The analyst suggests exiting $IREN due to risk of contract revocation and rotating into stronger players like $NBIS, which are currently discounted.
$IREN risks losing power contract if customers are not energized soon; better to rotate into stronger players at a discount.
If $iren don't have energized customers soon, their power contract could be revoked and assign to someone who actually uses it. They can't hog constraint power contract and sit idle. I would rotate into a stronger player as $nbis and others are at discount.
| Horizon | Raw move | vs SPY |
|---|---|---|
| 1 day | -1.2% | -2.1% |
| 1 week | +0.3% | -0.7% |
| 1 month | -1.4% | -3.1% |
| 3 months | — | — |
| 6 months | — | — |