IREN - Iris Energy (IREN)

IREN is pivoting towards AI infrastructure, which is crucial for compute needs.

Part of the compute layer, described as operating facilities for AI infrastructure. Without compute infrastructure, chips have nowhere to live.

Host mentions Iren as part of the AI/cloud infrastructure thesis alongside Nebius and CoreWeave. Says he will likely buy Iren in the near future as part of diversifying across the 'Neoclass' of cloud names.

Data center company focused on Bitcoin mining and AI using renewable energy. No durable competitive advantage. Trades at a very high premium despite being a 'trifecta' of hot market themes (data centers, Bitcoin, AI).

IREN pivoted from Bitcoin mining to AI cloud infrastructure and received a major Nvidia co-sign through rights to 30 million shares. They are building 5.5 GW of AI capacity with recurring revenue targets, and Nvidia's investment validates their AI infrastructure model.

Host says IREN has the most potential upside due to power access and potential Nvidia partnership, but also the most red flags. He wouldn't be surprised if it's either the biggest winner or the biggest loser. High risk/high reward.

Host mentions IREN as having potential for large gains due to power access and potential Nvidia partnership, but also notes it has the most red flags. Could be the biggest winner or biggest loser. High risk/reward.

Part of ZipTrader 25 aggressive growth/speculative picks, up 69.17% in one month as a data center play.

Nvidia partnership validates IREN as a serious AI infrastructure player. 5GW deployment deal with potential $2.1B Nvidia investment via warrants. Host sees this as addressing previous concerns about chip access and competitive positioning.

Currently in 'not recommended' tier of SemiAnalysis ClusterMax 2.1. Host notes potential alpha if ranking improves in future reports, and mentions potential Anthropic data center deal. Stock looks 'very very cheap' compared to peers.