IREN's predatory management and markedly weaker execution than Nebius make it hard to take seriously while Mike Alfred remains on its board. Barring an oversold bounce, IREN looks cooked big time with more time. x.com  x.com 

IREN's worsening fundamentals warrant patience despite its potential. Trailing free cash flow is -$2.45 billion, net income -$703 million and EPS -$1.64 even as revenue has grown; it needs a catalyst change and a positive trend in fundamentals. x.com 

IREN's long-term appeal rests on its standing as one of the best vertically integrated AI neoclouds. In the short term, the stock has not been this oversold since 2022. x.com 

IREN will dilute shareholders more than any other listed company of its size, using the AI cycle to issue billions in stock. That keeps its price depressed even in a bull market, and in a correction or bear market it would be among the first to fall; those who bought at the top will not recover anytime soon. x.com 

IREN is not appealing because management takes huge compensation packages while the company loses money and revenue declines sequentially. That is poison for a company whose cost of capital is literally its own share price. It would look more appealing if it used the tighter credit CoreWeave and Nebius recently tapped instead of funding capex through equity dilution. x.com 

Open-source models likely wrecked the heavy-capex thesis behind IREN. Debt CDS and falling token prices make the still-bullish view definitely less so. Unlike Roku, a previous long-term hold with a unique, massive user base, low capex and positive free cash flow, IREN lacks a clear path forward; without one, it is better not to hold it. If Warsh remains hawkish, a full exit from IREN is very likely. x.com  x.com 

IREN looks like a joke company for spending on sponsorships and giving away executive shares without announcing deals. It sponsors sports teams and the All-In podcast while giving its CEO and brother tens of millions of free shares tied to no performance metrics. x.com 

IREN looks like an absurd management money grab, with compensation that carries zero performance hurdles. x.com 

IREN's $8 billion in cash against a valuation of just $10 billion points to unfathomable upside potential. Its shares are back below their $28 IPO price. x.com 

IREN's governance is a red flag: it put a FinX influencer, Mike Alfred, on its board to shill the stock while continuously diluting shareholders through ATM offerings. It also acquired a PR company. Per @aleabitoreddit, IREN faces endless dilution like BKKT, ASST and SLNH, and Alfred has promoted every one of them. There is never a good reason to put an influencer on a board other than to have the stock promoted. x.com  x.com  x.com  x.com