San 🇺🇲 @TesMs82

$IREN: The cloud market's dark horse I bet most $IREN bulls are starting to get increasingly exhausted by the price action. I certainly am. However, as long-term investors, we should see day-to-day price action as nothing more than noise. $IREN is particularly "noisy," which makes it an especially difficult hold. Yet in times like these, it's important to step back and refocus on the company's fundamentals rather than let price action sway one's emotions. And the way I see it, $IREN's competitive standing is rapidly improving. I recently came across an interesting research report by Goldman Sachs that highlighted the discrepancy between planned data center capacity and realized capacity. Out of the ~18 GW planned to be commissioned over the past 6 quarters, only about ~11 GW actually got built. Not only is the gap between planned and realized capacity rapidly widening, but the rate at which new capacity is coming online has actually declined over the past couple of quarters. Much of this discrepancy comes down to power continuing to be a major bottleneck. As grids get more and more constrained with lead times reaching 5+ years, many developers are moving toward behind-the-meter (BTM) generation (on site power generation), circumventing the need for grid connectivity. Yet that comes with its own set of problems and bottlenecks. The end result is an increasing amount of delays and outright project cancellations. This industry backdrop plays directly into the hands of $IREN, which now has 5.8 GW of secured grid-connected power across global jurisdictions. The only reason the industry is switching toward BTM is that it's the only option if you don't want to wait in multi-year queues to secure grid connections. But don't get it twisted, grid-connected power remains the preferred option. $IREN is in a unique position to capitalize on this structural bottleneck and become one of the few cloud providers that can actually bring on 5+ GW of compute capacity over the coming years. I'd even go as far as saying that this structural advantage is the primary reason the $NVDA partnership came to be. While $NVDA undoubtedly remains king of the hill, even they face a real dilemma that could cause cracks in their growth trajectory. On the supply side, they have to come to terms with the fact that the gap between planned and realized data center capacity is widening, while the trend of new capacity coming online is actually decelerating. This is the issue I just flagged, and it could act as a potential growth bottleneck for $NVDA, since fewer builds means fewer GPU sales. Layered on top of this is the demand side. It's perfectly clear that demand for $NVDA's AI hardware remains insatiable. However, when looking closer, it's also apparent that competition is increasing. Pretty much every hyperscaler is working on their custom chips (TPU, Trainium, Maia, MTIA), and not exclusively for internal use cases anymore, but increasingly to service the compute needs of large AI labs. Anthropic alone has signed deals worth billions for Google TPU and AWS Trainium capacity. Then you obviously have the likes of AMD and Cerebras directly competing against the AI giant, trying to claim market share. Taken in aggregate, these two issues could gradually lead to a growth problem for $NVDA if not addressed. This is exactly where $IREN comes in. They've got the largest secured power portfolio of any neo-cloud at 5.8 GW and growing fast, they develop 100% of their data centers themselves, and they're not building competing silicon. That makes them the most reliable demand outlet $NVDA can partner with at scale. The Sweetwater partnership, positioning the 2 GW campus as a "flagship DSX deployment," isn't $NVDA doing $IREN a favor. It's $NVDA solving its two biggest problems at once. I'm sure you know the popular saying that "history never repeats, but often rhymes." I think today's neo-cloud market is somewhat similar to the dot com era search engine war. Back then, the front-runners leading the race were AltaVista, Excite, and Yahoo, while Google was a latecomer that ultimately came out on top. Today, the vast majority of investors in this space are declaring either $CRWV or $NBIS the obvious winners in the race to become the next hyperscaler. However, I believe the real dark horse that the mainstream doesn't give much credit to is $IREN. I believe they have all the ingredients to leapfrog every competitor in a short amount of time, in large part due to their structural advantages and pursuing the right long-term strategy from the get go. The asset-light model, which both $CRWV and $NBIS have been leaning into, doesn't work well in capital-intensive industries, at least not over the long run. It's somewhat of an oxymoron, since it seems intuitive that one way to circumvent some of the CapEx burden is to outsource from colocation providers. Yet that approach leaves you with less control, less flexibility, and ultimately higher costs in aggregate in the form of operating expenses (the landlord also has to earn $). I studied the Bitcoin mining industry for years, and the asset-light model was once a popular strategy around the 2021 bull market. While it proved to be a strong growth lever, it ultimately ended up being a disaster for anyone who adopted it. Companies like $MARA are the perfect example. $MARA heavily adopted the asset-light model and grew to become the largest $BTC miner, yet ended up as one of the most unprofitable public miners of all, leading to significant value destruction for shareholders over time. Once it became obvious that asset-light wasn't a sustainable strategy, $MARA tried to pivot away from it by increasing self-deployments. But developing infrastructure in-house is a much harder discipline to master, and you don't simply switch into it overnight. $IREN ultimately won the mining race last cycle by doing the exact opposite of $MARA from the start. They developed all of their data center infrastructure in-house, backed by a seemingly unlimited pipeline of secured power, which ended up making them the fastest growing and most profitable miner of all time. While the cloud sector has significant differences from the mining industry, the primary drawbacks of the asset-light model carry over. Over time, it will become obvious to Wall Street and the broader market that this strategy sounds great in theory, but in practice leads to a stack of operational issues and severe margin compression. Out of the two current front-runners, $CRWV and $NBIS, I think Nebius will do better. They've at least started moving toward a more diversified mix of self-owned capacity rather than purely relying on hosted colocation, which is the right direction even if they're still early in that pivot. That said, as the $MARA example showed, developing in-house gigawatt projects at scale is not something you learn overnight. It's clear to me that a player like $IREN, which has been building this discipline from day one, has the most realistic pathway toward sustained, profitable growth in this space. In my view, $IREN is the dark horse that will end up winning the race. Thus overthinking today’s price action wouldn't do me any favors. Cheers guys, have a great weekend! ✌️

23 year old Sudanese migrant Abubaker Mohamad Awad, stabbed 19 year old Tommie Lindhn to death in his own apartment in Härnösand, Sweden after Lindhn tried to stop Awad from raping a Swedish girl at knife point. After killing Tommie, Awad continued to rape the young girl next to Tommies dead body. The Sudanese migrant had already previously been convicted of several crimes, including sexual harassment, drug offences & shoplifting. Had he been deported, Tommie would still be alive. The media painted Tommie as Far Right, implied he was racist & that his life didn’t matter. Tommie’s life DID Matter, all White Lives Matter. Tommie Lindhn was a HERO R.I.P Tommie 🤍🕊️ There is no justice without completely overhauling the broken system in the West & without Remigration. Locking up violent foreign criminals AFTER they kill does not stop the next innocent person from losing their life. No justice, no peace.

🚨BREAKING: SPECIALIST DOCTOR SAYS HENRY NOWAK COULD HAVE LIVED IF NOT FOR POLICE In summary: - Henry was alive when they arrived and likely clotted - Aggressive police intervention likely tore clot - Major Trauma department was minutes away from scene - Judge and Pathologist were FAR TOO LENIENT on Police - Henry Nowak had 50% CHANCE to survive - Absolutely convinced that if he arrived in hospital alive he would have survived This is disgusting, the family deserve justice Full breakdown below: Dr Krzysztof Magier [@DrMagier] based in the Isle of Wight is a qualified Paediatric Care Lead and part of the 'Critical Care Network' with experience in combat medicine training and a specialized course in treating severe injuries (including gunshot and stab wounds) has analysed the footage and claimed the AGGRESSIVE Police intervention may have contributed towards Henry's death. Dr Magier DISAGREES with the pathologist's and judge's opinion that Henry Nowak had ZERO chance of SURVIVAL. As well as the claim that handcuffing him essentially changed NOTHING. In fact he claims the REVERSE IS TRUE, there is a high likelihood that the police intervention CONTRIBUTED TO HENRY'S DEATH. He analysed the autopsy report, which points to DAMAGE to the subclavian vein as the main source of BLEEDING. In a healthy person, venous bleeding occurs under low pressure and often self-limits thanks to the NATURALLY FORMING CLOT, while simply approximating the wound edges and compressing the surrounding tissues closes the vein enough to slow or even stop the bleeding. The body camera footage shows that when police arrived on the scene (likely 5-10 minutes after the injury), Henry was CONCIOUS ENOUGH to speak LOUDLY. He was therefore NOT YET in a terminal state. After his arms were twisted behind his back and handcuffed, the vein was most likely STRETCHED, the clot TORN, and BLEEDING DRAMATICALLY INTENSIFIED. Within just about three minutes, he lost consciousness and DIED. People with suspected internal injuries should NEVER be moved or yanked abruptly, such actions can destroy the natural clot and lead to massive internal hemorrhage. Instead of immediately calling a medical rescue team and handing the patient over to paramedics, the police ARRESTED HIM. If paramedics had arrived first on the scene, Henry’s chances of survival would have been MUCH HIGHER. AS HIGH AS "50%"—writes Dr. Magier. Paramedics could have quickly started an IV, administered fluids to increase circulating blood volume, and tranexamic acid to stabilize the clot, and if needed, performed needle decompression (inserting a large, long needle into the lung), because the issue wasn’t so much lack of lung function, but compression of the blood-filled lung on the heart and mediastinum, which blocks circulation. Worse still, the incident took place just a few minutes' drive by car (2–3 minutes by ambulance with sirens) from Southampton University Hospital—a regional MAJOR TRAUMA CENTRE equipped with a full team of specialists, procedures, and equipment. "I AM CONVINCED THAT IF HENRY HAD ARRIVED THERE ALIVE THE DOCTORS WOULD HAVE NOT LET HIM DIE"—writes Dr. Magier. The aggressive police intervention, instead of saving a life, led to death through improper handling of a severely injured person, even though world-class care was just minutes away. "I fear the Judge and pathologist were too lenient toward the police"

@insiderinvests A miracle you shall receive

IREN has announced a planned 800MW data center campus in Bundey, South Australia.  This marks IREN’s first announced Australian data center project and one of the largest in the Asia-Pacific region announced to date. Learn more: iren.gcs-web.com/static-files/8…

In his final moments, Henry Nowak told police officers nine times “I can’t breathe” and four times that he had been stabbed. In response police officer dragged him across the gravel, handcuffed and read him his rights. It was the last thing Henry heard before he died.

BUSTED on camera: Karen Bass and Nithya Raman spend millions of your tax dollars on these NGOs to hand out fentanyl needles, crack pipes, and DRUGS to addicts on your streets, to keep them high and homeless so they can profit off everyone's misery. VOTE NOW!!!

@heyitsyashu What's wild is they're all using AI through most of the phone apps and yet they still oppose it. Dumb

Now this is a story all about how my life got flipped, turned upside down

The Mayor of Charlotte is demanding people stop posting this reminder of the lovely innocent Iryna Zarutska butchered by a savage on Charlotte public transit. He was on probation by a liberal activist judge.

Full depravity of Hamas during October 7 revealed for the first time: New report details how terrorists performed almost unimaginable horrors upon Israeli families trib.al/olj7tnv

Peak download speed 98.9 Mbps. From space. With our Block 1 satellites. Direct to a standard smartphone over international waters. No modifications. No new hardware. Next-generation satellites expected to nearly double these speeds! Built in Texas. Space-based cellular broadband. Connecting everywhere. 🌎📶📱 #ASTSpaceMobile #Broadband #ConnectingtheUnconnected #BlueBirds

There is no larger long-term strategic move than this — NVIDIA joins forces with $IREN to build the flagship AI factory deployment for the DSX architecture The market will continue to repeatedly reinterpret the deeper intent and long-term objectives behind the partnership between NVIDIA and IREN. On May 7, 2026, IREN’s CEO reposted NVIDIA’s official announcement on X regarding the partnership between the two companies: NVIDIA and IREN Limited today announced a strategic partnership to accelerate the deployment of next-generation AI infrastructure. NVIDIA announcement nvidianews.nvidia.com/news/nvidia-an… At the same time, IREN also released another announcement on its own website: IREN signs a US$3.4 billion AI cloud services agreement with NVIDIA. IREN announcement iren.gcs-web.com/static-files/9… The two announcements, each emphasizing different aspects of the cooperation, carry extremely significant implications. First, after careful verification, this is the first time NVIDIA has sought external compute leasing. There are three major turning points in industry development embedded in this move. A reversal of roles: NVIDIA becomes a “major external compute customer” for the first time In the past, NVIDIA’s relationship with infrastructure companies was almost always centered around “selling hardware” or “borrowing hyperscaler data centers for DGX Cloud.” But in this US$3.4 billion agreement with IREN, NVIDIA is, for the first time in its history, leasing third-party compute capacity at large scale and on a long-term basis as a customer, for use by its own AI research teams. This kind of “reverse leasing” is unprecedented for NVIDIA in both scale and nature. The selective external exposure of its most core secrets: this point carries the deepest implications For a long time, NVIDIA has insisted on keeping its most critical R&D work — chip design, driver optimization, and large-model training — inside its self-built supercomputers such as Selene and Eos, creating a closed loop of “building the shovels and mining with them itself.” But this time, outsourcing a 60MW research workload to an external data center is highly significant. It signals that compute-chip R&D is beginning to transition toward external collaboration. The first opening of stack management: introducing Mirantis to manage NVIDIA’s internal R&D clusters Previously, NVIDIA’s internal cluster management was handled entirely by its own engineering teams. But under this agreement, NVIDIA is for the first time allowing third-party management, bringing in Mirantis to participate in cluster orchestration and operations. This also signals a transformation in NVIDIA’s latest compute architecture R&D approach — beginning to “strengthen external collaboration” for lower-level operational work such as server cooling, restarts, and Kubernetes configuration. As the ability of individual GPU chips to increase computing performance gradually approaches physical and engineering limits, the next phase of AI compute advancement is shifting from “single-chip performance competition” to “system-level scalability competition.” This is NVIDIA’s direction of transformation. The primary paths for the next stage of AI compute improvement include: GPU clustering, high-speed interconnects, rack-scale computing, and data-center-level coordination. This requires GPU manufacturers (NVIDIA), data center designers/builders/operators (IREN), and supercluster operating systems (Mirantis) to jointly collaborate on development. What they are developing is precisely the NVIDIA DSX architecture referenced in the NVIDIA-IREN partnership announcement. And IREN’s hyperscale SW site in Texas is becoming the flagship deployment location for NVIDIA’s DSX architecture. This is absolutely not a simple narrative of NVIDIA investing in a company and becoming a shareholder. For the world’s leading company that holds the core secrets of AI compute chip R&D, this is not a trivial matter. From NVIDIA’s perspective, there appear to be many potential partners, such as CoreWeave, Nebius, Oracle, Microsoft Azure, Amazon Web Services, and Crusoe, and NVIDIA has already invested in or partnered with these firms before. But why did it choose IREN for this most important transformation? Because IREN possesses too many things that are uniquely its own: Multiple GW-scale single sites with secured long-term power supply Grid interaction capabilities Vertical integration Ultra-long-term site planning and abundant land supply Green energy Acting as its own design-and-build general contractor Long-term accumulation of data center operational experience Advanced design and technical capabilities Compared with the companies above that NVIDIA has already partnered with, even if IREN temporarily lacked software capabilities, NVIDIA was still willing to wait until IREN acquired a software company before announcing this deep cooperation. Moreover, Mirantis has long been one of the three software companies that have collaborated with NVIDIA for many years. It is highly possible that NVIDIA itself played the role of connector behind IREN’s acquisition. NVIDIA is transforming toward system-level compute scaling and building an AI factory template. In the future, the products it sells may no longer simply be GPU chips, but complete racks, clusters, or even entire AI factories. That inevitably requires standardized data centers in order to guarantee performance, compatibility, scalability, and token efficiency. What NVIDIA needs are facilities with massive long-term secured power supply, land, GW-scale campuses, HPC DNA, rapid construction capability, neutrality, automated scheduling capability, workload routing, GPU virtualization, fault recovery, and cluster operating systems capable of distributed training management. At present, IREN is the only company that possesses all of these elements simultaneously. What they are trying to build is the industrial standard for the next phase of the AI industry. The greatest companies do not merely participate in industries — they define the standards. From this perspective, there is no larger strategic theme than this one. Selling compute capacity to hyperscalers, partnering with Anthropic, or developing new sovereign AI businesses are all important, but none compare with this. The deeper meaning of last week’s announcement will require time for the market to fully interpret and understand. I believe I have already analyzed this trend relatively clearly. This move by NVIDIA and IREN, once executed successfully, could once again widen the gap between the NVIDIA ecosystem and Google just as Google had begun catching up — and it carries major implications for the entire AI industry.

Release our full, unedited 1 hour interview online.

CBS News @CBSNews

4 weeks ago

Ex-reality star turned LA mayoral candidate Spencer Pratt wants to "shake up city hall" cbsn.ws/4ujs3g1

1K 43 370 1.4M 44

CBS got the call after fact-checking Karen Bass, so they tried to turn a 1 hour interview with me into a 5 minute hit piece. They need to air the full, unedited interview.

@WessexCapital @AlexfromBabylon Yeah. I just think the notion that a SpaceX would sabotage asts is silly. It'd ruin their reputation and that alone wouldn't be worth screwing with the launch of the satellites

I am the Chairman and CEO of Vornado Realty Trust. Eighty-four years old. Seven buildings in Midtown Manhattan. I said what I said. I said "tax the rich" is the equivalent of a racial slur. I said it at REBNY. Into the microphone. Eight hundred people. Median net worth in that room was north of $240 million, I know because our CFO ran the guest list through a Bloomberg terminal as a joke, and then it wasn't a joke. And when I said it, twelve people applauded. The rest nodded. One woman in the third row mouthed, "Finally." I saw her. Sharon, my communications advisor, Columbia, $430,000 a year, very bright, Sharon wants me to walk it back. She drafted something. "Mr. Roth's comments were intended to highlight the emotional impact of political rhetoric on business communities." I read it. I put it in the trash can on my desk. Not the recycling. The trash. Here's my clarification: I understated it. "Tax the rich" is worse than a slur. A slur is just a word. It doesn't come with a CBO score. Nobody is introducing a bill called the Racial Slur Implementation Act of 2026. But there are seventeen active proposals in Congress, I had Sharon count them, seventeen proposals designed to take more of my money. My money. Mine. Money I acquired by being better at acquiring Manhattan commercial real estate than anyone alive for four consecutive decades. That is not a crime. That is a record. I pay property taxes on $18.2 billion in assessed assets. $412 million a year. Say it again: four hundred and twelve million. I carry that number. It's the first thing I think about when I see a protest sign. I think: I pay more in property tax than the entire annual budget of the city of Fort Lauderdale. I looked this up. Fort Lauderdale: $408 million. Steve Roth: $412 million. I am a small city. And the city doesn't get screamed at. My effective tax rate last year was 11.4 percent. I say this because I believe in transparency and because I'm not ashamed of it. The rate reflects the legal structure of real estate investment trusts, depreciation schedules Congress established in 1986, and carried interest provisions that both parties have voted to preserve for forty years. I did not write these laws. I organized my entire financial existence around them with the help of nine full-time tax professionals who have offices on the 38th floor of 888 Seventh Avenue, which I also own. Their office is in my building. Their work protects my buildings. This is not a loophole. Sharon calls it a loophole. I've told her: a structure maintained by nine attorneys across four decades is not a loophole. A loophole is something you slip through once. This is architecture. This is the foundation. This is the building. Last Tuesday, same as every Tuesday, I walked past 1290 Sixth Avenue. My building. And there was a man. Same man as last week. Same sign: "Billionaires Pay Your Fair Share." He was standing on my sidewalk. My literal sidewalk — my company owns the ground lease. He was maybe thirty. He was wearing a jacket I would estimate cost $60. My lunch that day was $114. For one. I am telling you this not to boast but because these are facts. He has decided I'm his enemy. Based on a number he saw on a Forbes list. He doesn't know what I pay. He doesn't know what my buildings cost this city in construction jobs and lease revenue and foot traffic. He knows one number. He has made one judgment. I see him every Tuesday. I've started to notice things. He brings coffee from the cart, not the Starbucks. He has a backpack that looks heavy. He doesn't look unhealthy. He looks like he probably works somewhere, but not on Tuesdays. I've wondered: does he have a job? Does he have a building? Does he have anything that depends on him the way 4,200 employees depend on me? I suspect not. And yet he has opinions about my tax rate. I gave $22 million to charity last year. The Met. NYU Langone. Mount Sinai. I gave a building to NYU. Not money for a building — a building. The Steven Roth Residence Hall. It houses 400 students. That man with the sign has never housed 400 students. He hasn't housed one. He gives cardboard. I give structures. This is not a comparison I'm making to flatter myself. It's just arithmetic. When I said what I said at REBNY, I was saying what every person in that room believes and none of them will say publicly because they have communications advisors and the communications advisors all went to Columbia and they all say "unhelpful." I'm eighty-four. I'm too old for helpful. I'm too old to perform restraint for people who hate me for something I can't change. I didn't choose to be rich. I chose to be good at one thing for a very long time, and this is what happened. You don't punish someone for that. You don't legislate against someone for that. My net worth fluctuates between $3.8 and $4.1 billion depending on the quarter. I fluctuate more in a fiscal week than that man on my sidewalk will earn in his life. Both of these are facts. Only one of them is considered polite to say. They want me to apologize. I'll be dead in ten years. Twenty if I'm lucky. And they'll still be renting my buildings.

$IREN just entered the European market with the acquisition of Nostrum, a data center developer based in Spain. This acquisition adds 490 MW of grid-connected power (in Spain), with the total *secured* power portfolio now consisting of 5 GW! Wow! $IREN is really on a massive roll right now. Nothing is stopping this train...