mon (@moninvestor) on Surfaced

mon (@moninvestor) on Surfaced

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@moninvestorJun 4, 2026 · 4:56 AM

The big 3 - $IREN / $NBIS / $CRWV If you do not have compute, you do not have revenue. It is that simple. This is exactly why Leopold has gone all in on the Neocloud thesis. AI demand is being constrained by infrastructure. Every major model developer wants more compute than they can currently access and that shortage is creating enormous opportunities for the companies capable of supplying it. OpenAI has openly acknowledged that compute availability is one of the primary bottlenecks to growth. There are opportunities being passed on right now because there is not enough capacity available to meet demand. That is what makes the Neocloud opportunity so compelling. These companies are not competing for a slice of an existing market. They are helping solve one of the biggest bottlenecks in the entire AI ecosystem. As long as demand for AI inference and training continues to outpace infrastructure buildouts, owners of scarce compute resources remain in a powerful position. So I'm investing in the real foundation of the AI economy, which is compute.

@moninvestorJun 3, 2026 · 11:37 AM

$IREN secured power now at 5.8 GW. 🔥 https://t.co/kIK3Grr2pk

@moninvestorJun 1, 2026 · 7:49 PM

$IREN - Patience will pay off. 🧐

@moninvestorMay 31, 2026 · 8:28 PM

Out of all the data center stocks, I think I own three of the best with the most potential from today’s price levels: $IREN $KEEL $NUAI

@moninvestorMay 28, 2026 · 1:30 PM

$IREN - great start to the day. 1 - Cantor Fitzgerald maintains Buy rating and raises PT to $99 from $61 PT. 2 - Hires former AWS executive Christopher Sailer.

@moninvestorMay 27, 2026 · 5:49 PM

$IREN +10.17%. MSFT -> NVDA -> DELL -> Next Anthropic? The Leopold connection: - Leopold Aschenbrenner's Situational Awareness LP increased its IREN position. - His fiancée Avital Balwit is Chief of Staff to Dario Amodei at Anthropic. Australia: - Anthropic announced its Sydney office on March 10, 2026. - More importantly, Anthropic is currently hiring a Data Center Electrical Engineer and Data Center Mechanical Engineer in Sydney. - IREN earnings revealed future plans to expand into Australia, and further Australian projects are moving towards connection agreements. - IREN was founded in Australia + spending money on ADs. Anthropic doesn't hire DC engineers in a country unless capacity is coming there. IREN is the only neocloud working on an Australian grid pipeline at GW scale.

@moninvestorMay 25, 2026 · 10:36 PM

@amitisinvesting $IREN is going to outperform all of them.

@moninvestorMay 24, 2026 · 11:38 PM

$IREN is arguably the best infrastructure partner for Anthropic today. When you really think about it, Anthropic needs a partner that is neutral (not building competing models), low-cost (vertically integrated), fast-scaling (5GW pipeline already secured), and NVIDIA-aligned (flagship DSX deployment site with a $2.1bn strategic partnership). IREN checks every box and critically, it isn't a competitor like AWS, Google, and Azure.

@moninvestorMay 22, 2026 · 10:10 AM

$IREN Must-read. Dan - "IREN has been building Layer 1 for eight years. We are deploying Layer 2 at scale right now. And with Mirantis, we have taken the first deliberate step toward Layer 3. The physical infrastructure advantage comes first. Everything else compounds from there."

@moninvestorMay 21, 2026 · 10:03 AM

When $IREN CEO said you don't need a sales team in this market when you've got Nvidia, that comment came right after IREN's partnership with Nvidia, and it deserves more attention than it got. Jensen Huang made it explicit that Nvidia is still actively securing large-scale compute for Anthropic across AWS, Azure, CoreWeave, and others, and it is safe to assume the same matchmaking is happening for OpenAI and the rest of the frontier labs. That reframes what an Nvidia partnership actually is. It is not just a GPU supply agreement, it is a customer pipeline. The chip vendor is steering the biggest, most capital-rich buyers in the world directly to the neoclouds that house its chips, which means companies like IREN, CoreWeave and Nebius are effectively getting demand handed to them while compute remains scarce.

@moninvestorMay 20, 2026 · 6:11 AM

$IREN Must-read. The integrated AI factory model that IREN, Dell, and NVIDIA are building together will become the center of the industry. Note that the current moat is power, land, grid access, high-voltage distribution, liquid cooling, cluster orchestration, network topology, and uptime. Whoever owns that full stack has real pricing power. > CRWV and NBIS were the right bets for the era we're leaving. IREN is the bet for the era we're entering. The market hasn't figured this out yet, which is why IREN looks "cheap" relative to NBIS. It's only a matter of time.

@moninvestorMay 19, 2026 · 5:11 PM

My top 3 stocks for 2026 YTD: $IREN +14% $HIMS -33% $ONDS -16% 7.5 Months to go. I believe all three are a at a great price right now.

@moninvestorMay 18, 2026 · 11:46 PM

$NVDA + $IREN + $DELL = 🚀 Great things are coming. It's only a matter of time.

@moninvestorMay 16, 2026 · 1:43 PM

$IREN is the only company that checks every box NVIDIA needs for a flagship "AI factory" partner. So NVIDIA is quietly making IREN its chosen partner, and IREN stock could go way up as this plays out. This is a must-read piece by @franklee6924T

@moninvestorMay 15, 2026 · 7:43 AM

$IREN - First $20 million and now $50 million. Yes, a deal is coming. It's only a matter of time.

@moninvestorMay 14, 2026 · 4:11 PM

$IREN - "I believe IREN will deliver. I believe the deals will be real, and they'll be spectacular. Extremely excited for the next few quarters." Only a matter of time. Great read.

@moninvestorMay 13, 2026 · 10:52 AM

$IREN this. I believe the stock is incredibly undervalued at current price. I am very surprised by the market reaction to the latest earnings. > 5GW secured power. > Expanded into EU. > Two deals with NVDA. > Australia expansion soon.

@moninvestorMay 12, 2026 · 9:07 AM

$IREN being named the flagship deployment for NVIDIA's DSX architecture at the 2GW Sweetwater campus is a massive deal. This validates IREN's vertically integrated approach across power, land, data centers and GPU operations, exactly what NVIDIA needs in a partner to scale AI infrastructure globally. This gives IREN the credibility to unlock institutional financing, attract hyperscaler deals, and secure priority GPU allocation. It's in NVIDIA's own interest for IREN to succeed, because IREN SW1 site is now expected to be their flagship showcase for DSX architecture.

@moninvestorMay 11, 2026 · 3:47 PM

$IREN This offering is expected. This is what they’re going to do a few times a year, and the same applies across the entire industry, until the flywheel is fully running. It’s a buying opportunity if you believe in the long term. -14% to -5%.

@moninvestorMay 8, 2026 · 12:54 AM

$IREN A lot of the bearish commentary focuses on this being “too good” for Nvidia. Yes, it is a very good deal for Nvidia. But that does not make it a bad deal for IREN. There is nothing wrong with IREN structuring a deal that is highly attractive to Nvidia. In fact, if you want a partner like Nvidia to be meaningfully involved, you have to give them a reason to care economically. For IREN to achieve a 5-10x outcome, access to GPUs is the bottleneck. Not demand. Execution depends on securing and scaling compute and that means getting Nvidia onboard. Before this, a real concern was whether IREN would be able to reliably secure the GPUs needed to execute on its CSP ambitions. The alternative path would have been a mix of colocation and CSP exposure, which limits upside and control. This deal changes that. By bringing Nvidia in as a real stakeholder, it puts IREN closer to the group of cloud players that have direct partnership with Nvidia. It is now in Nvidia’s interest for IREN to succeed. That is why this is a win-win.

@moninvestorMay 7, 2026 · 8:34 AM

Last quarter $IREN had no major pre-earnings news and used the earnings to release the Oklahoma site. This quarter, they've dropped three major announcements close to earnings: > Horizon progress > SW1 energisation > The Mirantis deal The volume of pre-earnings disclosures makes me more confident they've saved something for today. My top guess is an Australia expansion + Possible Microsoft deal extension/expansion?

@moninvestorMay 6, 2026 · 7:30 AM

$IREN - "In the 2-3 year future, a possible dynamic is customers will try out NBIS for open source model and then switch to IREN when they want to have control over more of their software. This will happen either for data sovereignty reasons or when revenue grows and unit cost and margins matters."

@moninvestorMay 5, 2026 · 5:46 PM

$IREN "NVIDIA has named Mirantis as one of only three founding ISV partners in its NVIDIA AI Cloud Ready initiative. IREN, Mirantis, and NVIDIA represent exactly the combination that initiative was designed for." I’ve said this before that dilution can be accretive when it is used effectively. Today’s acquisition is a clear example of management using dilution effectively to compound shareholder value. Note that this transaction represents only a small portion of the outstanding ATM. Very much looking forward to the earnings.

@moninvestorMay 4, 2026 · 2:34 PM

$IREN had a massive run-up to $75 in late 2025, then crashed down to the $30 support level (the blue horizontal line) earlier this year. It's now staging a strong recovery, currently at $50.95. The key bullish signal is that the stock has broken back above both the 50-day and 200-day moving averages (both sitting around $42), which is a significant technical milestone. Today's green candle on solid volume (14M shares) is driven by the news of their 1.4GW Texas data center going live on the ERCOT grid. The main concern is the descending purple trendline from the December peak acting as overhead resistance the stock is approaching it now, so whether it can break through that will be the real test. Overall, short-term bullish, but watch that trendline carefully. Explained with the help of AI. NFA.

@moninvestorMay 3, 2026 · 11:06 AM

@BlackPantherCap $IREN sentiment is completely detached from execution. -> Agreed 100%. People don’t realize how significant this milestone is, but they will soon. Think about it. How many grid-connected 1.4 GW sites powered by renewable energy do you think exist in the world? This is one of the largest sites globally, and it has just been energized.

@moninvestorMay 1, 2026 · 9:08 PM

$IREN Nearly half of all planned U.S. data center builds in 2026 are projected to be delayed or canceled. IREN just energized the Sweetwater 1 substation. On schedule. 💥

@moninvestorApr 29, 2026 · 9:26 PM

Very impressive numbers from AWS/Azure/Google. But it is worth remembering they are still capacity constrained. The core bottleneck is still power and land. Google - “Our cloud revenue would have been higher if we had more compute.” That's where neoclouds come in: $NBIS, $CRWV, $IREN. IREN alone recently announced a new 1.6GW data center campus in Oklahoma, bringing its total secured, grid-connected power to over 4.5GW. That kind of infrastructure takes years to build.

@moninvestorApr 26, 2026 · 2:43 AM

$IREN Jevons Paradox. Simply means that when something becomes cheaper and more efficient to use, people end up using a lot more of it, not less. In AI, as chips and models become more efficient, companies and developers massively increase usage by training bigger models, running more applications, and scaling compute, which drives total demand for AI infrastructure even higher.

@moninvestorApr 25, 2026 · 7:51 AM

This is exactly why I’m bullish on $IREN. Power is being politicized, and as electricity prices rise, AI data centers are becoming the perfect scapegoat. A clear example of this is the intense local opposition facing $NBIS. A group of Independence residents is suing the city after it denied the group's petition to overturn massive tax breaks for an artificial intelligence data center. Further reading: "The Independence city council last week approved $6.26 billion in tax breaks over 20 years for Nebius, the company planning to build what it calls an “AI factory” in the city. The tense meeting lasted more than five and a half hours, and a majority of the people who spoke publicly were opposed to the tax breaks. Opponents of the tax incentives, who organized in a Facebook group called “Stop the AI Data Center in Independence,” expected the incentives to go through. So they gathered the next morning to start collecting signatures for a referendum petition, which could put the tax breaks up for a citywide vote." - KCUR We are already in a power-constrained environment, so if a portion of that planned capacity never gets built, supply gets even tighter. At the same time, demand for compute is only going up as usage increases. So the players that can actually deliver capacity become more valuable. IREN controls 4.5 GW of secured power. They are not stuck waiting on approvals or dealing with local opposition for every new build. They can bring capacity online while others are still trying to get projects off the ground. If cancellations continue, the gap between demand and real supply grows, and their negotiating leverage increases.

@moninvestorApr 24, 2026 · 8:36 AM

My top 3 stocks for 2026 are just getting started. First added to my portfolio: 2023: $HIMS at $6, now $28. 2024: $IREN at $6, now $52. 2025: $ONDS at $1.80, now $10.

@moninvestorApr 22, 2026 · 7:52 PM

Let’s be honest, this reads like Chamath is indirectly describing $IREN. This is what I’ve been saying from the start. Over time, as more data center projects get cancelled or delayed (for various reasons), the value of existing, fully powered assets increases. Power + approved land + existing infrastructure becomes more valuable. "If you have that, you have immense negotiating leverage right now. As data centers get voted down, this leverage will only increase." - Chamath.

@moninvestorApr 21, 2026 · 9:39 AM

$IREN Jonathan Tinter, President of Business Development and Ventures at Microsoft commented: “Together with IREN, Microsoft is delivering cutting-edge AI infrastructure for our customers. IREN’s expertise in building and operating a fully integrated AI cloud — from data centers to GPU stack — combined with their secured power capacity makes them a strategic partner. This collaboration unlocks new growth opportunities for both companies and the customers we serve.”

@moninvestorApr 19, 2026 · 5:24 AM

Right now, $IREN is far ahead in secured power. It already has significantly more capacity than peers and likely has additional projects that have not been fully disclosed. Building a portfolio like that takes many years, which makes it difficult for competitors to catch up in the near term.

@moninvestorApr 17, 2026 · 1:48 PM

My top three stocks for 2026 - $IREN, $HIMS, and $ONDS have had a rough start to the year, but I believe the tide is about to turn. I remain confident in the long-term direction of each, and I expect all three to outperform the broader market before the year is out. YTD - 20.5% https://t.co/I5S5DUQxVj

@moninvestorApr 14, 2026 · 6:15 AM

When a stock you own is underperforming a peer in the same sector, it becomes a major focus. People compare them side by side and the narrative writes itself. $NBIS going up while $IREN goes nowhere looks like proof that you picked the wrong one. That's when the pile-on starts. Staying calm when the market isn't validating you is the hardest part because we're wired to treat price as feedback. When the price is down, our brain reads it as evidence we're wrong. The market not agreeing with you yet is not the same as the market telling you that you're wrong. Know what you own and why.

@moninvestorApr 13, 2026 · 10:25 PM

$IREN A lot of people panicked over the $6 billion ATM and sold. When $NBIS hit all-time highs, I was genuinely happy. Companies executing well in the same sector validates the demand backdrop. I even said in my group chat that NBIS hitting new highs was something to celebrate. You don't have to pick one and ignore the other. A lot of IREN investors hold both. That said, I'm clear-eyed about the bet I'm making. IREN is the higher-risk path. I could easily split exposure between IREN, NBIS, and CRWV to smooth out the ride. But I'm not interested. I'm taking the concentrated position because I believe IREN outperforms all of them over time. The problem is most people can't sit through that kind of setup. When NBIS was making new highs and IREN was still in the red, the hate on X was relentless. That's the tax you pay for conviction. If you want to win in volatile, emerging sectors, you have to block out the noise, understand exactly what you own and why, and stay calm when the market isn't validating you in the short-term.

@moninvestorApr 12, 2026 · 10:17 PM

If you are investing in companies like $IREN, $CRWV, or $NBIS, your entire thesis sits on capturing part of this hyperscaler-driven expansion. The Big Four (Amazon, Google, Meta and Microsoft) plan to invest over $600bn in capital expenditures for 2026, about a 62% increase from the record $388bn in 2025 spending. > Amazon: $200bn in CapEx projected for 2026, versus $125bn last year. > Google: $175 to $185bn , up from $91bn in 2025. > Meta: $115 to $135bn for 2026, up from $72bn in 2025. > Microsoft: $110 to $120bn in 2026, compared to $90bn last year. Industry estimates suggest total AI infrastructure spend could exceed $1 trillion over the next decade. Power demand from data centers alone is projected to more than double by 2030. This chart from McKinsey & Company shows how quickly data center demand is growing in the U.S., and more importantly, how the structure of that demand is changing over time. Overall demand is expected to compound at roughly 10–13% annually, reaching more than 30 GW by 2030. That is a massive increase in absolute power usage, and it reflects the physical reality of AI. More compute requires more electricity, and there is no way around that. This is why power availability has become one of the central bottlenecks in AI infrastructure.

@moninvestorApr 10, 2026 · 9:39 PM

$IREN is my top stock for 2026. If I believe it has significant upside by year-end, constantly trading in and out trying to time the market makes no sense. I'm holding and staying patient. Note that I acknowledge that $6bn ATM is generally negative for share price. But whether it's bad for the company depends entirely on how the capital is deployed. Management knew this would hurt the stock short-term and did it anyway, which suggests they have a specific purpose in mind. Think, why $6bn? Why not $1bn or $3bn. I'm trusting the management's judgment, but only because their track record justifies it.

@moninvestorApr 2, 2026 · 2:50 AM

@Ren_aramb Yes, I am planning on buying $IREN. My highest conviction stock.

@moninvestorApr 1, 2026 · 11:24 PM

Every month a rival data center gets delayed is another month $IREN is the one with available compute to sell.

@moninvestorMar 30, 2026 · 9:19 PM

For the first time ever, I'm hoping $IREN doesn't secure a deal right now. 😅 Wait until the war is over.

@moninvestorMar 29, 2026 · 6:02 PM

The Microsoft deal was a genuinely significant moment for $IREN because it proved to the entire market that the company can land a hyperscaler at scale and actually deliver. Retail has largely moved on because the deal is done and attention has shifted to what comes next. But any company now sitting across the table from IREN is watching closely to see whether they deliver on time and on budget. That execution piece matters for everything that follows. Investors expect the next deal to be better. The cost of compute continues to rise with each new generation of hardware, and demand keeps climbing with no sign of slowing. Whether the next partner is OpenAI, Anthropic, or Google, nobody knows. Everyone has their own view. What is clear is that the longer IREN waits, the more valuable that next contract becomes, and they understand that. Then you have Sweetwater 1, a 1.4 GW site coming online next month, making it one of the largest compute sites in the world to be energized. On the ATM, the biggest mistake people make is assuming any dilution is automatically bad. That is not how this works. IREN is not drawing down $6B right now, and they are not doing this because something is broken. They are raising capital to build at scale. If that capital generates multiples in enterprise value, it is accretive and the right decision. The idea that this ATM is a red flag is misleading and worth pushing back on. The macro is where I have real concern. What is happening in Iran, Yemen, and around the Strait of Hormuz has the potential to push oil prices higher, and that matters because oil feeds into everything. When oil rises, manufacturing costs increase, supply chains become more expensive, inflation moves higher, and interest rates may follow. The issue is that 2026 was expected to be a year of lower rates. That is what the market has been pricing. If instead rates move higher, that creates a problem. You already have businesses investing heavily in AI, often using debt to fund it, while unemployment begins to rise as AI replaces jobs. If you combine record investment spending, rising unemployment, and the possibility of higher rates, the setup for a significant market event becomes more realistic than many want to admit. OpenAI is another risk that is not discussed enough. The company sits at the center of the AI ecosystem, and any serious disruption would have broad second-order effects. My view is that Anthropic is in a stronger position, and that gap is likely to widen. Long term, I have no concern about IREN. The thesis remains intact. Short to medium term, the macro is a real risk. Ideally, conditions settle before any major announcement, so when the next deal comes, it lands into a market that can properly reward it.

@moninvestorMar 27, 2026 · 2:49 PM

$IREN - "The companies that truly outperform usually have a real advantage that compounds over time. They solve something better, scale it, and build things like network effects, switching costs, and cost advantages. Early on, it’s hard to see clearly, which is why mispricings can last. To outperform, you need two things. A business that can keep getting better over time, and a price that underestimates that future. Even then, the path is volatile and uncertain." 🎯

@moninvestorMar 26, 2026 · 3:43 PM

Bitcoin is not something you can consistently time. That’s why I’m glad $IREN sells most of the Bitcoin they mine right away. Even people who live and breathe this market, like Tom Lee, have been all over the place. At one point he was calling for $150K to $200K by the end of 2025, even suggesting upside to $250K. Later, he walked that down to just “above $100K”. Then he came back again with long-term targets of $200K to $250K by 2026, and even floated $300K in more bullish scenarios. At one point, he even expected a new all-time high within weeks in early 2026. We all know how that turned out. 😬 None of that played out. BTC is down 20% YTD. One thing is for sure, the price of Bitcoin is incredibly hard to predict.

@moninvestorMar 25, 2026 · 4:42 PM

$IREN while some retail investors are panicking over the $6bn ATM, analysts at Arete Research are raising their price targets. I’ve never been more bullish.

@moninvestorMar 22, 2026 · 10:33 PM

$IREN Compute is the moat right now. Nobody has a clean technical roadmap to AGI. Microsoft, Google, and Meta all have competing theories on how to reach that goal. But every single one of those theories requires a massive amount of compute. For a hyperscaler, buying compute is the hedge that works regardless of which theory wins. That optionality is exactly what they are buying. And the logic holds up. The current generation of AI scales with compute in a very predictable way. More GPUs allow these companies to process exponentially larger datasets and run training for much longer periods. This combination is what consistently produces a more capable model. That relationship has held up long enough that the entire industry has staked its survival on the trend. So stopping is not an option. Imagine a scenario where a rival gets a decisive lead that you cannot close. Your entire business becomes a relic overnight. That risk is so catastrophic that it overrides every normal rule of financial discipline. "The hyperscalers are now spending 94% of their operating cash flows on AI infrastructure." -- Blog by Horace Dediu. All of that capital flows into a very specific physical stack. GPUs, power, energy, and data centers. As an investor, you don't need to have a view on whether AGI happens. You just need a view on whether the spending continues. Right now, competitive pressure between the hyperscalers almost guarantees it does. That's why I'm heavily invested in IREN. Microsoft put it simply. Jonathan Tinter, the President of Business Development and Ventures, called IREN "a strategic partner" when the $9.7 billion deal was announced. "IREN's expertise in building and operating a fully integrated AI cloud, from data centers to GPU stack, combined with their secured power capacity makes them a strategic partner." IREN has 4.5GW of secured power in the pipeline, with their 1.4GW Sweetwater 1 site set to energize in April.

@moninvestorMar 16, 2026 · 12:41 PM

$IREN investors should be very happy about the $NBIS x $META deal. IREN is up 6% on external news and has broken out of its downward trend. If the stock can gradually rise on outside catalysts, imagine the upside once the company starts securing its own deals and monetizing its massive 4.5GW power portfolio.

@moninvestorMar 13, 2026 · 11:36 PM

$IREN this is the definition of Jevons Paradox. Jevons paradox is the observation that as technology makes a resource more efficient to use, total consumption of that resource tends to go up. The idea comes from 19th century economist William Jevons, who noticed that improvements in steam engine efficiency didn't reduce Britain's coal consumption. They increased it dramatically. More efficient engines made coal-powered production cheaper, which expanded the number of industries and applications using it, which drove overall demand higher than ever. Efficiency lowers the effective cost of using something, which stimulates more use. The rebound in demand more than cancels out the efficiency gain. A modern example is fuel-efficient cars. They lower the cost per mile driven, so people drive more, move further from cities, and buy bigger vehicles, often wiping out the fuel savings entirely. Same logic applies to LED lighting, faster internet, cheaper compute, and more efficient aircraft. It's particularly relevant to AI infrastructure right now. As GPU efficiency improves and inference gets cheaper, demand for AI compute tends to expand faster than the efficiency gains accumulate. This is part of why power demand projections for data centers keep getting revised upward even as the hardware gets better.

@moninvestorMar 12, 2026 · 9:46 AM

$IREN It’s only a matter of time before IREN secures a much bigger deal. CEO - "What makes IREN different is that we’re vertically integrated. We control the full stack: land, grid connections, substations, data centers, and GPUs. That gives us speed of delivery and control over costs and construction." They own the GPUs, deploy them, and sell compute to customers directly. That's fundamentally different from colocation, where you're just renting floor space and power to someone who brings their own kit. The CSP model means IREN captures the full margin stack. The Microsoft deal is the proof point, a $9.7 billion agreement where IREN deploys GPU clusters in liquid-cooled data centers it owns and operates, with a 20% prepayment that meaningfully funds a portion of CapEx upfront. Jonathan Tinter, Microsoft's President of Business Development and Ventures, specifically called out "IREN's expertise in building and operating a fully integrated AI cloud from data centers to GPU stack, combined with their secured power capacity makes them a strategic partner." If IREN continues executing, the addressable opportunity becomes much larger than a single contract. Other hyperscalers & AI labs, all face the same constraints. They need massive amounts of power, high-density data centers, and reliable GPU deployment at speed. Companies that already control large blocks of power and can convert that power into GPU clusters quickly are going to benefit. That is the strategic position IREN has been building toward for years. It's only a matter of time. 🧐

@moninvestorMar 11, 2026 · 9:12 AM

$NVDA describes AI as a five-layer stack: energy, chips, infrastructure, models, and applications. The key point is that energy sits at the base. Every time an AI model generates a response, thousands of processors consume electricity to produce that output. As AI usage grows, more compute clusters have to run simultaneously, which directly increases electricity demand. This is why access to large amounts of power is becoming one of the most important inputs in the AI economy, and why neo-cloud like $IREN, which control significant power capacity for large-scale compute, are increasingly becoming valuable to HS as the industry scales.