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In January 2025, I called IREN a "Picasso at a garage sale." An AI data center company with insanely valuable assets trading dirt cheap because public investors had it in the wrong mental box. Since then, the stock is up over 400%, and, I believe, still has a long run ahead of it. Today, I think I found another garage sale Picasso… But this one's covered in dust. The frame is broken. And there's a guy outside screaming that it's a fake. Let me explain.

My friend @KashRamki has spent decades investing billions in the least sexy industry on earth: infrastructure. Pipelines, power generation, and data centers. It's a slow-moving, hyper-conservative world, with payback periods measured in decades. In December 2024, Kash called me breathless. He'd sold his personal stock portfolio—his entire net worth—and gone all-in on a crypto mining company called IREN. … "I feel like I found a toll road on some random highway for sale for next to nothing when it's the only road to the world's biggest gold mine!" … IREN was a Bitcoin mining company. Public investors had sorted it into the "bad" box because of the crypto label. In reality, they owned massive, high-power data center sites near renewable energy plants. Kash saw something obvious that almost everyone else had missed: the same infrastructure that mines Bitcoin can power AI workloads. … Permits. Power. Land. Fiber. The five-year head...