$IREN(IREN.US)

IREN caught my attention because the leverage isn’t financial, it’s structural.

Power is the constraint, not machines. When you control low cost energy at scale, compute demand eventually comes to you. That dynamic doesn’t need a bull market to work, it just needs time and execution.

I’m not looking for instant validation. Situations like this usually look dull or misunderstood before they look obvious. Progress tends to show up in operations long before it shows up in price.