Company Overview - IREN Limited (NASDAQ: IREN) has become one of the best-performing Bitcoin miners in 2023, with its stock increasing by 210% since April lows [1] - The company is transitioning from being a pure Bitcoin miner to a rapidly growing AI infrastructure disruptor [1] Performance Metrics - The stock performance of IREN Limited reflects significant growth, indicating strong market interest and potential investor confidence [1] Strategic Shift - IREN's shift towards AI infrastructure suggests a diversification strategy that may enhance its long-term growth prospects beyond Bitcoin mining [1]

CoreWeave - CoreWeave has established itself as a leading provider of generative AI infrastructure, operating a GPU-centric cloud designed for scaling GenAI workloads [2][3] - The company went public in March, raising $1.5 billion in the largest U.S. tech IPO since 2021, with shares initially priced at $40 and peaking at $187 in June [3][4] - In Q1, CoreWeave reported $982 million in revenue, a 420% increase year-over-year, and signed an $11.9 billion deal with OpenAI [4] - Guidance for Q2 revenue was raised to $1.06-1.10 billion, with a full-year 2025 revenue forecast of $4.9-5.1 billion [5] IREN Limited - IREN Limited, formerly Iris Energy, focuses on combining power-intensive computing with renewable energy, operating data centers optimized for AI workloads [8][10] - The company’s infrastructure is built on NVIDIA's reference architecture, offering 3.2TB/s InfiniBand connectivity, which is attractive for enterprises needing low-latency GPU compute [9] - IREN's shares have increased by 67% in 2025, reflecting the market's growing appreciation for green energy and reliable infrastructure in AI [11] Nebius Group - Nebius Group is a Netherlands-based technology company providing full-stack infrastructure for the global AI industry, operating AI-focused data centers and GPU clusters [13][14] - The company leverages NVIDIA GPUs and custom software to offer an AI-native cloud platform optimized for large-scale AI training and inference [14] - Nebius has raised fresh funding and is expanding its operations in North America and Europe, with its stock up nearly 100% year-to-date and a consensus Buy rating from analysts [15] Industry Overview - The emergence of companies like CoreWeave, IREN, and Nebius highlights the critical role of infrastructure in the AI revolution, as they provide the necessary compute power and data management [16] - These companies are positioned to benefit from the increasing demand for scalable, efficient, and secure AI infrastructure, making them potential investment opportunities [17]

Core Insights - IREN Limited reported record monthly revenue of $86 million and hardware profits of $66 million in July 2025, driven by strong Bitcoin mining economics and demand for AI Cloud services [7][5][11] Bitcoin Mining Performance - Average operating hashrate increased to 45.4 EH/s in July from 41.1 EH/s in June [4] - Total Bitcoin mined rose to 728 BTC in July, up from 620 BTC in June [4] - Revenue per Bitcoin mined increased to $114,891 from $105,730 [4] - Net electricity cost per Bitcoin mined was $27,976, compared to $26,259 in June [4] - Total revenue from Bitcoin mining reached $83.6 million, up from $65.5 million in June [4] - Hardware profit from Bitcoin mining was $63.3 million with a profit margin of 76%, slightly up from 75% in June [4] AI Cloud Services - Revenue from AI Cloud services was $2.3 million, a slight increase from $2.2 million in June [6] - Hardware profit for AI Cloud services was $2.3 million with a consistent profit margin of 98% [6] - The company expanded its AI Cloud capabilities with the addition of 2,400 NVIDIA B200/B300 GPUs and completed the initial shipment of B200 GPUs [5][11] Infrastructure and Growth Initiatives - The 50MW Horizon 1 liquid-cooled AI data center is on track for completion in Q4 2025 [5] - Mackenzie fiber upgrade has been completed, enhancing network redundancy and supporting AI Cloud growth [5][11] - Civil and electrical works for the 1,400MW Sweetwater 1 project are ongoing [5] Management Commentary - Management highlighted the adaptability of their infrastructure to run ASICs and GPUs side-by-side, capturing market opportunities [8] - The company is experiencing accelerating interest in newly procured Blackwell GPUs, with significant contracts already in place [8][11]

Core Viewpoint - IREN Limited (IREN) has seen a 13.8% increase in share price over the past four weeks, closing at $16.58, with a potential upside of 25% based on Wall Street analysts' mean price target of $20.73 [1][9]. Price Targets - The average of 11 short-term price targets ranges from a low of $12.00 to a high of $26.00, with a standard deviation of $4.08, indicating variability in estimates [2]. - The lowest estimate suggests a decline of 27.6% from the current price, while the highest estimate indicates a potential upside of 56.8% [2]. Analyst Consensus and Earnings Estimates - Analysts have shown strong agreement in revising earnings per share (EPS) estimates higher, which is a positive indicator for potential stock upside [4][9]. - The Zacks Consensus Estimate for the current year has increased by 17.4% over the past month, with two estimates rising and no negative revisions [10]. Zacks Rank - IREN currently holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate factors, suggesting a strong potential for upside [11]. Price Target Reliability - While consensus price targets are often sought after, they may not reliably indicate actual stock price movements, and investors should approach them with skepticism [5][8].

Market Overview - The cryptocurrency market is experiencing a strong rally, with Bitcoin (BTC) reaching an all-time high of 123,091.61 on July 14 and currently hovering around 118,000. Ethereum (ETH) has rebounded sharply, increasing over 57% in the past month [1][2]. Regulatory Developments - The signing of the GENIUS Act by President Donald Trump on July 18 aims to regulate the stablecoin market in the U.S. This act is significant as major retailers like Walmart and Amazon are considering launching their own stablecoins [4]. - Two key regulations pending are The CLARITY Act, which seeks to define the classification of cryptocurrencies, and The Anti-CBDC Surveillance State Act, which aims to prevent the Federal Reserve from issuing a Central Bank Digital Currency (CBDC) without Congressional authorization [5][6]. Investment Opportunities - Investing in crypto-centric stocks with favorable Zacks Rank is recommended for near-term gains. Notable stocks include Robinhood Markets Inc. (HOOD), Interactive Brokers Group Inc. (IBKR), IREN Ltd. (IREN), Visa Inc. (V), and Cipher Mining Inc. (CIFR) [3][10]. Company Insights Robinhood Markets Inc. (HOOD) - Robinhood operates a financial services platform allowing users to invest in various assets, including cryptocurrencies. The company is expected to see improved trading revenues due to higher retail participation and product diversification efforts [11][12]. - HOOD has an expected revenue growth rate of 26.8% and earnings growth rate of 20.2% for the current year, with a Zacks Rank of 1 (Strong Buy) [13]. Interactive Brokers Group Inc. (IBKR) - IBKR is a global automated electronic broker that facilitates cryptocurrency trading and has a Zacks Rank of 1. The company is expected to benefit from its proprietary software development and expansion of its product suite [14][15]. - Expected revenue and earnings growth rates for IBKR are 7.4% and 9.7%, respectively, for the current year [16]. IREN Ltd. (IREN) - IREN is a Bitcoin mining company focusing on renewable energy sources for its operations. It holds a Zacks Rank of 2 (Buy) and has an expected revenue growth rate of 86.1% and earnings growth rate of over 100% for the current year [17]. Visa Inc. (V) - Visa is modernizing its digital payment systems and expanding its stablecoin settlement capabilities, collaborating with merchant acquirers like Worldpay and Nuvei. The company has a Zacks Rank of 2 [18][19]. - Expected revenue and earnings growth rates for Visa are 10.3% and 13.1%, respectively, for the current year [20]. Cipher Mining Inc. (CIFR) - Cipher Mining is an industrial-scale Bitcoin mining company that also offers high-performance computing services. It has a Zacks Rank of 2 and an expected revenue growth rate of 72% for the current year, although earnings are projected to decline [21][22].

Group 1 - IREN Limited (NASDAQ: IREN) is not merely a Bitcoin mining company but is undergoing a significant transformation beyond traditional mining activities [1] - The company is focused on building a more comprehensive business model that leverages its position in the cryptocurrency space [1] Group 2 - The article reflects a deep understanding of value investing and emphasizes the importance of analyzing financial statements and business models [1] - The author aims to provide insights on various investment opportunities, including under-the-radar companies and misunderstood tech platforms [1]

Company Overview - IREN Limited currently has a Momentum Style Score of B, indicating a positive momentum outlook [2] - The company holds a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [3] Price Performance - IREN shares have increased by 10.54% over the past week, significantly outperforming the Zacks Financial - Miscellaneous Services industry, which rose by only 0.03% [5] - Over the past month, IREN's stock price has surged by 35.16%, compared to the industry's 4.54% [5] - In the last quarter, IREN's shares have skyrocketed by 178.18%, and over the past year, they have gained 87.91%, while the S&P 500 only increased by 16.04% and 19.71%, respectively [6] Trading Volume - IREN's average 20-day trading volume is 33,024,842 shares, which is considered a bullish indicator when combined with rising stock prices [7] Earnings Estimates - In the past two months, two earnings estimates for IREN have been revised upwards, with no downward revisions, leading to an increase in the consensus estimate from $0.06 to $0.14 [9] - For the next fiscal year, two estimates have also moved upwards, indicating a positive earnings outlook [9] Conclusion - Given the strong price performance, positive earnings revisions, and favorable momentum indicators, IREN Limited is positioned as a promising investment opportunity with a Momentum Score of B [11]

Group 1: Hong Kong Stock Market Highlights - Yunfeng Financial (00376) surged over 21% as the company plans to strategically invest in digital currency and AI sectors [1] - China Merchants Securities (06099) opened nearly 15% higher and is currently up over 4% after receiving approval for a virtual asset license [1] - GDS Holdings (09698) rose over 7% as its Southern GDS data center REIT concluded public investor fundraising ahead of schedule [1] - Hillstone Technology (01478) increased nearly 6% with positive earnings expectations, and Citigroup anticipates a favorable market reaction [1] - Sunny Optical Technology (02382) briefly rose over 3% and is currently up over 1% as its lithography equipment successfully entered Shanghai, indicating a shift to mass production [1] - Kintor Pharmaceutical (02171) saw an early gain of over 3% after achieving positive results in the European patent opposition process [1] - Bilibili (09626) rose over 5% as HSBC expressed optimism about its gaming and advertising business, with new games planned for 2025 [1] - Solar stocks experienced a decline, with institutions citing electricity prices affecting the stable profitability of new energy projects [1] Group 2: U.S. Stock Market Highlights - The U.S. nuclear sector saw gains, with NuScale Power (SMR.US) up 12.38% and Oklo Inc (OKLO.US) up 11.29%, following comments from the U.S. Energy Secretary about a nuclear revival [3] - Autodesk (ADSK.US) rebounded 5.05% after a period of decline, expressing confidence in its cloud and AI business strategies [3] - Sonnet BioTherapeutics (SONN.US) surged 86.46% due to a merger announcement, forming a cryptocurrency financial company valued at $888 million [3] - Quantum stocks rose, with D-Wave Quantum (QBTS.US) up 6.89% and Quantum Computing (QUBT.US) up 8.66% [3] - Hims & Hers Health (HIMS.US) increased 8.64% as it plans to enter the Canadian market with a generic drug following the expiration of a patent [4] - Rocket Lab (RKLB.US) rose 10.71% after Citigroup raised its target price, noting a significant increase in global space technology investments [4] - Nvidia-related stocks mostly strengthened as Jensen Huang made his third visit to China this year [5] - Cryptocurrency stocks collectively rose, with Bitcoin surpassing $120,000, driven by upcoming legislative reviews in the U.S. [5] - Tesla (TSLA.US) gained 1.08% amid investor speculation regarding a stake in xAI [5] - Netflix (NFLX.US) rose 1.35% ahead of its upcoming earnings report, with analysts projecting significant revenue growth [6]

Core Viewpoint - IREN (NASDAQ:IREN) has experienced a significant stock increase of nearly 80% over the last month, currently trading at approximately $16, raising questions about its attractiveness as an investment [2][3] Group 1: Financial Performance - IREN's revenues have shown substantial growth, with an average annual growth rate of 270% over the past three years, and a revenue increase of 127.2% from $165 million to $375 million in the last 12 months [10][13] - The company's quarterly revenues rose by 168.4% to $145 million in the most recent quarter, compared to $54 million a year prior [13] - Despite the revenue growth, IREN's operating income over the last four quarters was -$19 million, indicating a poor operating margin of -5.0% [13] - The net income for the last four quarters was -$36 million, resulting in a net income margin of -9.5% [13] Group 2: Valuation and Market Comparison - IREN has a price-to-sales (P/S) ratio of 9.5, which is significantly higher than the S&P 500's ratio of 3.1, suggesting that IREN stock appears costly relative to the broader market [5] - The conclusion drawn from the analysis indicates that a valuation of 9 times trailing revenues is not excessively high given the company's growth trajectory [11] Group 3: Operational Milestones - Recent operational milestones include the successful conclusion of a $550 million 3.5% convertible senior notes offering, which has enhanced market confidence [7] - IREN achieved its mid-year goal of 50 EH/s in installed self-mining capacity, marking a key operational milestone [7] - The acquisition of 2,400 next-generation NVIDIA Blackwell B200 and B300 GPUs was disclosed to support the company's growing AI Cloud Services [7] Group 4: Resilience and Market Performance - IREN stock has performed significantly worse than the S&P 500 during the inflation downturn in 2022, raising concerns about its resilience during economic downturns [9] - The stock has dropped 95.7% from a peak of $24.80 on November 19, 2021, to $1.06 on December 28, 2022, and has not yet recovered to its pre-crisis high [14]

Core Insights - IREN Limited achieved record monthly revenue and hardware profit in June 2025, driven by higher Bitcoin prices despite a slight decline in Bitcoin production [5][10][7] - The company successfully reached its mid-year target of 50 EH/s for self-mining capacity and expanded its AI Cloud services with the procurement of approximately 2,400 Blackwell GPUs [5][10][7] - A $550 million convertible notes offering was oversubscribed, and the transition to U.S. domestic issuer status was completed [5][10][7] Bitcoin Mining Performance - Average operating hashrate increased to 41.1 EH/s in June from 38.4 EH/s in May [4] - Bitcoin mined decreased slightly to 620 BTC in June from 627 BTC in May [4] - Revenue per Bitcoin mined rose to $105,730 in June from $103,345 in May [4] - Total revenue from Bitcoin mining was $65.5 million, up from $64.7 million in May [4] - Net electricity costs per Bitcoin mined improved to $26,259 from $27,033 [4] - Hardware profit for Bitcoin mining reached $49.2 million with a profit margin of 75% [4][20] AI Cloud Services Performance - Revenue from AI Cloud Services remained stable at $2.2 million in both June and May [6] - Hardware profit for AI Cloud Services was $2.1 million, maintaining a high profit margin of 98% [6][20] - The annualized run-rate revenue for utilized GPUs in AI Cloud Services is projected at $28 million [10] Strategic Developments - The company is positioned to deliver flexible solutions across the AI stack, leveraging nearly 3GW of grid-connected power [8] - Customer engagement is ongoing across various structures, including powered shells and build-to-suit facilities [10] - The procurement of long-lead equipment is underway to enable rapid expansion of liquid-cooled capacity at Childress [10] Financial Highlights - Total hardware profit for the month was $51 million, reflecting strong operational efficiency [20] - The company reported net electricity costs of $16.3 million for Bitcoin mining, down from $16.9 million in May [20] - The transition to U.S. domestic issuer status allows for enhanced compliance and operational capabilities [5][10]