The market doesn't care about $IREN Ltd(IREN)$ 's deals with $NVIDIA(NVDA)$ , $Dell Technologies Inc.(DELL)$ , or hyperscalers right now. There's just no trust in $IREN Ltd(IREN)$ at this point.
That means patience is required while the ARR builds up over the years. Eventually the stock will have its run, once the proof becomes too clear to ignore.
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