Evan Schunk

Today's thoughts on $IREN and $CIFR: 1) Their current market valuations are not remotely close to the intrinsic value of their assets, let alone adequately reflecting their future growth trajectories and the top-shelf expertise of their management teams. 2) They might receive unsolicited bids at these depressed valuations, even at 2x or 5x their current market prices, but that does not mean those bids stand even a remote chance of being accepted, nor would IREN or Cipher necessarily be legally obligated to accept them. 3) Growing concerns over AI-assisted attacks on exchanges, civilian infrastructure, and military and government systems only strengthen the bullish case for AI compute rapidly becoming one of the scarcest and most valuable resources on Earth. It takes compute to fight compute. This is an existential battle, not just for companies spending billions on AI CapEx simply to avoid becoming the next Blockbuster Video, but for the security of the entire Western world. 4) I remain skeptical of companies like CRWV, whose only real asset base is a pile of chips, while my conviction in operators like IREN and Cipher, which are developing substantial portfolios of land, power, and shell assets, continues to grow. 5) Sentiment is your best friend when it comes to buying assets at a discount or selling them at a premium. The key to being a successful long-term investor is not just picking the right stocks, but recognizing when sentiment is substantially disconnected from on-the-ground reality and taking advantage of that disconnect in either direction, without getting psychologically swept up in the panic or euphoria. $IREN $CIFR $WULF $GLXY

YOU ARE NOT BULLISH ENOUGH S/O @jrouldz