As an investor, sometimes you have to ignore analyst reports and do your own research. SemiAnalysis currently puts $IREN in its “Not Recommended – Underperforming” category. Their concerns may be completely valid. But I can decide how much weight I give that information. A large part of the negative feedback around IREN relates to Prince George and Mackenzie, two of its older Canadian sites. Yet SemiAnalysis itself acknowledges that the newer Childress and Sweetwater infrastructure looks much better. That distinction is extremely important to me because Childress is where IREN is proving what its next generation of infrastructure actually looks like. Horizon 1 is a 50MW direct-to-chip liquid-cooled deployment at Childress. Microsoft has already accepted delivery of it under its five-ye
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