$IREN CEO Debunks Myth: There Is No AI Bubble! 1. Customers are prepaying 50% in cash to secure capacity! While outsiders constantly talk about an AI bubble, the real-world experience is that computing power is being snapped up frenziedly. Rental rates continue to rise, and clients are prepaying 50% of the GPU hardware cost upfront to lock in capacity. No bubble industry has customers lining up with half their capital to buy goods. 2. The bottleneck is insufficient transformers and slow power connections! Over the past eight months, global weekly token consumption has surged 17-fold! The core issue is no longer lack of demand for computing power—it’s that GPUs have been purchased and data centers built, but the delivery of power infrastructure and transformers can’t keep pace with demand. 3. GPUs are becoming hard currency A year ago, financial markets viewed GPU financing as extremely risky. Now, capital markets fully understand the value. Just as commercial real estate financing matured decades ago, financial institutions are now offering GPU-specific financing with up to 90% loan-to-value ratios—even without backing from top-tier investment-grade companies. 4. The next 12–24 months will be a battle of engineering execution The era of storytelling around AI computing power is over. Delivering reliable power grids, liquid cooling, supply chains, and system integration now demands exceptional execution capability. Players who fail to secure power or deliver GPUs will be rapidly eliminated.