qfx

The shares have diminished by nearly twenty percent since the commencement of trading this week, a figure corroborated by data from S&P Global Market Intelligence. This is not merely a correction; it is a demonstration of the market’s growing discomfort with the inherent contradictions within Iren’s operational structure. The company persists in deriving the vast majority – ninety percent, as of December 31, 2026 – of its revenue from Bitcoin mining, a practice increasingly viewed as…peripheral to its stated ambitions. It is a foundation of sand upon which a digital palace is being constructed.

The current rally appears linked to broader trends within the semiconductor sector, specifically the anticipated capital expenditures of major cloud providers. Amazon (AMZN 6.44%), for instance, has announced a substantial $200 billion spending plan for 2026. Such figures, however, are often presented with a degree of optimism that does not always translate into concrete gains. It is prudent to examine where precisely these funds will be allocated.

One observes such episodes with a certain detached amusement, for history is replete with these phantom menaces, these fleeting anxieties. The market, that capricious beast, is ever prone to fits of hysteria, mistaking shadows for substance. Yet, to dismiss it entirely would be folly. For even the most preposterous rumour can, in the hands of a sufficiently excitable populace, become a self-fulfilling prophecy. And so, Nvidia tumbled, a spectacle for the vultures and the bargain hunters.

For years, the Chinese market was a Volkswagen, Toyota, and General Motors free-for-all. But then, these plucky Chinese manufacturers started popping up like… well, like electric scooters in a crowded city. And now, they’re calling the shots. It’s a bit like a tiny David taking on a bunch of automotive Goliaths, except David has a really big factory and a government backing him.

Yesterday, we commenced a modest exploration of this behemoth, tracing its origins and the early acquisitions that laid the foundation for its prosperity. Today, we turn our attention to the financial statements themselves, a realm where clarity is often obscured by a fog of accounting practices. Beware, dear reader, for within these reports lurk pitfalls for the unwary, illusions that can lead one to draw entirely incorrect conclusions about the underlying strength of the enterprise.

They exited, which is corporate-speak for “we’re done,” or, in my personal translation, “we’ve found a slightly less depressing place to park our money.” It represented 1.58% of their “AUM,” which is another acronym I try to avoid. It’s like a virus. The whole thing feels…transient. Like a particularly well-funded sandcastle.