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My Aunt Carol, who believes 5G causes migraines, tried to explain AI to me over Thanksgiving. It involved a lot of hand-waving and references to “the cloud” as if it were a physical place. She thought Nvidia was building robots. I didn’t correct her. It was easier. But what I should have explained is that all those clever algorithms need somewhere to, well, remember things. And that’s where Micron comes in. They don’t build the robots, they build the brains’ short-term memory.

I’ve been quietly accumulating positions in a few companies I think will benefit. Not because I’m confident, exactly. More like… resigned to the inevitability of it all. Here are six. Don’t blame me if they don’t work out. I’m just a guy in a basement.

The logic is circular. Increased investment, predicated on projected demand, generates further technological advancement, which in turn reinforces the initial projections. Each data point, each incremental improvement in sensor accuracy, is not a step towards liberation, but a tightening of the network, a refinement of the control apparatus. The very notion of ‘autonomous’ is a misnomer; these systems will operate not independently, but as extensions of a far more complex, opaque infrastructure, governed by algorithms and protocols beyond the comprehension of any individual.

Now, whispers have begun to circulate, carried on the winds of commerce, suggesting a possible thaw in these strained relations. Reports, originating from those privy to the inner workings of the Chinese regulatory bodies, indicate that certain key technological enterprises – Alibaba, Tencent, even the entity formerly known as TikTok’s parent – have been instructed to submit orders for Nvidia’s H200 AI chips, awaiting the formal stamp of approval. This is not merely a transaction of goods; it is a shifting of power, a delicate dance between nations, and a testament to the enduring allure of innovation.

Much of the optimism stems from the current fascination with Artificial Intelligence, a technology promising either utopian bliss or existential dread – depending on which algorithm you ask. The sheer amount of money being poured into AI data centers is, frankly, astonishing. Investors seem to believe it will become a ‘multitrillion-dollar market.’ (Which, when you think about it, is just a very large number followed by a lot of zeroes. A concept humans seem strangely drawn to.)

I’ve been watching the numbers. The smart money isn’t chasing the behemoths anymore. It’s sniffing around the smaller players, the ones with the real potential for growth. Specifically, I’m looking at companies that can supply the juice – the raw power – that AI demands. And that’s where IREN comes in.

They beat Wall Street’s expectations, naturally. The numbers danced, they pirouetted, they performed their little tricks. But behind the façade of profit, a disquieting tremor. A sense that the machine, however cleverly constructed, is not immune to the laws of gravity, or, indeed, the whims of the market. Let us dissect, shall we, the ailments afflicting this mechanical marvel.