Cloud providers are ditching long-term discounts to hike GPU rental prices, letting IREN lock in a massive $2.8 billion in new multi-year contracts.
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Roberts stakes that AI compute demand is at the extreme end of the spectrum with zero idle GPUs, framing the $9.7B Microsoft deal as only 5% of IREN's 4.5GW capacity. The constraint he names is time-to-build, not demand, which is a bullish stake on monetizing locked-up power.