IREN 是具吸引力的 AI 基础设施：比特币挖矿为其留下超过 5 GW 的数据中心容量，约 97 亿美元的 Microsoft GPU 交易以及 AI 云收入从 1600 万美元增至约 1.29 亿美元印证了这一点。尽管股价跌破 3 美元、其约 40 美元的买入处于亏损，他仍持乐观态度，若 AI 需求持续增长，可能加仓，认为其被低估。
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第五只股票是 IREN，股票代码是 IREN。IREN 迅速成为市场上最具吸引力的 AI 基础设施公司之一。我之所以对它感兴趣，起点是一件事，那就是电力。AI 数据中心需要大量电力，而电力的可获得性已成为该行业快速发展的最大障碍之一。
The fifth stock is IREN, whose ticker symbol is IREN. IREN has quickly become one of the most attractive AI infrastructure companies on the market. And why I'm interested in this starts with one thing, and that's electricity.
AI data centers require a lot of electricity, and the availability of that electricity has become one of the biggest obstacles to the industry's rapid growth.
IREN 多年来一直在建设这类基础设施，因为他们以前挖比特币，而比特币挖矿完全是电力密集型业务。公司目前掌控着大量数据中心站点，现有与开发中的项目合计电力容量超过 5 吉瓦。而现在，他们正利用这些基础设施来构建 AI 云服务。
IREN has been building that infrastructure for years, because they used to mine Bitcoin, and Bitcoin mining is completely electricity-intensive. The company currently controls a large portfolio of data center sites, with a combined existing and development pipeline of more than 5 gigawatts of power capacity.
And now, they are using that infrastructure to build AI cloud services.
所以，IREN 不只是买来 GPU 再让别人租用。他们围绕这些 GPU 构建了一整套基础设施——土地、电力、数据中心、冷却、网络、算力，以及运行这个庞大 AI 集群所需的一切。
So, IREN is not just buying GPUs and letting someone rent them. They are building an entire infrastructure around these GPUs —land, electricity, data centers, cooling, networking, computing power, and everything else needed to run this massive AI cluster.
他们已经成功吸引了一些重要客户。例如，Microsoft 就是他们的客户之一。现在好像 Microsoft 是所有人的客户。于是客户与企业之间形成了一个庞大的业务循环。这些客户主要来自 B2B 领域。现在 B2B 领域正投入大量资金。
They have already managed to attract some important customers. For example, Microsoft is one of their customers. It seems like Microsoft is everyone's customer now. And so a large cycle of business has been created between customers and businesses with each other.
And these customers are mainly from the B2B sector. A lot of money is being spent in the B2B sector now.
这就是我喜欢 IREN 的原因。不过，我看好 IREN，是因为他们刚刚与 Microsoft 签署了一份多年协议，价值约 97 亿美元，将提供 Nvidia GPU 的使用权。
他们还与 Proplexity 和 Figure AI 等 AI 客户签了协议。我认为这很重要，因为它验证了他们多年来建设的基础设施。
That's why I like IREN. However, when I look at IREN, I'm interested because they just signed a multi-year deal with Microsoft , worth about $9.7 billion, that will provide access to Nvidia GPUs.
They have also signed deals with AI customers like Proplexity and Figure AI. And I think it's important because it validates the infrastructure that they've built over the years.
有很多公司想参与 AI 热潮或扩张。但已经具备能力掌控吉瓦级电力、并将这些能源转化为真实算力的公司非常少。IREN 的这一方面让我非常感兴趣。
There are many companies that want to participate in the AI boom or expansion. But there are very few companies that already have the ability to control gigawatts of electricity and convert that energy into real computing power.
And that aspect of Irene is very interesting to me.
如果 AI 算力需求持续增长，IREN 就拥有一项越来越难找到的资产：大规模、电力充足的数据中心容量。财务状况看起来也相当不错。IREN 总共赚了约 7.07 亿美元，同比增长 41%。
但我最感兴趣的数字是 AI 云业务的收入。它在 1 年内从仅仅 1600 万增长到约 1.29 亿。这几乎是该业务所产生收入的八倍。
If the demand for AI computing continues to grow , Irene has an asset that is becoming increasingly difficult to find: large- scale, power- rich data center capacity. The financial situation also looks quite good.
Irene earned a total of about $707 million, up 41% from the previous year. But the number I'm most interested in is the revenue from AI Cloud. It has increased from just 16 million to about 129 million in 1 year.
This is almost eight times the income generated from that particular business.
而这甚至还没有完整描绘出未来的图景，因为 IREN 表示，他们目前约有 10 亿美元的年化 AI 云收入在向前推进，并且他们已签订约 40 亿美元的年化合同，容量覆盖到 2026 年。
事实上，管理层表示，2026 年的容量现在几乎已全部售罄。
And even that doesn't paint a complete picture of what's coming, as Irene says they currently have about $1 billion in annual AI cloud revenue going forward and they have about $4 billion in annual contracts with capacity through 2026.
In fact , management says that the 2026 capacity is now almost completely sold out.
所以，历史财务报表所反映的情况与已经签署的 AI 业务交易金额之间存在巨大差距。再次强调，我会持续关注未来的数字。
So there is a huge gap between what we see in historical financial statements and the amount of AI business deals that have already been signed. Again , I'm keeping an eye on future numbers.
话虽如此，我们来看看技术分析，IREN 正面临非常大的抛售压力。所以我对这只股票非常乐观。好了朋友们，这是 IREN 大起大落的一幅非常戏剧性的图景。就在几周前，它从 9 月份 40 的高点大幅下跌，现在股价简直崩了。
我是说，每股不到 3 美元。看到这只股票处于这种状态，实在令人非常意外。
Now, having said that, let's look at the technical analysis, where Irene is facing very large selling pressure. So I am very optimistic about this stock. Okay friends, here's a very dramatic picture of Irene's rise and fall.
It has suffered a huge fall from a high of 40 in September just a few weeks ago, and now the stock has literally collapsed. I mean, under $ 3 per share. It is very surprising to see the stock in such a condition.
从技术面看，它已经跌破 7 月的低点。所以，我认为现在对 IREN 的投资者来说是非常艰难的时期。
Technically, it has fallen below the July low. So, now I think it's a very difficult time for Irene's investors.
这就是我现在喜欢这只股票的原因。我对投资股票非常感兴趣。当一只股票跌到这么低时，这正是我喜欢看到的那种技术面变化。
This is what I like about the stock right now. I am very interested in investing in stocks. When a stock drops this low, it's exactly the kind of technical change I like to see.
说清楚一点，我想我是在 40 美元左右买入的，所以这只股票我是亏损的，而我在考虑加仓，因为我认为它在这个点位被严重低估了。
To be clear , I think I bought at around $40, so I'm at a loss on this stock , and I'm thinking of buying more because I think it's very undervalued at this point.
这个频道对 $IREN 的历次判断
Invest with Henry 在这只股票上共 4 条判断，这里只列相邻的几条。