u/Ambitious_Attempt_81

Author argues IREN is mispriced because the market treats it as a speculative Bitcoin proxy while it is actually a vertically integrated AI infrastructure play with scarce tangible power assets. The thesis cites 2.9 GW of power density and critical grid connections, NVIDIA Preferred Partner status for Blackwell GB300 access, and a $9.7B multi-year Microsoft contract with 20% prepayment that funds CapEx without relying solely on shareholder dilution. The catalyst is a potential multiple re-rating as IREN transitions into an AI-cloud provider with predictable recurring revenue, over a multi-year horizon.

Author argues NU Holdings offers a margin of safety as a low-cost Latin American neo-bank with superior unit economics, noting a cost to serve around $1 per customer that lets it scale without linear OpEx growth. The author sees NU capturing deeper banking relationships alongside MercadoLibre’s transaction layer in Brazil and Mexico, and replicating its Brazilian playbook in Mexico. The stated catalyst is an attractive forward P/E relative to 60%+ earnings growth and a compelling PEG ratio, within a 2026 portfolio horizon.