There seems to be validity to the semi analysis take that $IREN Canadian sites have been lackluster in terms of compute as a service quality. Management’s strength is in finance and infrastructure banking and deal making as well as vision. They should be commended for the financial structures they were prudent enough to build for durability in all macro weather. We should not be so naive as to think that same management isn’t surrounding themselves with people that are going to integrate the technical and product side of the funnel into the business DNA. I think a more nuanced take on the matter is that things take time and it’s ok that the founders’ background is more financial. It has shown tremendous advantage even if the fruits have not yet been made visible, but the market will take notice when some soldiers in the sector start falling and IREN remains sturdy in its financial position. The fact that the product/service needs to improve is self evident, but there’s nothing that suggests this won’t be the case or that management isn’t capable of producing this result. The SemiAnalysis report centered around the OG Canadian sites. Conversions from mining needed to take place and demand for compute was sufficient that customers were willing to have some issues, which is a smaller issue than having no compute at all. The Canadian power footprint is also tiny relative to the power pipeline. With NVDA as a partner, things will get done as they need to get done, something that SemiAnalysis noted, in that Childress and Sweetwater are not subject to the same criticism as Prince George and Mackenzie. You don’t have to take management’s word for their technological progress. Just look at their progress in hiring this year, additions which cumulatively include experience at Oracle, AWS, Azure, Google Cloud, Apple, IBM, Google, Nutanix, NVIDIA, Open Compute Project, and others. In addition, the acquisition of Mirantis, which carries large significance for the quality of the compute service IREN intends to grow into: • Acquisition completed August 4, 2026 (~$625M, mostly stock) to add the missing software/orchestration layer to IREN’s vertically integrated AI Cloud (power + data centers + compute + software). • Brings k0rdent AI (open-source platform) for workload orchestration, GPU scheduling, provisioning, monitoring, multi-cluster management, and lifecycle operations across bare-metal and virtualized environments. • Directly supports managed services and enterprise support capabilities—addressing the gap between pure bare-metal GPU rental and full AI cloud offerings that customers expect. • Improves operational visibility, root-cause analysis, and day-2 operations, which helps with reliability, uptime, and performance issues (relevant to critiques of older sites). • Deep NVIDIA integration (inaugural AI Cloud Ready partner; works with NVIDIA DSX OS, Infra Controller, Run:ai, and GB200/GB300 systems) to maximize GPU utilization and enable near bare-metal performance with multi-tenancy isolation. • Serves 1,500+ enterprise customers and continues as a standalone subsidiary, preserving open-source commitments while feeding software into IREN’s platform for faster customer onboarding and higher utilization. • Enables IREN to move beyond infrastructure ownership toward a more complete, scalable AI Cloud platform that can serve hyperscalers, AI developers, and enterprises with both bare-metal and managed options. This is a nascent industry still with many moving parts and many ways to bake the cake. I’ll take the chronology of first ensuring the balance sheet is strong and safe and now expanding into higher technological capabilities at the highest level. This is part of patience. Things take time. If everything were certain, there would be no money to make.