IREN jumps on Anthropic multiyear cloud deal

Video Transcript

stock we're watching is Iren, uh, popping here before the bell. Hit the uh the Bitcoin miner turned data center provider, uh, popping on this information report that Anthropic has agreed to a multi-year cloud deal with the company. Uh, now the thrust of the information piece is that Anthropic wants to get into these data centers, they want to get them built out fast because they see that they can make money off these like immediately. Uh, you know, we've been hearing that and it's also, you know, the big investment versus the payoff. And and also can Anthropic pay?

Well, that's the question, right. Okay. You can sign the commitment, you can commit the capital. But when that actually has to get paid, where's the money?

Yeah.

Well, and we don't know what this is worth either. The information report doesn't give any

It was actually a larger information sort of piece and it's it's sort of

It was sort of a piece about the economics of the data center.

Yes. And it had a little mention there of this. Uh it kind of reminds me also Julie talking about that we were talking about Gavin Baker, talking about the AI Capsen, right? Talking about how there's literally a trillion dollars of unfunded spending by the by these frontier uh AI companies, uh that he doesn't see as real. Uh and then he clarified it and saying that, you know, the the broad common policy, that's real. That's actually signed that's signed funded, committed funded.

Signed because that's funded.

These are a commitment.

So is this a commitment, right? Is this a, a real deal? You know, that's that's all part of this equation. Uh but it's funny because I was I was when I read this this tweet about what he was saying, he said, and I said no one quote, I know one, I mean literally no one in the AI supply chain takes the ridiculous $1 trillion of unfunded spending commitments from AI and Anthropic even vaguely seriously. And I thought to myself, I thought they people did take them seriously.

I mean, Iren's shares are up this morning on this report.

Iren investors are taking it seriously.

Seemed like a very extreme statement, right?

I mean, Iren is also a little memey, I dare I say. Like some of these, some of these neo clouds kind of that have, especially ones that have this crypto legacy. Right. They tend to, you know, retail traders tend to be very interested.

So, yeah, that's right, that's right.

Right. But also, it's just one more firm doing the pivot. Like we joke about Allbirds, but, you know, very seriously, a shoe company is now a a data AI company. Iren went from being a Bitcoin miner to being a data center energy provider.

We'll quickly say this, but NVI, what what happened before this whole data data center build out? What did what did it get a boost from? The crypto. Bitcoin mining.

Crypto. That's right.

That's right. That's right.