$IREN vs $CIFR have two very different but also similar technical structures. Both have endured substantial corrections amid the broader weakness in AI infrastructure, but an important distinction in where each sits relative to its long-term technical structure. $IREN hit its macro 1.272 fib at $69 before this correction. A correction of this magnitude isn't particularly unusual, especially following the first test of an important macro extension. $CIFR fell short of its 1.272 extension at $42 and has now retraced to its 0.887 fib which converges with a significant historical demand zone and the vicinity of its longer-term ascending trendline. From a purely technical perspective, CIFR's is already testing, and marginally undercutting, an area of support that IREN has yet to revisit on a comparable basis. For IREN, that equivalent 0.887 retracement sits near $19.40, roughly 30% below current levels, and coincides with the broader trendline structure I've drawn. That doesn't mean IREN needs to trade there. But it illustrates why I see a more immediately identifiable technical risk/reward setup developing in CIFR. Sentiment across AI infrastructure has deteriorated considerably, and we're seeing the kind of fear and volatility that historically accompanies important inflection points. But the indicators I track aren't yet suggesting that the selling is conclusively over. Both of these have lost important monthly EMAs like the 21m EMA which in my experience ends a trend. IREN would need to reclaim $34 by month-end and CIFR $13. Until that happens, one needs to remain open to further weakness in months ahead, even if we experience a sharp relief rally. And yet, when I consider what these businesses are building, their expanding contractual commitments, and the earnings potential emerging over the next 12-18 months, it's difficult not to be interested at these prices. It reminds me of April 2025, when several names across the sector lost important technical levels, sentiment collapsed, and what appeared to be a breakdown ultimately developed into one of the more attractive entry opportunities of the cycle. I've followed this sector long enough to recognize that the greatest asymmetries come when the prevailing narrative becomes overwhelmingly negative and price begins discounting outcomes considerably worse than what the underlying fundamentals are showing. It's not supposed to be comfortable. But I do think we're in an area where the longer-term risk/reward is becoming increasingly compelling, particularly for investors who can look beyond the next several months. Just be disciplined in your accumulation, position sizing, and be patient.

$IREN at 2021 IPO: • $28/share • 55M shares out • $59M revenue (FY22) • 1.5B Market Cap $IREN today: • ~$25/share • 357M shares out • $707M revenue (FY26) • $10B Market Cap

As someone with a portfolio of energized land assets here is what I am seeing: 1. Neoclouds are disorganized and poorly capitalized. Some are definitely better than others however. 2. Hyperscalers are intractable, bureaucratic organizations that take 3 months to do an NDA and want 18mo escrow periods. We built our portfolio by competing against these terms because of our speed and simplicity. The more future assets orgs like ours win, the bigger the problem for the hyperscalers downstream (see 3). 3. There are delays in the existing pipeline that will catch people off guard in 2027. Hyperacalers will (obviously) react by focusing on their own internal compute needs over any third party. If the third party is a model company, they will tell them to go through their model router where they will also take a non-trivial vig. Them telling Ant they have no compute for them (rumored in Ant’s S-1) if true is a huge tell that this is already happening. All of this is to say that it does look like there will be a lot of partially stranded compute and compute sitting in inventory in 2027 than is currently forecasted. This is bought and paid for but effectively underearning (below total cost of capital) or collecting dust. We see this as true for everyone - model companies, hyperscalers, neoclouds except ONE (you can guess which one). This dislocation will benefit two kinds of orgs: the non-bureaucratic big scalers who can build industrial scale quickly and the nimble, well capitalized players feeding them. 2027 will be a turbulent year because it will clear out a bunch of wrong/bad bets. It will also be a consolidation year for a few.

$BGDE will release its Q3 2026 financial results after market close on Thursday, November 5, 2026. Management will host a conference call and webcast on Thursday, November 5 at 5:00 p.m. ET to discuss the results. Register here: edge.media-server.com/mmc/p/…

Nebius $NBIS has now recovered and quickly bounced back to $200+. It will face a challenge to get past $229-260. I don't expect to see a new ATH anytime soon, in fact I see it form a lower high and you'll be able to buy this near or lower than $150 again in the next few months

$IREN vs $CIFR have two very different but also similar technical structures. Both have endured substantial corrections amid the broader weakness in AI infrastructure, but an important distinction in where each sits relative to its long-term technical structure. $IREN hit its macro 1.272 fib at $69 before this correction. A correction of this magnitude isn't particularly unusual, especially following the first test of an important macro extension. $CIFR fell short of its 1.272 extension at $42 and has now retraced to its 0.887 fib which converges with a significant historical demand zone and the vicinity of its longer-term ascending trendline. From a purely technical perspective, CIFR's is already testing, and marginally undercutting, an area of support that IREN has yet to revisit on a comparable basis. For IREN, that equivalent 0.887 retracement sits near $19.40, roughly 30% below current levels, and coincides with the broader trendline structure I've drawn. That doesn't mean IREN needs to trade there. But it illustrates why I see a more immediately identifiable technical risk/reward setup developing in CIFR. Sentiment across AI infrastructure has deteriorated considerably, and we're seeing the kind of fear and volatility that historically accompanies important inflection points. But the indicators I track aren't yet suggesting that the selling is conclusively over. Both of these have lost important monthly EMAs like the 21m EMA which in my experience ends a trend. IREN would need to reclaim $34 by month-end and CIFR $13. Until that happens, one needs to remain open to further weakness in months ahead, even if we experience a sharp relief rally. And yet, when I consider what these businesses are building, their expanding contractual commitments, and the earnings potential emerging over the next 12-18 months, it's difficult not to be interested at these prices. It reminds me of April 2025, when several names across the sector lost important technical levels, sentiment collapsed, and what appeared to be a breakdown ultimately developed into one of the more attractive entry opportunities of the cycle. I've followed this sector long enough to recognize that the greatest asymmetries come when the prevailing narrative becomes overwhelmingly negative and price begins discounting outcomes considerably worse than what the underlying fundamentals are showing. It's not supposed to be comfortable. But I do think we're in an area where the longer-term risk/reward is becoming increasingly compelling, particularly for investors who can look beyond the next several months. Just be disciplined in your accumulation, position sizing, and be patient.