. $IREN

Many people see IREN and their first reaction is still, "Oh, that's the Bitcoin mining company."

But if you look at the current crypto stock profit rankings, IREN still has a 66% profit potential over the past 3 months, while MSTR is at -44%.

The biggest story for IREN now isn't Bitcoin (though BTC is still attractive), it's AI. Not long ago (November 2025), IREN secured a $9.7 billion AI cloud services contract with Microsoft and has fully transitioned its focus.

I estimate that once large mining companies can't keep up, they'll also pivot to AI data centers—using the fast money made from mining to support the long-term, high-growth AI track.

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From a fundamentals analysis perspective, in the just-released Q3 earnings report, revenue was slightly below Wall Street analysts' aggressive expectations, but EBITDA hit a new high, reaching $83 million.

✅ Bull Case ( Reasons to be bullish )

IREN is currently the most determined in shifting to AI among mining stocks, with the strongest order book. There may be short-term growing pains from financing, but long-term, there's exponential potential—they just issued convertible notes yesterday, likely to expand scale.