AI is not my field, so take this as an investor trying to learn rather than an expert opinion. I recently started building a position in IREN and wanted to share why it has become one of my highest-conviction AI infrastructure plays. I'm also posting this to get feedback from people who know the industry better. Please challenge my assumptions! My thesis Demand for AI compute, data centers, and power continues to accelerate IREN has secured over 4.5 GW of power capacity across North America to build next-generation data centers for AI and high-performance computing They transitioned away from BTC mining in Q2 2025 but the market still appears to value IREN primarily through the lens of Bitcoin mining, while I believe the AI opportunity may become a larger part of the story over time Nvidia said earlier this month ​that it would invest up to $2.1 billion in ​IREN, ⁠as part of a broader deal to deploy up to 5 gigawatts of infrastructure IF (big IF) they execute well, commissioning could increase IREN's…