years, using the following assumptions: Childress: 300 MW: MSFT Deal 450 MW: air-cooled (B300), fully ramped by Q3 2027 British Columbia: 160 MW: Mostly air-cooled, fully ramped by Q1 2027 Sweetwater 1: 600 MW: Vera Rubin (VR200) fully ramped by Q1 2028 Results: 👉 2027 = ~$8.3b (Rev) / ~$6.6b (EBITDA) 👉 2028 = ~$12.7b (Rev) / ~$10.3b (EBITDA) One of Wall Street’s problems is that they only price what’s directly in front of them. My 2027 revenue estimates are basically Wall Street’s 2030 projections. 🤦🏻‍♂️ And to be honest, my assumptions are actually very sensible. For the air-cooled deployments across Childress & BC, I used revenues BELOW management’s guidance. For exact modelling inputs and FCF / net income projections up to 2030, refer to my new $IREN deep dive on Substack. To be clear, I’m much more confident in my 2028 projection, since Sweetwater’s ramp could be more heavily skewed toward H2 2027 and H1 2028 instead of the simplified linear ramp approach I used. However, the point remains: Wall Street is completely dropping the ball on this one. What do you think will happen once $IREN announces its next hyperscaler deals at Childress and Sweetwater? → Massive re-rate incoming, as Wall Street scrambles to upgrade their idiotic projections.

$NBIS - $META Deal Congrats to $NBIS on it's $15B with expansion up to $27B contract with $META! This will start in early 2027 and be for Vera Rubin GPUs. This is a validation of bare metal + Kubernetes for HS/frontier business model. $IREN has gotten and will continue to get these contracts as we progress into April/May. I have always said H1 2026 Vera Rubins are samples and there are not many H2 2026 Vera Rubins going outside the HS. Nebius getting Vera Rubins H1 2027 is completely reasonable. I expect $IREN to start getting Vera Rubins mid 2027. What I don't like is how $NBIS investors FUD on $IREN for only doing bare metal + Kubernetes while $NBIS has a more SaaS offerings and then $NBIS signs a bare metal + Kubernetes deal for a large portion of it's GPUs including it's entire first shipment of Vera Rubins in H1 2027. For this market segment, I would rather own $IREN and not pay a 100% market cap premium for software and 6 month earlier GPU deliveries. Bare metal + Kubernetes will be the dominant segment for all Neoclouds. $NBIS committing their most valuable GPUs (Vera Rubin) in H1 2027 Vera Rubin to a HS further confirms this. As I said 33% of the GPUs on market go to OpenAI+Anthropic. 70% go to Frontier Labs + HS. All of $CRWV, $NBIS, $ORCL, $IREN are in this same market. AI Infra Software belongs to the clients for 70% of this market and will only increase with employee dispersion from HS and leverage of AI coding agents.

@Mario20253035 @daniel_koss

“Grid connected and contracted power are NOT moats” tell that to CoreWeave. They had $66.8B in backlog and “Leadership + Talent” too. Then ONE contractor delayed 5 sites because they couldn’t get power connected on time. 16% crash. Guidance cut from $5.15-5.35B to $5.05-5.15B. Capex slashed from $20-23B to $12-14B. Class action filed February 2026. The bottleneck wasn’t talent. It was transformer delivery times and utility interconnections. The exact thing you just said doesn’t matter. “This is not Bitcoin mining” correct. Bitcoin mining is easier. You plug in ASICs and hash. AI infrastructure requires liquid cooling, high-density racks, custom networking, utility-grade power interconnections, and delivery timelines coordinated across GPU suppliers, construction contractors, and utility companies simultaneously. It’s HARDER than mining. Which is exactly why power and physical infrastructure matter MORE, not less. “Leadership + Talent” — Arkady Volozh built Yandex. Respect. But Yandex was a search engine. This is building 3+ GW of physical data center infrastructure from 170 MW across 9 new sites in 6 countries in 12 months. Leadership doesn’t pour concrete. Talent doesn’t install transformers. And neither controls NVIDIA’s Vera Rubin production schedule, utility interconnection timelines in France, Israel, Alabama, Missouri, New Jersey, and Oklahoma simultaneously, or third-party construction contractors who answer to their own schedules. Let me tell you exactly where we are in the cycle: PHASE 1 — LAND GRAB (2024-early 2025): Neoclouds rush to sign GPU supply deals with NVIDIA and capacity commitments. NBIS, CRWV, IREN, ORCL all pile in. Backlogs inflate. Stock prices run. ✅ Done. PHASE 2 — HEADLINE DEALS (mid 2025-now): Sign massive hyperscaler contracts to justify capital raises. CRWV signs MSFT, OpenAI, Meta. NBIS signs MSFT $17.4B, Meta $3B, then Meta $27B. Each headline triggers equity offerings, convertible notes, warrant issuances. Every deal announcement is a capital raise in disguise. ✅ We are HERE. PHASE 3 — DELIVERY RECKONING (2026-2027): Contracts hit delivery deadlines. Infrastructure either exists or it doesn’t. Prepayments either arrive on schedule or they don’t. Power either connects or it doesn’t. This is where CRWV already cracked — and NBIS hasn’t even entered this phase yet with an 18x gap between active power (170 MW) and contracted target (3+ GW). ⏳ Coming next. PHASE 4 — SHAKEOUT (2027-2028): Companies that built real infrastructure operate at high utilization and generate cash. Companies that over-promised and under-delivered face contract terminations (MSFT 6-K: “right to terminate”), covenant breaches, and forced dilution. The strong survive. The leveraged don’t. GPU prices compress further. Custom silicon from MSFT, META, GOOG takes share. Only operators with owned infrastructure, secured power, and diversified revenue make it through. PHASE 5 — PLATFORM ERA (2028+): The actual prize. Built infrastructure generates recurring high-margin revenue. Platform layers on top of physical capacity create software-like economics. Unit economics compound instead of dilution compounding. THIS is where “Leadership + Talent” finally matters but only if you survived phases 3 and 4 with infrastructure in the ground, not contracts on paper. Daniel, you’re pricing Phase 5 into a company stuck at Phase 2 with the hardest parts still ahead. “It will only get better from here” assumes flawless execution through the exact phase that destroyed CoreWeave’s stock — and NBIS is starting from a worse position. 170 MW vs CRWV’s 850 MW. 18x capacity gap vs CRWV’s 3.6x. $5.7B capital vs $30B+ capex need. Zero operational track record at scale. $NBIS > rest? The filing says otherwise. Show me the delivered megawatts, not the signed megadollars.

Grid connected and contracted power are NOT moats and they are NOT the big bottlenecks. They are nice to have, but there are so many alternative solutions. Those who pay attention know that for months now. Sorry, this is not Bitcoin mining. Why is Nebius winning so hard? Leadership + Talent. $NBIS > rest It will only get better from here. $CRWV $IREN $CIFR $APLD $ORCL