The author presents long theses on Nu Holdings as a low-cost Latin American bank disruptor and Iris Energy as a vertically integrated AI infrastructure play with scarce power assets and a Microsoft contract.
NU — LONG 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.
NU’s cost to serve is significantly lower than traditional incumbents (roughly $1 per customer). This allows for scaling without a linear increase in OpEx.
IREN — LONG 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.
IREN is frequently misunderstood as a speculative Bitcoin proxy. In reality, it is a vertically integrated infrastructure play with tangible assets that are becoming increasingly scarce.
This Reddit post, published January 25, 2026, features u/Ambitious_Attempt_81 discussing NU, IREN. 2 trade ideas extracted by AI with direction and confidence scoring.
Speakers: u/Ambitious_Attempt_81 · Tickers: NU, IREN