IREN: Horizon 1 Delivery Meets Multi-Market Risks

IREN trades on overlapping drivers including AI infrastructure expectations, equity risk, interest rates, Bitcoin sentiment and company-specific execution after Microsoft accepted the 50MW facility and NVIDIA certified the GB300 NVL72 setup for Horizon 1, leaving the market focused on whether Horizon 2-4 can convert the ~$4B ARR contract into operating capacity following the recent +26% week.