One thing I like about $IREN model is that it doesn't have to expand just to keep up with fixed infrastructure commitments. Owning its power and data center infrastructure gives the company more flexibility over when and how it deploys capital. With borrowing costs rising across the AI sector, that flexibility could become increasingly important. I also think reducing CapEx guidance shows management is paying attention to the financing environment instead of blindly chasing growth. IREN still has to execute and turn its AI capacity into consistent revenue, but having more control over its infrastructure gives it an interesting advantage in this market.