SemiAnalysis reasoning for lumping $IREN in to not recommended is based on testing undertaken in March 2025, where $IREN and some configuration issues. They found problems including ACS not being disabled and GPUDirect RDMA not being enabled, and their two-node NCCL all-reduce result was about 129.27 GB/s, versus 300+ GB/s for top-tier clouds in their testing. They say IREN engineers later confirmed the root cause was the ACS setting on the PCIe switch, which forced traffic through the CPU root complex instead of allowing proper direct GPU-to-NIC communication. For the later rating round $IREN had no capacity for testing (bullish?) for over 3 months. So the top and bottom of this is that it all dates back to some configuration issues from March 2025. I don't think this is too concerning considering $IREN engineers fixed the issue at the time. I think once SemiAnalysis repeats these tests we may see $IREN jump back up the tiers pretty quickly. Not too concerned here from an investing stand point. I expect them to be having configuration issues on their cloud. Who doesn't? They are learning and that's why the investment thesis is forward looking. I expect them to become just as good on the software side of their cloud business are they are on the buildout and $BTC side. Over and out.