IREN CEO debunks rumors: There’s no AI bubble! 1. Customers are prepaying 50% in cash to secure it! People keep shouting about an AI bubble, but on the frontlines, the reality is that computing power is being snapped up like crazy. Rental prices are still climbing, and customers are prepaying 50% of GPU hardware costs just to lock in computing capacity. No bubble industry has customers lining up with half the cash in hand to grab products. 2. The bottleneck is transformers and slow power connections! In the past 8 months, global weekly token consumption has surged 17x! The core issue now isn’t a lack of demand for computing power—it’s that GPUs are bought, data centers are built, but the speed of power connections and transformer deliveries can’t keep up with demand. 3. GPUs are becoming hard currency 12 months ago, the financial market thought GPU financing was extremely risky. Now, the capital market has fully caught on. Just like the path commercial real estate financing matured decades ago, even without top-tier investment-grade backing, financial institutions are now willing to offer GPU-specific financing with up to 90% collateral rates. 4. The engineering delivery battle begins in the next 12-24 months The storytelling phase of AI computing power is over. Solving issues like power grids, liquid cooling, supply chains, and debugging will be a massive test of execution capabilities. Players who can’t secure power or deliver GPUs will be eliminated quickly.