Bitcoin Miner Iris Energy Inks AI Cloud Services Deal With Poolside AI

[sirty143]

Bitcoin Miner Iris Energy Inks AI Cloud Services Deal With Poolside AI

The bitcoin mining corporation Iris Energy, listed on the Nasdaq, has declared its entry into a cloud services partnership with the artificial intelligence (AI) startup Poolside AI. The collaboration with Poolside comes after Iris acquired 248 Nvidia H100 graphics processing units (GPUs) for $10 million in August 2023. See more for yourself here.

Your opinion is greatly appreciated.

[Stompix]

Iris Energy...
That company has been a money pit since it got listed, it's one of the worst performers, from the peak Mara which is not the best of the rest is down 2/3 but Iris is 4/5.
Plus the whole debt default:
https://www.sec.gov/Archives/edgar/data/1878848/000114036122042419/ny20005141x6_6k.htm

They have raised $300m based on promises and backed by gear that is barely profitable and issued another $200m in debt, this is going to end badly.

[ABCbits]

Honestly it's not bad move since there are speculation of Nvidia GPU shortage which suitable for AI task. So anyone who own decent amount of such GPU guaranteed to have potential buyer or renter.

Iris Energy...
That company has been a money pit since it got listed, it's one of the worst performers, from the peak Mara which is not the best of the rest is down 2/3 but Iris is 4/5.
Plus the whole debt default:
https://www.sec.gov/Archives/edgar/data/1878848/000114036122042419/ny20005141x6_6k.htm

They have raised $300m based on promises and backed by gear that is barely profitable and issued another $200m in debt, this is going to end badly.

Meanwhile, the investor got hyped where Iris's stock price raise from about $4 (before announcement) to almost $6 (today's price)[1].

[1] https://finance.yahoo.com/quote/IREN/

[tjtonmoy]

On Thursday, IREN's stock rose by 13%, yet it has seen a 25% decrease against the U.S. dollar over the last 30 days. Further analysis reveals that year-to-date, IREN's shares have experienced a decline exceeding 41%.

This does not look good for this deal. They are already in a danger zone. I don't know how much they can recover or if they can even recover everything and go beyond and make a profit. Also, are they trying to find more ways to generate money because of the upcoming halving? Because as we all know, the reward will be cut in half.

Well whatever it is, spreading the business is a good idea but looking at their performance, they are not doing that well TBH. They will need more than that partnership to get back to the front line and become something.

[Stompix]

Honestly it's not bad move since there are speculation of Nvidia GPU shortage which suitable for AI task. So anyone who own decent amount of such GPU guaranteed to have potential buyer or renter.

Well, it looked like a great plan back then, but two weeks after their purchase Nvidia launched the H200 which is way more built towards AI, so they just invested a ton of money in cards that are already outpriced at the moment.

Meanwhile, the investor got hyped where Iris's stock price raise from about $4 (before announcement) to almost $6 (today's price)[1].
[1] https://finance.yahoo.com/quote/IREN/

Yeah, same happened when companies changed their names to Blockchain xxx, remember those times?
But I don't know how much is the announcement and how much because of Bitcoin:
https://finance.yahoo.com/quote/MARA/
Marathon Digital went also from 17 to 27.

[ABCbits]

Honestly it's not bad move since there are speculation of Nvidia GPU shortage which suitable for AI task. So anyone who own decent amount of such GPU guaranteed to have potential buyer or renter.

Well, it looked like a great plan back then, but two weeks after their purchase Nvidia launched the H200 which is way more built towards AI, so they just invested a ton of money in cards that are already outpriced at the moment.

That's great point. But i checked their website and it seems it's not available yet[1]. So they still can squeeze money from their H100.

Meanwhile, the investor got hyped where Iris's stock price raise from about $4 (before announcement) to almost $6 (today's price)[1].
[1] https://finance.yahoo.com/quote/IREN/

Yeah, same happened when companies changed their names to Blockchain xxx, remember those times?
But I don't know how much is the announcement and how much because of Bitcoin:
https://finance.yahoo.com/quote/MARA/
Marathon Digital went also from 17 to 27.

Fair point, it's possible some investor expect Iris would make more money by selling their mined BTC.

[1] https://www.nvidia.com/en-us/data-center/h200/

[Stompix]

Meanwhile, the investor got hyped where Iris's stock price raise from about $4 (before announcement) to almost $6 (today's price)[1].
[1] https://finance.yahoo.com/quote/IREN/

Just stumbled on their name again in an article, seems like the fomo evaporated
$5.99 down from $6.80 YTD
Taking into account that btc is up nearly 50% on the same interval, I will quote myself again, "moneypit"!

Oh, and here is the article:
https://decrypt.co/219954/bitcoin-mining-company-shares-lag-behind-bitcoin-etf?amp=1

[ABCbits]

Meanwhile, the investor got hyped where Iris's stock price raise from about $4 (before announcement) to almost $6 (today's price)[1].
[1] https://finance.yahoo.com/quote/IREN/

Just stumbled on their name again in an article, seems like the fomo evaporated
$5.99 down from $6.80 YTD
Taking into account that btc is up nearly 50% on the same interval, I will quote myself again, "moneypit"!

Oh, and here is the article:
https://decrypt.co/219954/bitcoin-mining-company-shares-lag-behind-bitcoin-etf?amp=1

YTD as in year to date? Looking at Yahoo's data, it should be $8.3 which happened on Feb 14, 2014. Anyway, it seems you're right Iris Energy remains to be moneypit.

[Stompix]

YTD as in year to date? Looking at Yahoo's data, it should be $8.3 which happened on Feb 14, 2014. Anyway, it seems you're right Iris Energy remains to be moneypit.

YTD, from the start of the year, it would really not make any sense comparing two stocks by their ATH when that happened in difference days for different reasons, so just going with the scenario of investing the money you didn't spend on the NYE party and Iris was not the thing to do, again, this despite Bitcoin surging 50% in the same time!

Seems like investors in stocks are stating to become more cautions, the margin are still not great so the returns might not be there at all.