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06 May 2026

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IREN Says AI's Real Bottleneck Is Infrastructure, Not Chips — Vertical Stack Thesis

IREN co-founder Dan Roberts spent the back half of last week making a single argument: the constraint on artificial intelligence has moved. It is no longer the silicon. It is the substation feeding the silicon, the dirt the substation sits on, and the cooling loop that keeps the racks from melting. In a May 22 X thread that landed two weeks after the company's $3.4B NVIDIA cloud contract and three weeks after the $625M Mirantis acquisition, Roberts laid out a three-layer thesis that doubles

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IREN Says AI's Real Bottleneck Is Infrastructure, Not Chips — Vertical Stack Thesis

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