The part I think the market may be underpricing is the power + infrastructure advantage. AI compute demand can keep growing, but without secured power, that demand doesn’t automatically translate into deployable capacity. If $IREN can convert that 5GW pipeline into productive capacity while improving the software layer and monetization per MW, the revenue and margin expansion could be much larger than what the current valuation implies. Higher execution risk than $CRWV or $NBIS, no doubt. But that risk is also what creates the asymmetric upside. For me, $IREN is increasingly becoming an execution story rather than a demand story.