I did not have time or willingness to post much these last few days. I tell you this: I bought multiple millions worth of $IREN shares. I wanted to increase my exposure after the $NVDA announcement on earnings. I almost hit buy at $60 but decided to hold. I added substantially at $54. No intention of timing the bottom, just wanted many more shares. I actually think this investment has derisked substantially the last couple of weeks: - Mirantis acquisition - NVDA partnership - NVDA AI contract - Funding at excellent rates - Sweetwater energisation I expect a major catalyst before summer. And even if my timing is off, I am extremely patient here. NFA

In 2025 $IREN investors were all about euphoria: "oh sh*t we have so much power and land we're going to be sooo rich" In 2026 now peak fear: "oh sh*t this thing is so difficult and so expensive we're going to be soooo poor" Step back, zoom out and chill. If you own this company, with its pluses and minuses, let them cook.

The time has come; the next few quarters we close the gap.

Don't get me wrong I think the disconnect between the stock and the business is extreme right now $IREN $10B market cap.

Some random Sunday thoughts on $IREN price action lately: 1. I don't believe we are in an April 2025 context, I remember how all the econony in the world was about to get rekt back then. We're not at this level of pessimism. 2. The selloff and compression is real on multiple fronts. A relief rally maybe forming. But my gut tells me we wont' see ATHs in "a few weeks". (people calling an April-Nov 2025 style rebound, I think they're wrong, because 1) 3. The trend has been totally destroyed right now, the rebasing will take time and we don't know when or where the bottom is. 4. Execution is paramount, and extremely difficult. Being vertically integrated gives us control, but also responsibility. We need to deliver our first purpose built AI HPC project while building the best possible team for the future. Holding every single share. This is a testing moment for all "big" shareholders in the space and IREN specifically.

$IREN keeps hiring. AI Cloud in the making 💪🏼

In this drawdown/compression I am going to do what I did in 2022. Getting in the best f***ing shape of my life. Bumping to 12h of hard training per week minimum. Beast mode on!💪🏼

Bear markets, drawdowns, are always, always more humbling, painful and last longer than we expect. When you think it's over, boom: another one. Always hoping... On the other hand, when this snaps back most people will be exiting their positions way too quickly. I hold 3 positions currently and no sizable dry powder left to keep buying: $IREN; doing nothing (fully positioned) $BTC; doing nothing (same) $OPEN; i am ready to accumulate more. Last I've checked I don't need to sell anything on my portfolio. So I will get through this one like I did on many others. Less intraday price action checking, more fundamental following, more actual work, more time with family and friends. 💪

If you’ve seen my pinned tweet on $IREN, you know I bought a big chunk of shares in May. My average cost is now $42, up from $28 before May. Yeah, it sucks. I felt stupid for not being more patient. But my biggest fear wasn’t paying too much. It was not owning a position large enough to justify the time, effort, and risk I’d put into this investment. I was expecting a major deal announcement over the summer. The deal came, as we all know. With one of the two frontier AI labs. We still don’t know which one, or the terms. Months of research built my conviction. A falling share price alone isn’t enough to change it. The fundamentals would have to. I’m holding. I’m not adding anymore, either. No more meaningful dry powder for this year, at least not enough to materially change the risk/reward of my position. But I’m watching closely. The whole neocloud space is still taking shape. The big winners haven’t been decided yet. At least that’s how I see it. We’re still in the very early innings of an entirely new industry.

My $IREN thoughts for the last few months... The big question during a brutal drawdown: how deep, and for how long? Then comes the emotional torture: Should I have sold earlier? What if this thing drops another 50%? Will it ever recover? There’s only one way to make that fear tolerable: do your homework. If you understand the business, its future cash flows, and what it’s actually worth, the market price becomes much less relevant. Think like a business owner. If you paid a fair price (or better, a discount) for a business, and nothing has changed for the worst, why on earth would you sell it just because someone now offers you even less? I trust my homework I think MY BUSINESS is worth much more than $15B!! hint: re read the last earnings call or 10K

Added more $OPEN today. Now 5% position

Ouch! $IREN

If you were waiting to sell today is the day. Said no one ever.

Just saying... Don't fade Elon. I am positioned.

Sometimes there's no explanation for prices going down. I'm reading a lot of smart takes: the news, this note, that report. My rule: most of the time it's just an excuse, and the right answer is "we don't know." So, a red day for AI neoclouds. So? What changed?

Anthropic losing market share. I am laughing my ass off 😂 It has not even started gaining enterprise traction. Tiny sample... Germany one of the slowest adopters of new tech. German dealerships, even worst. One of them started testing this new "thing". Basically an intern showing them how to use Claude to handle basic stuff, build dashboards etc. Mindblown is a soft way to put it for this company. Companies are not harvesting their crappy SaaS investments, let alone AI. Claud will unlock their data, automate, everything. When Anthropic IPOs... I will buy shares... for my kids!

$IREN vs $NBIS vs $CIFR on forward multiples (analysts consensus). * EV/revenue: 6.4x / 9.2x / 19.9x * EV/EBITDA: 9.5x / 17.0x / 36.6x pretty big spread. CIFR trades at almost 4x IREN’s EBITDA multiple. IREN still looks cheapest here. now it needs to deliver.

Imagine you had the chance to accumulate high beta real estate stocks during a multi year high of yields. Yes, that's now.