u/AdohamHicoln ·
Reddit — r/wallstreetbets
· May 28, 2026 at 00:36
· ⬆ 32 pts
· 💬 45 comments
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Someone please genuinely enlighten me.
They announced they have bought $1.6billion in GPUs at the peak of the semiconductor cycle (meaning they bought at the highest price), and are claiming they will make $1billion a quarter by Q4 2026 (\~$4billion annualized run rate)
Yet we see no new contracts, and they only made $144million last quarter (32% lower than their estimate)
Management of this company are literally 2 Aussie ex-bankers who are brothers, no proven track record in one of the least tech friendly countries in the world
They can't be trusted
Please, someone explain to me why IREN is mooning on this news? I think it plummets
Please convince me otherwise I'm full porting puts