中文翻译
我到现在还是想不通，为什么还有人会在 $IREN 上“逢低买入”。 他们搞了 60 亿美元的 ATM，把股份稀释后又卖进公开市场……还以为这会推高股价。 与此同时，$NBIS 通过差异化拿到了更多超大规模客户订单，还得到了 $NVDA 的支持。 IREN 两年前还有的那点 GW 原始资产护城河，现在几乎已经没了。 在 60 亿美元结构性稀释持续压制的情况下，很难看出这只票还能有多少上涨空间。 等现有股东先被稀释完，再考虑做多会更好。
· 业绩复盘
批评 IREN 大幅稀释，认为 NBIS 通过差异化和客户关系更强。
英文原文
It still baffles me how people are still “Buying the Dip” on $IREN. Amid their $6,000,0000,000 ATM, diluted and sold into the open market. Thinking that it will increase their share price. While $NBIS was able to differentiate themselves and secure more hyperscaler deals + $NVDA backing. $IREN GW raw asset moat they had two years ago is now almost gone. It’s hard to see the stock appreciating much in value when $6,000,000,000 of structural dilution works against you in every rally. Better to wait after current shareholders get diluted first before going long.