News about asset bubbles

The author says Iren (IREN) is the AI stock he would hold through the next bubble scare, and that he is buying it now. The author argues that many bearish concerns about Iren and the neocloud sector are actually bullish: Gartner projects 80% of neoclouds will stop operating independently by 2030, which would make Iren's capacity more valuable, while CoreWeave's corporate bond yields of 15% reflect its weaker balance sheet, with a current ratio of 0.46 versus Iren's 3.55. Iren has a 5.8-gigawatt pipeline, customer prepayments covering 45% to 55% of GPU capital expenditures, and expects to deliver 300 megawatts in 2026 and 800 megawatts by the end of 2027. Earnings from Meta, Tesla, Alphabet, Microsoft and Amazon later this month should show whether AI spending keeps rising.