Group 1 - The company is shifting its focus towards AI data centers, which is currently yielding positive results [1] - The Pragmatic Investor provides insights on global macro, international equities, commodities, tech, and cryptocurrencies, aimed at guiding investors [1] - The investment group emphasizes building diversified portfolios to preserve and increase wealth over time [1]

Core Insights - The article emphasizes the importance of momentum in navigating the technology landscape, particularly in the context of past market events such as the dot com bubble, the credit default crisis of 2008, and the recent AI boom [1] Group 1 - The author has over two decades of experience in the market, specifically focusing on the technology, media, and telecommunications (TMT) sectors [1] - The article highlights the author's specialization in risk mitigation strategies during significant market downturns [1] - The current focus is on leveraging momentum as a key strategy for investment decisions [1]

Core Insights - IREN Limited's shares surged 9.93% to close at $29.11 on September 2, following a 26.3% rally in the past two trading sessions after the release of its fourth-quarter fiscal 2025 results [1] Financial Performance - IREN reported fourth-quarter fiscal 2025 earnings of $0.08 per share, which fell short of the Zacks Consensus Estimate by 52.94% [2] - The company achieved a net income of $176.9 million, a significant recovery from a loss of $16.3 million in the previous quarter [2] - Total revenues increased by 29.4% sequentially to $187.3 million, although this figure missed the consensus mark by 0.64% [2] Revenue Breakdown - Bitcoin revenues reached $180.3 million, reflecting a sequential increase of 27.7% [4] - AI Cloud Services revenues grew to $7 million, up from $3.6 million in the previous quarter [4] Operational Efficiency - IREN's bitcoin mining operations benefited from a fleet efficiency of 15 joules per terahash and low net power costs of $0.035 per kilowatt hour [4] - The average revenue per bitcoin mined was $98.8, with a total of 1,825 bitcoins mined in the reported quarter [4] Growth in AI Cloud Services - The AI cloud business is rapidly expanding, with over 10,000 GPUs online or set to be commissioned soon [5] - IREN has achieved NVIDIA Preferred Partner status and is set to install next-generation liquid-cooled GB300 NVL72 systems [5] Adjusted EBITDA - Adjusted EBITDA for the quarter was $121.9 million, up from $82.9 million in the previous quarter, with an adjusted EBITDA margin expanding to 65% from 57% [5] Operating Expenses - Operating expenses increased to $114 million due to overheads, depreciation costs, and increased expenses related to bitcoin mining and GPU hardware [6] Balance Sheet Strength - As of June 30, 2025, IREN had $564.5 million in cash and cash equivalents [7] - The company expects to fully fund its expansion to 10.9k GPUs through a combination of existing cash, cash flows from operations, and GPU financing [7] Future Guidance - IREN is on track to achieve $1.25 billion in annualized revenues by December 2025, with approximately $1 billion expected from bitcoin mining and $200-$250 million from AI Cloud [8] - The company plans to scale its GPU count from 1.9k to 10.9k in the coming months [8]

Core Insights - IREN (NASDAQ: IREN) reported strong fourth-quarter results, leading to a significant increase in the company's share price [1] - The data center company generated $500 million in revenue for the last fiscal year, indicating robust financial performance [1] Financial Performance - The company achieved half a billion dollars in revenue, showcasing its growth trajectory in the data center sector [1]

Core Viewpoint - IREN Limited has transitioned from Bitcoin mining to AI data center development, leveraging its low-cost hydroelectric power to capitalize on the growing demand for AI infrastructure [2][3][4]. Group 1: Business Model and Strategy - IREN Limited initially focused on profitable Bitcoin mining using low-cost hydroelectric power in British Columbia, which provided a strategic advantage [2]. - The company is repurposing its existing facilities into high-performance computing hubs for AI and enterprise workloads, while also constructing new facilities specifically for AI infrastructure [3]. - IREN operates 1,900 NVIDIA GPUs and plans to expand this to 10,900 by the end of the year, with a significant portion being cutting-edge technology [5]. Group 2: Financial Projections - IREN forecasts annual AI cloud revenue between $200 million and $250 million, benefiting from low power costs of approximately $0.033 per kilowatt-hour [6]. - The company has secured non-dilutive financing through 36-month leases on its GPUs, allowing for rapid expansion without diluting shareholder value [6]. Group 3: Current Market Performance - IREN stock has increased over 186% in 2025, reflecting strong investor interest in AI infrastructure [3]. - Following a recent earnings report, IREN stock rose over 27%, although it may face short-term profit-taking pressure [9]. - The stock is currently trading above its 20-day simple moving average, indicating bullish momentum, but the relative strength indicator suggests it may be overbought [10][11].

Core Viewpoint - IREN Limited has transitioned from a Bitcoin mining company to a diversified AI cloud infrastructure provider, achieving over 150% year-to-date returns, with potential for the stock price to double to surpass $50 due to strategic growth drivers [2][3]. Group 1: Growth Drivers - IREN's revenue has surged to $501 million in fiscal 2025, marking a 168% year-over-year increase, with projections to triple to approximately $1.5 billion by 2027, indicating one of the fastest growth rates in AI infrastructure [5]. - The company plans to expand its NVIDIA GPU fleet to 10,900 by December 2025, which, combined with nearly 100% GPU utilization and EBITDA margins exceeding 50%, supports exceptional profitability [5]. - IREN's preferred-partner status with NVIDIA ensures access to advanced hardware in a supply-constrained market, bolstering its competitive position [5]. Group 2: Strategic Infrastructure - The company is developing significant infrastructure projects, including a 50MW liquid-cooled data center and a 1,400MW facility, positioning IREN as a major player in AI infrastructure [5]. - A vertically integrated energy model allows IREN to maintain average power costs near $0.03845 per kilowatt-hour, appealing to ESG-focused AI customers through 100% renewable energy sourcing [5]. Group 3: Investment Outlook - IREN presents a dual exposure to Bitcoin adoption and rapidly growing AI infrastructure, with the shift from a pure miner to an AI cloud provider creating multiple avenues for value creation [6]. - Revenue projections suggest that even modest multiple compression could lead to a stock price exceeding $50 by 2027 [7].

Group 1: Hong Kong Stocks Performance - BYD Electronics (00285) rose over 7%, reporting a nearly 14% year-on-year increase in net profit for the first half of 2025, with positive progress in AI data center business [1] - Beihai Kangcheng-B (01228) surged over 11%, achieving profitability in the first half of the year and recently forming a strategic partnership with Baiyang Pharmaceutical [1] - MicroPort Medical (00853) increased over 11%, with a reported loss of $46.602 million for the first half of 2025, a 51.9% reduction in loss year-on-year [1] - Bank of China Hong Kong (02388) rose over 6%, reporting a net profit of HKD 22.12 billion for the first half of 2025, with an increase in net trading income year-on-year [1] - UBTECH (09880) increased over 4%, announcing a strategic partnership agreement worth $1 billion with international investment firm Infini Capital [1] - Gold stocks performed well, with China Silver Group (00815) up over 8%, Zhaojin Mining (01818) up over 7%, Shandong Gold (01787) up over 6%, Chifeng Jilong Gold (06693) up over 6%, and Zijin Mining (02899) up over 6%, driven by rising gold prices due to increased interest rate cut expectations [1] Group 2: Chinese Companies' Financial Results - China Communications Construction (01800) fell over 5%, reporting a 16.9% year-on-year decrease in net profit for the first half of 2025 and not declaring an interim dividend [2] - Evergrande Property (06666) declined over 3%, with a 5.6% year-on-year drop in net profit for the first half of the year, with management expressing pessimism about economic benefits from Evergrande Group [2] - Zoomlion Heavy Industry (01157) rose over 2%, reporting a more than 20% year-on-year increase in net profit for the first half of 2025, with institutions optimistic about export growth in the second half [2] - Midea Group (00300) increased over 2%, reporting a 25.04% year-on-year increase in net profit for the first half of 2025 and proposing an interim dividend of HKD 5 per 10 shares [2] Group 3: US Stocks Performance - Autodesk (ADSK.US) rose 9.09%, reporting a 17% year-on-year revenue increase for the second fiscal quarter and raising its full-year revenue and adjusted EPS guidance [3] - Gap (GAP.US) increased 1.52%, with revenue slightly below market expectations for the second fiscal quarter, and management indicated that tariffs may pressure annual gross margins [3] - Marvell Technology (MRVL.US) fell 18.60%, reporting record revenue of $2.01 billion for the second quarter, a 58% year-on-year increase, but provided a Q3 revenue guidance slightly below expectations [3] - Alibaba (BABA.US) surged 12.90%, with a market value increase of $36.7 billion overnight, reporting an 18% year-on-year decline in Non-GAAP net profit, but strong resilience in core business [3] - Ambarella (AMBA.US) rose 16.78%, providing strong guidance for Q3 revenue, expected to be between $100 million and $108 million, reflecting continued growth in edge AI demand [3] - IREN Ltd (IREN.US) increased 14.93%, exceeding expectations in its fourth-quarter earnings report and announcing a priority partnership with NVIDIA [3] Group 4: Other Notable Stocks - Dell Technologies (DELL.US) fell 8.88%, reporting that its infrastructure division's operating profit margin was below expectations [4] - Affirm Holdings (AFRM.US) rose 10.59%, reporting better-than-expected revenue and profit for the fourth fiscal quarter [4] - TryHard Holdings (THH.US) declined 9.80%, issuing 1.5 million shares at $4 each, at the lower end of the pricing range [5] - GrowHub (TGHL.US) increased 1.48%, issuing 3.8 million shares at $4 each, also at the lower end of the pre-set pricing range [5]

Core Insights - IREN Limited (NASDAQ: IREN) has experienced a significant increase of over 264% since March of this year, indicating strong market performance [1] - The stock has also shown volatility, with a decline of over 26% at one point during the same period, highlighting potential risks in its trading history [1] Company Performance - The substantial rise in IREN's stock price reflects positive investor sentiment and market dynamics [1] - The fluctuation in stock price suggests that while there are opportunities for growth, there may also be periods of instability that investors should monitor closely [1]

Core Insights - IREN Ltd experienced a significant stock increase of over 16%, reaching a historic high of $26.88 following the release of its fourth-quarter earnings report [1] Financial Performance - The company reported earnings per share of $0.66, surpassing market expectations of $0.14 [1] - Quarterly revenue was $187.3 million, exceeding analyst expectations of $186.53 million and showing substantial growth from $5.276 million in the same quarter last year [1] Strategic Partnerships - IREN announced that it has secured preferred partner status with NVIDIA [1] Future Outlook - The co-CEO Daniel Roberts indicated that fiscal year 2025 is expected to be a breakthrough year in both financial and operational aspects, with strong net income and over tenfold EBITDA growth [1]

Core Viewpoint - IREN Ltd experienced a significant stock price increase of over 16%, reaching a historic high of $26.88 following the release of its fourth-quarter earnings report, which exceeded market expectations in both earnings and revenue [1] Financial Performance - The company reported a quarterly earnings per share (EPS) of $0.66, surpassing the market consensus of $0.14 [1] - Quarterly revenue was $18.73 million, exceeding analyst expectations of $18.653 million and showing substantial growth from $5.276 million in the same quarter last year [1] Strategic Partnerships - IREN Ltd announced that it has secured preferred partner status with NVIDIA, indicating a strategic collaboration that may enhance its market position and operational capabilities [1] Future Outlook - The co-CEO of IREN, Daniel Roberts, stated that fiscal year 2025 is expected to be a breakthrough year in both financial and operational aspects, with strong net income and over tenfold EBITDA growth recorded [1]