味豚

$SOFI $IREN $BTBT

[𝐀𝐠𝐫𝐢𝐩𝐩𝐚 𝐈𝐧𝐯𝐞𝐬𝐭𝐦𝐞𝐧𝐭𝐬 @Agrippa_Inv]

$IREN: When Business and Price Disagree

These days, everybody in this market is trying to ride a wave. When photonics stocks pump, the crowd is suddenly deep into photonics, and when the wave moves on to memory, the crowd moves with it, often at the worst time.

There's a constant scramble to chase whatever is hot at the moment. Almost nobody can call themselves an old-fashioned investor anymore, and I mean something specific by that. Finding a business before the market cares, taking a position, and sitting on it while nothing happens. That is what investing was supposed to be, and what it still is once you strip away the noise.

$IREN is exactly that kind of case. I fully relate to investors who entered in the $40-$70 range that has defined the stock over the past ~8 months. Many of them assume that people who entered in the single digits can cope better with the frustrating price action since they're still up big on their positions.

And while I agree to some extent, holders of that vintage have also been through this exact distress before and learned to stay patient the hard way. $IREN's price action has always been extremely volatile and exhausting. Shortly after I entered in 2024, the stock had wild swings yet mostly stayed range-bound for nearly an entire year, until it finally broke out last year. Today it sits in a similar spot, consolidating again.

Underneath, the fundamentals are steadily improving, which is all investors should care about in the first place.

$IREN's secured power portfolio grew by nearly 3 GW in a span of ~6 months, during a structural power shortage. And unlike competitors, secured grid-connected power is a far greater asset than merely "contracted power", which hinges on many factors and often comes with the asterisk of having to pay colocation leases.

Cloud contract terms are clearly improving, while customer selection has been stellar, with two Mag 7 companies in $MSFT and $NVDA, alongside shining AI-native startups like Fireworks, Fluidstack, Perplexity, and Figure. All while the first of several purpose-built AI data centers was delivered at Horizon 1 yesterday, de-risking the thesis even further.

This is where the old-fashioned investor mindset matters most.

The right time to position is when the opportunity is still asymmetric and largely not priced in yet, which often means the price action stays frustrating for a while until the rest of the crowd catches up.

It also means you have to wait and let your investment thesis play out, which can take several years. Sometimes, as was the case with the likes of $PLTR, price action can front-run a company's fundamentals, with fundamentals eventually catching up.

You could make the argument that this was also the case with $IREN's re-rate last year. However, I would more so credit that re-rate to the market starting to appreciate the company's vast secured power portfolio, as it previously traded for pennies on the dollar on an asset valuation basis.

But more often than not, price action finally catches up to reality once the actual earnings come in, which $IREN is right in front of at this point.

Institutions, which drive much of the buying pressure behind stocks that make it big long term, are typically late to arrive. They are structurally incentivized to pull the trigger only once a successful track record is established.

For $IREN, early signs are there that we are heading into this next phase, which often defines a structural change in the way the stock trades. Institutional ownership is increasing rapidly while retail, always chasing the next wave and often piling in near the end of a momentum fad, has given up on the story.

Stay focused on fundamentals, and only enter a position with a long-term mindset. Price action can be a very deceiving gauge of how well a company is doing over the short run.

Long $IREN

[Jukan @jukan05]

What Jalapeño made me realize is just how much lower the barrier to chip design is going to become.

Ultimately, manufacturing will be where the real moat remains—at least until we have robots capable enough to change that.

Design and engineering outside of manufacturing will gradually lose their moat. Even when it comes to the semiconductors that form the foundation of AI.

That’s the feeling I keep coming back to.

[Michael Saylor @saylor]

Send more ₿ears.

[CRG @MacroCRG]

they will flood the market with liquidity and we will all get rich

it’s their only choice

buckle up

[Elon Musk @elonmusk]

@nikitabier @DrewPavlou So many breakthroughs are coming

[Elon Musk @elonmusk]

@EricTopol Despite its obvious misuse during Covid, mRNA has tremendous promise for curing diseases.

Artificial RNA essentially makes curing diseases a software problem.

[Alex Finn @AlexFinn]

Absolutely insane. Major breakthrough today

Moderna used AI to design an mRNA cancer vaccine that succeeded in a phase 3 trial

It's not approved yet and it's just a treatment, but it's a step towards AI eventually curing cancer

It's incredibly sad people are trying to stop this innovation by (falsely) claiming AI data centers are drinking all our water

That AI is taking all the jobs

That AI is just a way for billionaires to get rich

All while the technology gets us closer and closer to cures for all diseases

I don't know which foreign country has convinced half of America that AI is the devil, but hopefully this "AI is drinking the water" trend ends sometime soon

We are on the cusp of greatness

[Yannick Buccella MD @YannickBuccella]

A personalized mRNA cancer vaccine passed Phase 3, genuinely great news for melanoma patients!

What happens here? They sequence your tumor, find up to 34 mutations unique to it, and build a custom vaccine that trains your immune system to hunt those exact cells.

In a phase 2 trial earlier this year the vaccine with immunotherapy has shown ~49% lower risk of recurrence or death vs immunotherapy alone, which is the current standard of care. We are waiting now for the details of the phase 3.

After that that concept is now expanding to lung, kidney, bladder cancer and hopefully to many more to come.
Huge win for science!

[Signal & Scale 🕸️ @SignalScale]

Bitcoin-AI Data Centers ⚠️
worth noting, the only insiders betting on their stocks (skin in the game) are:

$BTBT & $WYFI (CEO Sam)
$KEEL (CEO Ben and one other director)
$WULF (multiple)
$BTDR (CFO, CSO, multiple)
$CORZ (multiple)

Sam and Ben are just as brave CEO as Anthony Noto of $SOFI. Multiple open market purchase. Fearless like Karp (PLTR) and Musk (TSLA, SPCX). Respect.

They have skin-in-the-game and are nowhere near the billionaire row but with equally high ambition and DRIVE.
I'll BET on them.

You can't get more alignment than this - open market buy or IPO price purchase like the rest of us.

For eg. $WYFI IPO was at $17 and the price today is $20 (a $3 difference for a potential 5-10X bagger)

Send this to all the haters and ask them how much SBC their favorite CEOs gets vs. how much of their own money are they putting on the line!? ;)

[味豚 @Brain_to_excuse]

@__Con_ $BTBT ?

[Bit Digital, Inc. NASDAQ:BTBT @BitDigital_BTBT]

@BitcoinAIGuy Few

[BitcoinAIGuy @BitcoinAIGuy]

Added $BTBT and announced the buy to my subscribers.

saw the panic sellers in $WYFI and I think $ETH will rally over the next few years.

Happy to go into details for my subscribers.

[Echo Analysis @EchoAnalysis]

$WYFI I nailed this 👀

Price down 23% today making a lower low.

The pullback isn't over. I expect a bottom at the 0.786 or 0.887 fib and will likely buy on tests of both.

Wave 3 target: 317% 🚀

[味豚 @Brain_to_excuse]

@Freedom_By_40 $BTBT 🤔

[Unnati @Unnati_builds24]

Elon Musk in a living room in 2008, 12 days from bankruptcy, pitching a $109,000 car to people...

[Daniel Roberts @danroberts0101]

Every new AI data center creates more demand for AI, not less. That's what people referring to past booms keep getting wrong about this one.

Better AI needs more computing power to run. Cheaper AI gets used more, not less. And every step change in capability creates use cases that didn't exist a year ago.

Demand grows at the speed of software, but supply cannot. Supply grows at the speed of the real world: power connections, transmission lines, concrete, steel, and the thousands of people it takes to build.

In past booms, technology helped supply catch up. This time, technology is on the other side of the equation. It's fueling exponential demand, and the real world can't build fast enough to keep up.

[Black Panther Capital @BlackPantherCap]

You don’t have to be a genius or copy ‘the smart’ to make millions the next 5-10 years.

All it requires is to ask 10 questions:

1. Who primarily sits on AI?

OpenAI, Anthropic (Claude), xAI (Grok) and the emerging defense/space/government users.

2. What do they need to run?

Chips from $NVDA and $AMD, primarily, with custom ASICs from the hyperscalers themselves.

3. What keeps the chips running?

HPC/Cloud like $IREN $NBIS $WULF $CIFR $RIOT $BRUN datacenter’s e.g.

4. Who invest in Datacenters and the AI buildout?

$MSFT $META $AMZN $GOOG $TSLA and increasingly sovereigns + private capital.

5. What is the bottleneck that chips cannot function without?

High-bandwidth memory (HBM) and NAND storage such as $MU and $SNDK.

Both are sold out multi-years out. HBM is one of the tightest physical constraints after power.

6. What is the single thing that stops clusters from scaling?

Moving data between GPUs/servers at the speeds and densities AI requires. Copper hits a wall, so photonics takes over such as $AAOI $COHR $LITE.

These are the “light” layer that turns individual GPUs into usable AI factories.

7. Which large capital pools are being drawn in, and how?

BlackRock, Blackstone, Brookfield, Apollo, KKR, Goldman are creating dedicated AI-infrastructure financing platforms. They are drawn in because the cash flows look like long-duration infrastructure (contracted power + compute leases) rather than pure tech risk, and the scale matches their permanent capital.

8. What happens when AI leaves the datacenter and becomes physical?

AI moves from pure digital inference into autonomous platforms that sense, decide, and act in the real world. This is the shift to Physical AI and multi-domain autonomy

Think drones, such as $ONDS, perception from $OUST.

9. How does space connectivity close the loop for AI systems, drones, and remote operations?

Space connectivity closes the loop by linking AI systems, drones, and remote ops globally. $ASTS provides direct-to-device broadband so drones and edge devices stay connected anywhere. $PL runs onboard AI on its satellites and downlinks real-time insights. $RKLB provides the launch capacity + satellite platforms (and defense-relevant space systems) that make both possible

10. Where does the money ultimately flow?

From models → chips → memory → optics → power → physical autonomy → space infrastructure. Whatever is essential to keep this buildout going is what makes the most over the years.

Final takeaway:

We’ve all been given an INCREDIBLE life changing opportunity the next years, and few really understand it.

The world’s infrastructure is changing. Not one layer. Every layer. AI is not a thesis. It’s LIVE and living.

No need to predict which model wins. Just follow the physical dependencies and the bottlenecks that cannot scale quickly. The capital is already being forced into those exact layers.

AI is sovereignty. Those who controls it, controls the world. That’s the fight.

Your welcome, onwards,

-BP

Not financial advice.

[IREN @IREN_Ltd]

IREN will release its FY26 Results on Thursday, August 27, 2026.

Conference call to be held at 5:00pm (Eastern Time).

Register here: https://t.co/bJENJGVXLs

[味豚 @Brain_to_excuse]

@SamirTabar Looking forward to the call. Hoping to hear how management plans to unlock value from its ~70% WYFI stake, address the NAV discount, consider buybacks below NAV, and optimize the ETH/staking strategy. A clear path to NAV/share growth would be great.