Is IREN for Real? A Deep Dive into the AI Infra Pivot

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Avory - Markets and Investing

Avory & Co.

99 episodes

1 week ago

Around the Desk: This is where we at Avory think out loud, challenge narratives, and look for signal through the noise. Each episode, the Avory & Co. team dives into what’s moving markets, how companies are performing, and where opportunities may be forming. We break down earnings, macro trends, and investor sentiment — all from the lens of a concentrated, high-conviction portfolio. *** The views expressed on Avory Podcast: Around the Desk are those of the hosts and guests and do not constitute investment advice. This podcast is for informational purposes only and should not be relied upon to make investment decisions. All investments involve risk, including potential loss of capital. Avory & Co. may hold positions in the companies discussed.

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Is IREN for Real? A Deep Dive into the AI Infra Pivot

Avory - Markets and Investing

1 hour 9 minutes

4 months ago

Is IREN for Real? A Deep Dive into the AI Infra Pivot

In this episode of Around the Desk, Sean Emory sits down with three investors who have been closely following IREN — the Bitcoin miner now pivoting toward high-performance computing (HPC).

We dig into the key questions:
• Can a miner really become an AI infrastructure player?
• What’s happening on the ground with grid capacity, permitting, and capex?
• Are they executing or just announcing?

Guests Kama, Frans, and Dulce join anonymously (X-style) to break down their views — from land records and site visits to financial modeling and risk.

This is a technical, high-conviction conversation for anyone trying to understand the shift from Bitcoin mining to AI compute infrastructure.

0:00 Intro
1:50 Backstory
4:15 Kama view on the pivot to HPC
8:15 HPC execution?
9:20 Dulce adds in to HPC pivot thoughts...
16:40 Frans adds in.
52:20 Valuation views?
62:45 Risks

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Hosted by: Sean Emory, Co-Founder & CIO of Avory
Podcast: Around the Desk by Avory

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⚠️ Disclaimer: This podcast is for informational purposes only and does not constitute investment advice. All views expressed are those of the individual participants and do not represent the opinions of Avory or its affiliates. Always do your own research before making investment decisions.

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