IREN Hype Train: Are We All Being Played?
Okay, so IREN stock is soaring. Again. We're supposed to believe this is all thanks to AI and some blockbuster deal with Microsoft. Give me a break. I've seen this movie before.
The "AI Revolution" Red Herring
First, let's dissect this "AI cloud services" nonsense. IREN is providing Microsoft with access to Nvidia's GPUs, specifically the GB300s. Big deal. It's like saying a landlord is a "revolutionary" because they rent apartments to tech bros. They're a facilitator, not an innovator. And they're getting paid handsomely for it.
The official press release quotes some Microsoft exec, Jonathan Tinter, praising IREN's "expertise in building and operating a fully integrated AI cloud." Translation: "We're desperate for compute power, and these guys have it, so we're throwing money at them."
This whole narrative of Bitcoin miners "pivoting" to AI is also suspect. They're just chasing the next shiny object, the next way to fleece investors. Remember the metaverse? Exactly.
And let's be real, these "experts" saying AI needs more energy than Bitcoin mining... are they just now figuring this out? It's not rocket science. It's common sense. This stuff requires massive power.
Analyst Price Targets: Pure Fantasy
Bernstein, of all firms, boosted its price target for IREN to $125. From $75! Based on what, exactly? Hope? A press release? The analysts claim it's because of IREN's "captive power access." Okay, so they have electricity. That's their "edge"? My toaster has captive power access. Should I get an "outperform" rating too?
And what's with these analyst price targets anyway? One analyst has a target as low as $24, while another is smoking something strong with a $142 target. The standard deviation is $32.613. So basically, they have no freakin' clue what's going on. They're just throwing darts at a board, hoping something sticks. IREN Reaches Analyst Target Price
This "wisdom of crowds" garbage is just a way to justify their own guesswork. They're averaging a bunch of random opinions to create a number that's statistically meaningless.
Offcourse, IREN shares are up 2% after this pronouncement. Shocker.
The Bitcoin Connection: A House of Cards?
The whole article mentions Bitcoin crashing. BTC was trading at about $101,320, down 5.8% over the past 24 hours. It’s down over 11% over the past week.
What happens when the Bitcoin bubble bursts? Will IREN still be worth $125 a share? I seriously doubt it.
Then again, maybe I'm the crazy one here. Maybe I'm missing something. Maybe IREN really is the future of AI. But color me skeptical.
It's All Smoke and Mirrors
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