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Congratulations to $IREN bulls
However, while the headline is great, there is not that much substance behind it
It is more about $NVDA giving a hand to a client willing to spend many dozens of billions on GPUs
The 5GW partnership just means $NVDA is willing to sell $IREN GPUs. $NVDA is not a neocloud. $IREN still has to find a tenant (I am not saying they will not)
The other interesting aspect is the right to purchase shares, but that is just a win-win for $NVDA. They will be able to buy shares at a cheap price for five years if $IREN executes well, with almost no downside
This mostly looks like a "pay for a headline" type of job by $NVDA