$IREN is still down year to date. Despite all the progress the company has made, the stock is still below where it started the year. Meanwhile, AI compute demand continues to outpace supply, GPU generations are becoming more power-intensive and IREN now has around 6GW of secured power with demand exceeding its current and planned capacity. The market is focused on short-term deals and backlog. Management is focused on where the business will be in five to ten years.
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