. IREN Many people's first reaction when they see IREN is still 'Oh, that Bitcoin miner' Let's take a look at the current profit ranking of cryptocurrency stocks. IREN still has a 66% profit margin from 3 months to now, while MSTR has a -44% profit margin The biggest story of IREN now is not Bitcoin (although BTC is also very popular), but AI. Just recently (November 2025), IREN won a $9.7 billion AI cloud service contract from Microsoft, fully transforming itself I estimate that large mining companies will also transform into AI data centers when they cannot continue to operate in the future Use the fast money earned from mining to support AI in this long and snowy track —————— If it's a fundamental analysis, although the revenue in the Q3 financial report just passed was slightly lower than the crazy expectations of Wall Street analysts, EBITDA reached a new high of $83 million ✅ Bull Case (Reasons for Seeing Many) IREN is currently the most determined and firm in the mining industry to transform into AI, with the strongest orders in hand. Short term financing pains, long-term doubling potential, just issued convertible notes yesterday. It should be to expand the scale