Right now @SemiAnalysis_ has a pseudo-monopoly on tracking the AI Buildout after buying out @citrini. I'm looking forward to @OrnnExchange and @silicondata to provide independent research to keep the analysis honest. Ornn Exchange I had a call with @OrnnExchange and they have satellite images tracking 500 sites and having independent research from them would be great. @wayne_nelmz, @gpujaff, @CharlieSheiner. They also have transaction data and I can affirmatively say GPU prices are still going up. Silicon Exchange @stevehou heads research at @silicondata and they also track technology development trends have have transaction data for GPU prices.

$IREN: Addressing the Semi-Analysis FUD on Reliability What's the Issue? I heard of these issue in August and the only customers that $IREN has had long enough to report "multi-day power outages, network upgrades, storage failures, air quality controls leading to link flaps, XIDs everywhere" are FireworksAI and TogetherAI at Prince George. Mackenzie is undergoing GPU commissioning as we speak (1) so I don't know why @SemiAnalysis_ mentions Mackenzie having customer problems already when there are no customers there yet. What @dylan522p says is true but convinently omitting critical industry context makes this a cleverly disguised Semi-Hit-Piece. I had heard that TogetherAI filed this complaint to IREN and Dylan was able to obtain the information from TogetherAI's CEO. I was also told that Dylan is personal friends with TogetherAI's CEO and are from the same region in India and speak the same Indian dialect which is how Dylan is able to get the info. I will show that these are industry wide problems and the affected customers renewed despite these issues. First Industry Fact First, the most important fact that @SemiAnalysis_ conveniently leaves out is that on August 27, 2026, it was confirmed that “Together AI and Fireworks AI have both renewed and expanded” (2). Despite all these problems, why did TogetherAI and FireworksAI renew? Let's look at the rest of the industry facts. Second Industry Fact Second, I will address the most alarming sounding issue: multi-day power outages. Down-time happens to everyone in the industry. @SemiAnalysis_ Platinum Cloud, $NBIS, had a outrage spanning August 19-August 20, 2026 (3). It's not narrated by SemiAnalysis in hit piece voice but the results are similar: "a storm-related event affected the building of the data center facility hosting the us-central1 region, taking the facility’s building management system offline and shutting down the chilled-water cooling loop. With active cooling lost, the data halls overheated within roughly two hours, and servers, network switches and rack power systems began shutting down on thermal protection. This caused a region-wide disruption of us-central1 services: GPU and CPU compute, external network connectivity for virtual machines, object and block storage, Managed Kubernetes, Token Factory, managed platform services, and the regional API and console endpoints" (3). "Storm-related event" makes NBIS outrage explained. SemiAnalysis's biggest bias is that they conveniently leave out the reason for IREN's outraged: BC Hydro's grid had a brown out. That's why TogetherAI renewed, not because they were okay with unexplained, random multi-day power outrages. At the time, IREN did not have enough backup generators in BC since generators produce significantly more pollution than a hydro powered grid and are hard to obtain licenses for. By March, IREN was able to obtain license to put generators for all of PG and multi-day power outrages will no longer be a problem. IREN has designed Childress and SW1 with full N+1 backup power since MSFT which requires a higher uptime which is why SemiAnalysis says those sites "look much better". Third Industry Fact Third, let's address the rest accusations: "network upgrades, storage failures, air quality controls leading to link flaps, XIDs everywhere". Using fancy technical terms without explaining them is a hallmark of a hit piece, so I'll give definitions. Link flaps means a network connection is going in and out. XID is an error code logged and reported by Nvidia GPUs. Link flaps are common: SemiAnalysis Platinum Cloud $CRWV (4), Silver Cloud Lambda (5), $MSFT (6) all had 2hr15m (4), 5hr14m (5), 4h57m (6) network out rages due to link flaps this year. Why? Because when optical networking links and transceivers collect dust particles the connection can be interrupted. SemiAnalysis conveniently uses "air quality controls" to make it sound even more scary. "XIDs everywhere" sounds scary too but they have a much larger frequency on GPUs than other compute types. $META had a paper showing that they had 419 XIDs in 54 days on their infrastructure. No other AI Cloud is this transparent about reporting problems but $META blog is one of the most honest tech blogs out there bcause META culture is "Move Fast and Break Things". Network upgrades or other control/management plane upgrades do cause problem from time to time. AWS had a DynamoDB DNS defect (8) and GCP had a policy update trigger crashes globally (9). Storage outrage is the most outrageous accusation as those are the most common across both GPU and CPU Clouds. In a completely separate incident from the storm-incident, NBIS had a storage outrage in 2025: "we had an outage of the S3 service in the eu-north1 region triggered by a steady increase of migration traffic accompanied by unexpected behavior of the program" (10). Storage downtime are not typically reported these days but in the past generation, they use to more commonly reported by GCP (11), Azure (12), AWS (13). Storage is check pointed and there is often none to very little data loss. Managed Services Don't know why SemiAnalysis has such strong shade on "Managed Services". It's a twist of the facts. IREN has no managed services but Mirantis does. Mirantis provides managed services with 99.99% uptime SLA (15) to customers like Adobe, Cornell University, PayPal, MetLife Insurance, Royal Bank of Canada (14). With the Mirantis acquisition closed, I don't know why SemiAnalysis says that IREN advertisement of managed services is misleading, NBIS is advertising the results of their acquisitions on full blast. Conclusion @SemiAnalysis_ gives a master piece lesson on how to write FUD pieces without straight up lying but cleverly crafting context. I unravel their knots for you.

Issues with ClusterMax 3.0 1. $ORCL had a huge security breach today (1) and is somehow ranked above AWS and Azure. 2. Firmus AI has a grand total 32 racks / 256 GPU H200s (2) generating 32m ARR and is a better AI cloud than AWS. 3. Cursor’s Composer Model was trained on FireworksAI (3), ChatGPT was trained on Azure, and Claude trained on AWS. None of these are apparently top AI Clouds. None of the top AI models are from “top AI clouds”. Hmm… ClusterMax is clearly pay to rank ad. (1) xitter.cf/rdd147/status/21026490… (2) firmus.co/newsroom/ai-singap… - site taken down but you can get the archived info from ChatGPT (3) cursor.com/blog/composer-2-t… (list FireworksAI and Colfax as collaborators)

The Funniest Thing about ClusterMax 3.0 Much of X only knows like ~5 of the names on ClusterMax 3.0. I know a few more of them so I can point out how ridiculous some of these rankings are. I used VastAI for my masters project because they are by far the lowest price. VastAI is a distributed GPU hosting network with a thin veil software support. Anyone can apply and put their GPUs on VastAI (1). Some of these GPUs are literally hosted in people's basements. Literally, if you put up their listings for RTX 5090, the top four recommended listings are GPUs hosted in Vietnam, Taiwan, Nebraska, and Estonia (2). Now @SemiAnalysis_ ranks VastAI above $IREN and one tier below AWS. $CRWV and $NBIS are two tiers above AWS. This means I can plug in GPUs in my bedroom and be closer to AWS than AWS is to $CRWV and $NBIS on ClusterMax rankings. Hey but you know what? My home has a Generac Generator and Cisco CW9300 Enterprise Grade Switch. I'm now a tier above $IREN and only one grade below AWS.