IREN 被低估，合理价值约 40 美元；其股价从 9 月的 40 多美元跌至 3 美元以下，我正加仓。它拥有超过 5 吉瓦的电力就绪容量、与 Microsoft 近 97 亿美元的 GPU 接入协议、AI 云收入从 1600 万美元增至约 1.29 亿美元，且 2026 年产能几乎售罄。
逐段跳播
股价通常不会跌破这个水平。确实它略有下跌，但过去一年里它很少收在每股 15 美元以下。因此，我认为这只股票被低估了。
, the share price typically does not fall below this level. It is true that it has declined slightly, but it has rarely closed below $15 per share over the past year. Therefore, I believe the stock is undervalued .
第五只股票是 iRent（股票代码是 IREN）。iRent 迅速成为市场上最有趣的基础设施公司之一。我对它的兴趣源于一个主要因素：能源。AI 数据中心需要大量电力，而获得这些电力是限制该行业增长速度的最大障碍之一。
iRent 花了多年时间建设这一特定的基础设施，因为它一直在比特币挖矿领域运作，而比特币挖矿完全依赖电力。现在，该公司控制着庞大的数据中心站点组合，在其现有和新兴项目中拥有超过 5 吉瓦的电力接入。
该公司目前正在利用这一基础设施构建 AI 云计算服务。因此，iRent 并不是简单地购买图形处理器（GPU）然后指望有人来租用，而是围绕这些处理器开发整个基础设施，包括土地、电力、数据中心、冷却、网络、计算能力，以及运行这些庞大 AI 系统所需的一切。
The fifth stock is iRent (its stock symbol is IREN). iRent quickly became one of the most interesting infrastructure companies in the market. My interest in it stems from one main factor: energy.
AI data centers require enormous amounts of electricity, and access to this power is one of the biggest obstacles limiting the growth rate of this sector. iRent spent years building this particular infrastructure because it was working in the field of Bitcoin mining , which is entirely dependent on electricity.
Now, the company controls a huge portfolio of data center sites , with access to more than 5 gigawatts of power across its current and emerging projects. The company is currently using this infrastructure to build AI cloud computing services.
Therefore, iRent does not simply buy graphics processing units (GPUs) hoping that someone will rent them out, but develops the entire infrastructure around these units, including land, power, data centers, cooling, networks, computing capabilities, and everything else needed to run these massive AI systems.
它已经吸引了一些重量级客户，包括 Microsoft。看起来 Microsoft 是所有人的客户。因此，客户与公司之间形成了一个完整的相互交易循环。这些客户是企业对企业（B2B）客户。这个领域的支出规模巨大。
It has already attracted some serious clients, including Microsoft. It seems that Microsoft is a customer for everyone . Therefore, there is a complete cycle of customers and companies dealing with each other.
These customers are business-to-business (B2B) customers. There is enormous spending on this sector.
这就是我喜欢 I Rent 的原因。我是 Navitas 的粉丝，对吧？目前有很多 AI 公司吸引我，因为资金正大量涌入，这是一个非常令人兴奋的领域。嗯，我得说这个市场里肯定有一些热门股票。
但当我看到 I Rent 时，我觉得它很有意思，因为它刚刚与 Microsoft 签署了一份价值近 97 亿美元、为期多年的协议，提供 Nvidia 图形处理器的使用权限。它还与其他 AI 客户签署了合同，包括 Proplexity 和 Figure AI。
我认为这很重要，因为它证实了该公司多年来建设的基础设施的稳健性。
That's why I like I Rent. I'm a fan of Navitas, aren't I ? There are many AI companies that currently appeal to me because money is flowing in large quantities, and this is a very exciting sector.
Well, I would say that there are definitely some popular stocks in this market. But when I look at I Rent, I find it interesting because it just signed a multi- year agreement with Microsoft worth nearly $9.7 billion to provide access to Nvidia's graphics processing units.
It has also signed contracts with AI clients , including Proplexity and Figure AI. I think this is important because it confirms the soundness of the infrastructure that has spent years building.
有很多公司想参与人工智能热潮。但真正掌控吉瓦级电力、并且有能力把电力转化为实际算力的公司要少得多。这就是“iRan”让我感兴趣的地方。
There are many companies that want to participate in the artificial intelligence boom. There are far fewer companies that actually control gigawatts of power and have the ability to convert that power into actual computing power.
This is the aspect of " iRan" that interests me.
如果对 AI 算力的需求继续增长，iRAN 已经掌控了一项越来越难获得的资源：大规模、具备供电条件的数据中心容量。
If demand for AI-powered computing continues to grow, iRAN already controls one resource that has become increasingly difficult to find: large-scale, power-ready data center capacity.
财务状况看起来也非常好。iRan 的总营收接近 7.07 亿美元，同比增长 41%。
The financial situation also looks very good. iRan generated total revenues of nearly $707 million , an increase of 41% over the previous year.
但最让我感兴趣的数字是 AI 云计算带来的收入。这些收入在一年内从仅 1600 万美元增长到约 1.29 亿美元。这大约是该公司从这项特定业务中所得收入的八倍。
But the figure that interests me most is the revenue from AI- powered cloud computing . These revenues increased from just $16 million to approximately $129 million in one year.
That's approximately eight times what the company earns from this specific activity.
即便是这个数字也没有完全反映即将到来的情况，因为 iRan 表示，其目前运营中的 AI 云计算业务年收入约为 10 亿美元，而已签约并与 2026 年产能挂钩的年收入约为 40 亿美元。
Even that number doesn't fully reflect what's coming, because iRan says it already has about $1 billion in annual revenue from AI- powered cloud computing currently in operation, and about $4 billion in annual revenue contracted and tied to its 2026 capacity.
事实上，管理层表示 2026 年的产能几乎已全部售罄。我们在历史财务数据中看到的，与已签约的实际 AI 工作量之间存在巨大差距。这是一个我正关注的面向未来的数字。
In fact, management says the 2026 capacity is almost entirely sold out . There is a huge gap between what we see in historical financial data and the actual volume of AI work that has been contracted.
This is a future-oriented figure that I'm focusing on .
现在，我们来看技术分析；I-Run 的股价经历了急剧且大幅的下跌。因此，我非常看好这只股票。
Now, let's look at the technical analysis; I-Run stock has experienced a sharp and significant decline. Therefore, I am very optimistic about this stock.
嗯，这就是 I-Run 的剧烈走势，仅仅两周前，它从 9 月时的 40 多美元高位大幅下跌，现在股价已彻底崩盘。我是说，跌到了每股不到 3 美元。
Well, here's I-Run's violent move, having dropped sharply from the late 40s in September just two weeks ago , and now the stock has completely collapsed. I mean, to less than $3 per share .
从技术面来看，它已经跌破了 7 月的低点。因此，我认为目前 I-Run 的投资者有很多亏损。而这恰恰是我目前喜欢这只股票的原因。
Technically speaking, it has already fallen below its July lows. Therefore, I believe there are many losses for I-Run investors at the moment. This is precisely what I like about the stock at the moment .
我非常想买入这只股票。当一只股票跌到这个程度时，这正是我偏好的那种技术走势。说实话，我认为这只股票值 40 美元左右，所以我在它上面亏了钱，而我正打算加仓，因为我认为在当前价位它被低估了。
I am very interested in getting into this stock. When a stock drops this much, that's exactly the kind of technical move I prefer. Honestly, I think the stock is worth around $40 , so I've lost money on it, and I'm looking to buy more because I think it's undervalued at the current level.
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。