RAISE Summit 2026 Discussion

Hosted by @Lando · 2026-07-08 · Tags: IREN

TLDR

Attendees shared first-day observations from the RAISE Summit, where sovereign AI, tokenization, power availability, and memory constraints dominated discussion. Much of the conversation focused on IREN, including attendee-reported discussions about customer negotiations, NVIDIA hardware milestones, Microsoft delivery timing, Mirantis, financing, and the company’s cloud strategy; several claims were informal and not publicly confirmed.

Speakers

Notable quotes

Transcript

Speaker 1: The. . .

Lando: Hey, what's going on, everyone? Bear with us one second. I'm trying to get Kaizen up here to talk. He's the one that's actually there, so just to clarify, I don't know if anyone is seen any of the posts. I haven't talked about it. I'm not actually in Paris right now. That's Kaizen. And then I'm going to invite all of the other speakers as well. I believe there's up to eight people, I think on X that are there. So yeah, I'm Lando. This is, I think, the first base I've ever hosted, so I'm glad you guys were all able to come. And this will be open mic as well, so if you want to speak, DM me or reply, and I'll try to get to it. I am driving home from Orlando right now, so I won't be as active, and I apologize for not having a guided kind of questionnaire leading into this, but This will just be an informative space of kind of what they learned, any conversations they were able to have with management from Myron or any other company for that matter. I know Nebius was there. I think I was talking to Kaizen earlier and I think he got to meet one of the more active reps on here. But yeah, any of the other speakers just requests or people that attended RAISE just request to speak and I'll accept you. But yeah, I'm going to let Kaizen kind of take it away from here and just let us know what his first day was like.

Kaizen: Can you hear me, everyone? Yeah, I think so.

Lando: Yeah, I can hear you.

Kaizen: Yeah, all right. So first day of race, I think was an interesting day for me. I was a little bit late, to be honest. For me, the two general topics that was basically spoken about in every panel was sovereign AI and tokenization. Sovereign AI, I think mainly because we are in Europe. And Europe is, yeah, they rephrased it, someone from Nvidia rephrased it as the sleeping giant, where we are behind in everything that, I'm from Europe, by the way. We're behind in everything that is around AI, around technology, around space, even. I'm a big Planet Labs follower, and we see that they move into Germany as well. We see that Iron bought or acquired the data centers in Spain, and Nvidia is really putting a lot of effort in Europe as well. So on that, we saw SK Hynix speaking as well. I had a panel where SK Hynix was speaking about memory and there also they were speaking about Europe, the growth in Europe, how they see Europe as a market. So that was basically a topic that came back and also tokenization as tokenization is according to Nvidia, it was an Nvidia panel. is basically what we need to have to order to have an ROE payback on compute. We have all the hardware, and I'm sure you all invested in hardware, but we need to have something to have an ROE. And according to NVIDIA, tokenization is the next step in compute and in AI. The guy talked about Basically, that tokenization of tokens, the difference between cloud and tokens, I don't know if you know that they're not in business model. But Claude, when you sell clouds, you basically sell your GPUs. And on GPUs, you can build, you can train a model on it. Iron, for example, they have a lot of power. They have a lot of GPUs. And very, yeah, the GPUs are really mentioned. are meant for sorry for the AI training. So they really sell the cloth to to train AI. When you go to tokenization, you go a layer further and you train your own model or other or other models, but you you're going to sell the tokens behind it. And the positive on that is that really everyone can use tokens. I can use them, you can use them to use cloud. It's a little bit more difficult. So NVIDIA really sees tokens as the next step beyond cloud to really have a great ROE. They talk about that you can have your ROE doubled if you move to tokenization instead of the cloud. I talked to someone from Nebius as well on tokenization. where he told me that they have already a couple of customers on tokenization. So where they really sell the tokens. And this was really the stand was all about the token factory. So Nebius is really moving from a cloud, Neo cloud to what they call a token factory. And they have a couple of customers already on the tokens, especially six bucks, he told me. So SEC bots basically need apparently need a lot of tokens. So they have a couple of SEC bots on that as a customer there. And they are really trying to sell tokens now instead of cloud. Iron, on the other hand, is basically still in that cloud space. I haven't heard them talking about Tokens at all. To be honest, I've seen three panels with someone from iron in it, but they basically told that they alle of what I from what I've heard that they will stay in in the cloud business. They're not moving to tokens yet, I think. Because they just didn't talk about it, but. Ken told that in the panel with Nvidia and Mirantis as well, told us that they really want to be a hyperscaler. In that sense that I think if they come to Europe, that it's a possibility that with in Spain, the sovereign AI, their data center in Spain, to move to a more sovereign, to a more hyperscaler thing because they want to have cloud for everyone. cloud for not only the big companies, but also smaller companies. So that's why he mentioned that he wants to be a hyperscaler, I think. The thing here, the difference, the main difference with hyperscalers and Iron, in my opinion, is that Iron has so much capacity. They have way more capacity than AWS, for example. And if you want to be a hyperscaler and if you want to run, let's say, HR platforms on your cloud, if you want to run IT platforms on your cloud, the payback won't be there. So I think they're still looking for big deals, let's say, on training, on customers who want to train models on their cloud. because that's what they're really looking for. But they're now looking for smaller companies who can train those models. Mirantis is then, they acquired Mirantis, and there was a panel with Mirantis as well, where they really say, okay, Mirantis is, I don't know if you know, but as far as I understand, Iron has all the GPUs, they have the power, but they don't build a cloud. It's Mirantis that builds a software for a company to build his own cloud. So AWS, for example, there you have a cloud and you can just log into that cloud and use the software of Amazon. With Mirantis, they have a software where you can build your own cloud in a couple of days. So they are targeting smaller companies to build their own cloud. That's basically what I understood from that panel. But tokenization was a keyword in many of the panels, but not for iron. So I don't know exactly how the dots connect there on iron, but maybe H, you can help me a little bit on that. I think you went to more iron panels than I did. I did also did some...

Lando: Yeah, I will say I believe that H and everyone, I think HS is connected, but I believe everyone else that went to the summit is also with him. So if you guys want to chime in on anything that you guys found interesting.

Speaker 4: Hey, Lando, can you hear me?

Kaizen: Yeah, we can hear you.

Lando: Yeah.

Speaker 4: Let's hope you guys can hear me good. We're right now. Four people that are coming from the France group, from the community to the night event as well, just to get some insight maybe from the big leaders from the company as well. So I can start with saying that a lot of the people here are, of course, not talking a lot. They are trying to say that they can't say anything. And again, with the Mirantis thing, they are like in a silent period. But we have heard that most likely it is going to be acquired and official end of this month. That is what we have heard. That is one thing we want to say. And we'll also talk to some people. I don't want to say the names, to be honest. Just to be clear that maybe it is a new info. I can start with on the conference first of all. So A lot of the things Kaizen said is true as well. They didn't talk a lot about the token factory and such, but I would say that the thing about the Frontier Labs and the smaller customers is, I think, a more like a long-term project. Right now, we have heard that they are in active negotiations with a few partners. a few customers they are looking at. And the important thing to see here is that it isn't Iron, it isn't the customers that are choosing Iron. It is Iron choosing their customers. So they're trying to find the right fit that fits their portfolio, their logo, their, like the way they want to show themselves to the world, right? So they are in active negotiations with a few big players. That is what we have heard. Of course, we don't have any names, but hopefully, we know we have had some talks with, we have heard some rumors about some companies. We hope it's going to be one of them, of course. But again, we have to think about how to finance everything as well. Try to find companies that has great investment rates that could give us good rates to get the financing right, So I just want to mention.

Kaizen: I just want to pick up here, because I spoke to it's true that the way the market now works is that companies who need compute, we need compute, we need power. They want they know the price and they come to Iron and they say, okay, we want to pay this amount for your compute. If not, we go to someone else and it's up to Iron. I think. I'm 100% sure if they wanted a deal, they got a deal already. And the guy from Nebius told me as well, we have so many customers who come in, they say, okay, we want to pay this amount for a token, take it or leave it. And it's the same with that. They want to pay a certain amount for a GPU, but I would take it or leave it. And it's up to the NeoCloud customers, the NeoCloud companies to take it or leave it.

Speaker 4: I mean, you have a point there, of course. But again, I don't think that is what we see in the market right now. They said themselves also that like the constraint isn't the GPUs. They are able to get the GPUs. That's something I'm going to say later. But it is the power. Power is the constraints. And It isn't like a few 100 megawatts we talked about. This company has, we know, 5.8 gigawatts of power. We have a lot of power available in the future as well, but companies want a lot of power, right? So...

Kaizen: Yeah, but that's what I say. The companies come to Ireland, companies go to neighbors. They don't need to go to search for customers. Yeah, but I say that customers, they did their homework, apparently. They know something about what they want to pay.

Speaker 4: It could be possible, but again, what we heard was that the demand is so, big that they are choosing. Everyone is coming to them. And again, you see some interesting things we have heard about as well, Crusoe and Meta. Like, in a way, it doesn't make sense that Meta choose Crusoe after everything we heard with Google, et cetera. So what is, like, what is stopping Meta from, for example, going to Iron, the children's side, right? So it is, you have a point there. But again, I think the most important thing to see here is that there are active negotiation with a few big players and they're looking for the right partner. And that is the thing. So I don't know if everyone can hear me. Someone said that.

Kaizen: Yeah, no, I can hear you.

Speaker 4: Hopefully you guys can hear us. So again, what we have heard is that they are in active negotiations with a few partners and they are talking with partners every day. They're getting calls every day. And also I can come back to what we have heard from the night events from the rooftop. Most likely it has been paid with our money from the ATM, to be honest. But hopefully not. But what I want to say is that We had some talks with some people here from Iron and higher ups as well. You can say the names. Yeah, okay, I can say it. We talked with Dennis. He was a really nice guy. He loved Gabriel. Yeah, and also Gabriel from Spain and Tim as well. And we also talked with Cambis, the new hire from Oracle. Again, he wasn't really giving us any information. He just said that, yeah, I can't say anything. And then he just talked general about the company as such. But what we heard from Dennis is one thing I want to say is that the most important thing I believe is that he said next week we are going to get the exemplar from Nvidia for the GB300 at Horizon. That is what we heard. I just want to say that one more time. We heard that the exemplar we just got at Prince George for the B300, we now got news that next week we are going to get for Horizon One for the GB300. So we are one of, I think, four companies now together with NIBS, Amazon, and I thought, I think it was, yeah, it was another company as well that has that. So most likely that is something we're probably going to see some news about as well coming up. And another part we just wanted to say is that When we talked with Dennis, he was really calm, really wanted to talk with us and show the community that Ivan is really working hard behind curtains. We don't know a lot, and of course, we have the RSU, etc. But still, he tries to show us that we are actively doing everything we can to come up with the computes. We have a few thousand people working at the horizon, and again, we know the, I don't know if I can say it, but we know, of course, what date it is internally, and he verified it around that type of date as well. He said like, yeah, 17 to 19, around that part. So maybe he don't remember the exact date as well, but that looks like it's still on point.

Speaker 1: And he said he's in permanent contact with Microsoft.

Speaker 4: Yeah, that was another part I was coming through as well. What we heard, one thing everyone is interesting to hear more about is the Vera Rubens, right? It has been delayed for a long time. And what we heard from Dennis is that we, Iren, is going to get 10 samples of the verrubin. Most likely, I believe it's the racks we're going to get samples. But he says that is something that we are waiting on. I think he said in the next couple of weeks or maybe 5, six weeks. I don't remember the exact date, but it was around that time. So most likely into the end of year, we are probably 100% going to have some samples of verrubin and we're going to get it launched. You heard something about before June as well. Most likely gets...

Speaker 1: Sorry, I'm using Harry's connection, Nick Galanting here. No, I think what struck me more from Dennis is that he mentioned that the relationship with Microsoft was extraordinary. They were in permanent contact. They were offering advice on other developments they have in other parts of Europe. And also the same with NVIDIA. So it's a great relationship. They're in very close contact. They talk almost every day with NVIDIA and Microsoft. So that was just my point to add to Harry's comment.

Speaker 4: Yeah, so that was also what I was going to say. He says that he's actively talking with both customers every day, every day. So most likely, we hope there is something more going on here as well for the future, for the stock as well. That is some of the things we heard. I'm trying to figure out if you have something more. Yeah, I can say another thing as well.

Speaker 1: Tomorrow we'll learn way more.

Speaker 4: Yeah, we will talk a lot more tomorrow as well with both Dennis and other people. But another thing we can say is that the negotiation part, okay, maybe not a lot of things, but we have seen, because there is a private iron room, we have seen that they are actively in the room. So most likely there is something going on. I won't say a deal. No way, no way. I won't say a deal, but something is going on here. They are actively talking with customers, and it looks promising. I can say that. And also another thing I want to mention is the prepayments, because Dennis talked about that as well. But we also heard it from another person from Iron. I don't remember his name. I don't think we should maybe mention as well. But we have heard some things about the prepayments, and it depends. From Dennis, we heard that it's actively looking around between 25 to 60% right now for the prepayment part. And we have also heard that the constraint is so, like the time to compute is so important that people are willing to pay upwards of, we heard, over 50%. And also it could also be a lot more than 50%. We can say it's, we can end it there. But there is a lot of people interested in compute right now. The market is going crazy and that is what like we have heard from them and what they are kind of showing us, right? So there is, yeah, there is a private room that Ivan has and a lot of other companies also have. We saw NScale also have a private room, but we saw that they were in there a long time, to be honest. We tried to stay there, kind of see, maybe if we can see from the names as well on the badges to see, okay, who is the customers they're talking to. Unfortunately, we were going to, we couldn't be doing that, but that's most of the things we said now. I don't think we have more information for now, but tomorrow, let's hope we can get some more information tomorrow. But again, the important thing I want to say again, just if people didn't remember, it is the exemplar happening next week is what Dennis said for GB 300 at Horizon One. Horizon One is like almost complete. They are ready to move in a couple of, yeah, it's a couple of weeks now. It's called days, weeks, yeah, a week or a day, a couple of days. So it looks promising. We just hope that the market is going to, like, justify and understand that we aren't a Bitcoin mining revenue company. And also he mentioned some things about the Bitcoin as well that, yeah, I tried to talk to him and ask Miguel about, you know, institutions and mutual funds maybe not interested in the company because of that. Could that be a reason? And he said that, yeah, I mean, in one way it could be a reason that the Bitcoin revenue or just being in the Bitcoin space could be a reason, of course. But again, he says that the hash rate has gone down and most likely we have heard some information from other people from the OnlyFans community as well that maybe out of 2026, we're out of Bitcoin. That could be a thing of, but again, to justify the price, we just need to see revenue come in, as Jim has said for many weeks now. So hopefully after delivery of Horizon One, there are actively, I think he said that they were putting in the GP The GPUs for Horizon 2, right? They were, I think they mentioned that they are commissioning it right now. So yeah, guys, that is what we have heard. And again, the prepayments also depends, right? We don't really know, but it's more, it's over 20%, right? That's the important part we're seeing now, that the market is willing to pay a lot more upfront and can help us a lot. So yeah, I don't know. know if there's anything else any questions we can try to answer but

Lando: I mean I just want to say thank you before before we start bringing up um other guests it looks like butcher just got um called up and accepted um I just want to say thank you to all of you guys for being able to make the trip um and thank uh Henry as well if you guys see Henry at the summit just thank him he's the one that reached out to me after he saw um my article on raise and got us the tickets um but uh yeah I just want to say thank you to Kaizen H uh Jacob um I'm so horrible with X name everyone else that that got the tickets as well uh but uh yeah thank you and then uh yeah butcher

Speaker 4: I can just say one thing before Butcher can talk as well. Do you want to say anything?

Lando: Yes, hello, this is Jakub. I'm also an investor in Iron. We are meeting here in Paris. Everything that Harris said before was true. We get all the information from competition companies, from smaller companies, software companies, and everything looks like

Speaker 4: The demand is growing at least four times each year annually. And that's why compute also growing, growing also at least four times per year. And yeah, thank you for the speech. Yeah, I just want to mention as well, I want to give a huge shout out to Lando for giving us the opportunity to come here. Really, we really appreciate it. And also, we appreciate, I know Franz isn't here, but we're going to give you a huge shout out to Franz as well for giving us the opportunity to come here tonight to the rooftop, to the event, meeting a lot of people from Iron. We saw some Mirantis is there, customers are here, customers are, yeah, we spoke to some of them, and of course they're happy. Yeah, they're happy. Of course, they don't know a lot about Iron, especially. We have some people talking with them, and they're just sucked with how much information we know. So it's really interesting to see that We have customers coming here to the event. The stand as well, the Irene stand at the conference. It's kind of packed sometimes, but again, it's busy. People are visiting. That's a good thing to see. And I was also going to say that I filmed with my phone the AI sovereign thing.

Kaizen: Yeah, but I think everything will be online, H. We can share everything. I saw some videos already.

Speaker 4: Oh, yeah, hopefully they are online. It's not our price.

Kaizen: Yeah, the thing I want to say as well is that the relation between Iron and Nvidia looks great as well. On stage, the European Vice President of Nvidia told me, I told that his mission is to provide cloud space for all European companies. And they want to do it with partners like Iron. That's clear for me. It was on stage with Iron and they want to build a full AI experience for AI cloud experience for companies. And I think with Iron, with Mirantis as well, it can be a great partnership. But they hosted a lot of space together, a lot of spaces together. So it was interesting to see and I think the relationship there is really good.

Speaker 4: I want to say one thing more, one more thing. And we also heard about, everyone is talking about, I said it before as well, the GPU constraint or the power constraint. So what we heard as well is that we have never, he has not any issue with the GPU coming in. So it's more like Nvidia, Nvidia's fault for having the delays. Hopefully we're going to get the Vida Rubens in. Another thing I wanted to say is that Iren is buying the GPUs before the contracts as well, and he said that they have never had an idle GPU. So most likely we hope they will get to work and getting the revenues coming in. So yeah, I think that's it for now. Again, if you have some questions, we can try to answer. But yeah, over to you guys.

Kaizen: Yeah, Butcher, if you have a question, please.

₿itcoin ₿utcher: Yeah, I'm at the gym guys, so I'll keep it quick. I've heard that there were potential GV300 installations in Prince George that those had arrived. To hear anything about V300... hundreds in Canada or Texas that were bought in March. And then a follow-up unrelated question, some members of the community that are members of the Cypher and Wolf community, if you've seen any presence from them there, if you've seen anything specific to colocation players that caught your eye. Thanks, guys.

Speaker 4: Yeah, I can start with the first question. Unfortunately, we did not hear anything. We didn't have the time to ask him. He actually said that he had a meeting going on. So that was the thing. He said that he had a phone meeting that he had to go. And also we saw that, what was the other, Dan, Dan, no. The other guy we was going to take a picture with. Yeah, another member from the Iron team. And he also went early. So again, yeah, let's see. What was his name again? Ken Draper. Yes, Ken Draper. Yeah, we unfortunately we didn't have time to speak with him, but he went early as well. So again, things are happening here. And another part, the second question you asked was about the other companies. Unfortunately, we didn't see any cipher or Wolf at all.

Kaizen: No, we saw Nibus and Core Reef, I think.

Speaker 4: Yeah, Nibus and Core Reef.

Kaizen: The only other ones, yeah, Nibus and Core Reef.

Speaker 4: And you also have the private companies. We saw Crusoe was there with the CEO as well in the stand. And we saw Nscale was also there. That was like the private companies though. So we saw. But yeah, I don't want to say anything to Crusoe, but I mean, our CEO is in San Francisco doing work and Crusoe having their CEO here at the event. I mean, yeah, you understand the priorities, right? So just to get that in there.

₿itcoin ₿utcher: I missed that last part. What you said, did you say Stan is in the United States right now?

Speaker 4: I think that's what we heard from the, yeah, from the OnlyFans group. That was what we heard.

₿itcoin ₿utcher: Great. I appreciate everything, guys.

Kaizen: Yeah, I think you always have to think a summit is basically, and that's what I saw on the panels as well, it's they, We basically saw a lot of salesmen trying to sell whatever company it is. So it's difficult. It's not always easy to get information as an investor. It's not always easy to get the right information from a panel like that because they are, of course, still talking to an audience with mainly customers. We have a few investors there, but it was an interesting day. And I think tomorrow we're going to learn a lot more again. I don't know if there are any other questions. I see someone who requested.

₿itcoin ₿utcher: So I didn't watch the panel yet, but did any of you guys have a chance to attend the Mirantis panel with Nvidia and Iron on stage and what were your key takeaways?

Kaizen: Yeah, I saw the, but the thing is on a panel like this, but maybe H can, because he was there as well. Uh, they, they can't tell too much, which is not publicly known. Um, they're all, uh, public companies. So if they want to announce something big, it has to be, um, yeah, in a way that everyone knows it. All the investors can, can acquire the same information at the, at the same time. Um, so I, I didn't learn anything world shocking today. Yeah. but it was it was an interesting view on the there is a clip online I don't know I think it came from Declan the question there's a clip online on Mirantis and Nvidia I think on it's on X my main takeaway is I have to look in my notes honestly because it was in the beginning of the day Yeah, it was more about it was about their then told that he wants to be a hyperscaler. It was it was that one. So it was more about clouds. How they think they're going to, yeah, together with Mirantis, they're going to host the cloud and how they want to do it. But basically, for me, there was nothing, nothing special there. Maybe H, did you have anything?

Speaker 4: Yeah, it's the same with what you said as well. We only heard like the question about the hyperscaler. And the funny part was that the guys from Race that asked the question didn't even say like hyperscaler the right way. So you didn't pronounce it right. Yeah, he was like, what did you say? What did you say? So that was a bit funny part. And also we just want to mention another thing because, you know, we have seen it from other events as well where RNA is that they are giving out the balls, the water balls. And it was really fun to, be able to engrave as well, right? So, we had, we had a good idea to write down when deal, time to compute, and time to compute and dilution, and we showed some of the, yeah, ATM as well, we showed some of the people at and they just think it was really funny, took a few pictures, and we move on. So, yeah, that was it.

Kaizen: so basically nothing special. You can try the clip again, Declan, but you won't learn anything completely new in that clip. It was interesting, but not the, yeah, you won't learn anything new on that.

Lando: Yeah, that was funny, the dilution when deal water bottles, but I think it's pronounced Declan. I think you might have had a question.

₿itcoin ₿utcher: Yeah, it wasn't so much a question. I'm actually at the conference as well, guys. I don't really have anything additional to add to what the guys already said, but I did catch Kent Draper just for a moment after his after his talk earlier this afternoon. And I did. I just I kind of pushed him on on demand and so on, because obviously you keep hearing about bubbles and AI and so on. And he did reiterate to me that demand is well ahead of where where the normal public would be talking about. And I mean, I guess I was just concerned that, you know, if demand is shrinking, but he reiterated that demand is definitely very strong and they're seeing plenty of customers coming looking for services. So a positive note, but nothing additional to add to what the guys already said.

Speaker 6: I think we have, you just accepted them.

Speaker 4: Can I mention one more thing if it's possible?

Lando: Yeah.

Speaker 4: Yes, so just remember, we also like talk kind of on the co-location part as well. Most likely the company's not interested in co-location. He gave the signal that, Yeah, you don't make like a lot of money, and so one, and also the new hire, he said that he was not good, like interested in the collo part as well from his earlier experience, because there's so many things happening behind doors and a lot of different parts of the, you know, of the collocation you have to go through, like... The people that own the data centers, the people that rent and such, there's just too much. And you don't make a lot of money, right? So it makes sense to own everything, just as I would do, and rent out and do Colo, and I do cloud.

Kaizen: Yeah, they will never go to Colo.

Speaker 4: Yeah, so Colo was like a no-no, was what we heard or got the impression of.

Kaizen: Do you have a question, McFarlane, or? You just wanted to be muted.

Speaker 6: All right. Can anyone hear me? Or did everyone go silent?

Kaizen: No, no, I can hear you. And now I can't.

Speaker 4: Yeah, we can hear you.

Kaizen: Yeah. Okay. I don't know. Where's Lando at? Can you guys hear me? Yeah. Now I can hear you again. Yeah. Hello? Yeah. All right. Let me see if I have other questions in the comments. Check this box, yes. I'm in discussion now. So that's basically it. I also went to memory panel, but I made a small tweet on that. It was an interesting panel with vice president of SK Hynich as well. But if you want to read that, you can read it on my page. I think iron is the main interest in this space. So I won't go over that. I think most has been set. I don't know if there's interest in doing another space tomorrow. We can do that. It's not planned, I think, but We can do that if that's... Yeah, it's up to you if you're interested in that or not.

Speaker 6: Can anyone hear me?

Kaizen: I think my sound might be broken. Yeah, we can hear you all the time.

Speaker 4: Yeah, guys, can I just put in one more thing?

Kaizen: Yeah, you're still a box.

Speaker 4: Yeah, so we heard one more thing. We just asked about, you know, the GPU prices going up as well. What, like, what is happening? And he also talked about like the memory and he sees that he has talked with Micron and such. And they're saying that most likely till like 2031, I believe he said. Yeah, 2031. So it's a lot of it's a real, real bottleneck we have here. And of course we can see prices increase as well. And they are seeing it as well. And they're saying that, yeah, we don't like it either, right? That the prices are going up. So yeah.

Kaizen: Yeah, but the prices on memory will go up for quite some time, I think.

Speaker 4: Yeah, quite some time. Which makes the GPUs pricier as well, right? So let's hope we can get some more GPUs as fast as possible without diluting everyone all the time.

Kaizen: Yeah, the other panel talked about AGBM, that the prices are really going up for compute. but also that more focus will be on HBM. So DRAM will, there will be less focus on DRAM and less production on DRAM. So basically DRAM will also, prices of DRAM will also go up. We saw the Apple prices go up already, but I think it will keep rising. And the SK Hainics guy also told that he doesn't see anything that could stop the the price rises. So it will, yeah, the cycle, whether it's a cycle or not, it's up to you to decide. But it's not over yet, in my opinion. And the panel agreed on that, that prices will keep rising, gross profit margins will keep rising. And yeah, if you talk to the iron guys as well, they know that that memory is the biggest bottleneck of AI at the moment. And it won't last forever, of course, that bottleneck. But they're really building architecture around-- NVIDIA is now building architecture around memory. It used to be they bought some memory and put it in their architecture. But now memory is such a big bottleneck that architectures are built around memory at the moment. I see that another one is trying to enter the space if he has a question.

Speaker 6: All right, sorry. I missed the last like five or so minutes. I don't know what you guys said. I had connection problems, but Troll, what do you got?

Speaker 4: Yeah, I can just say one more thing because we also visited the Nibiu stand. And yeah, I'm not going to lie, the Nibiu stand was really big, great as well. But again, we talked actually with Dylan. I don't know if you guys have heard about Dylan AI, the guy from 2X as well. He was there standing in the stand as well. So We were talking with him, and he, he's the one that's made, the AI bottleneck part and such, but again, they were like, Yeah, Iron, this and that, trying to say things, we know it already, right? They don't like us, and most likely we don't like them, so... That's the thing, but again, what he said is that most likely everyone is going to win here because there is a constraint for power, right? So whoever has the power and whoever is able to, make the power and make the compute and build the data centers fast is going to get the big money. So yeah, we have Nick here. He just wanted to say one thing.

Speaker 1: Yeah, so the Nibius stand was very lively. It was smaller than the iron stand. but it had a very different feeling for me. I really, really liked way better the iron stand. It seemed to me more professional, more grounded with better business insights than the Nibius stand. As I've said before, I think Nibius is a company that has some Good things in it, but it's very much a company that likes to throw the news 1st and then try to catch that news that they have released before, so totally different. feeling from Nibius and Iran, way more professional feeling from Iran. Great, great people, all very, just bear in mind, we're not talking about huge corporations like Amazon or Microsoft. We're talking about smaller corporations with a footprint in so many different countries. So, but, you know, the, As I said before, the feeling for Irene was great. The feeling for Nibius was also lively, but not as not as professional as Irene. I'm going to give it back to Harris.

Speaker 4: Yeah, again, we don't want to we don't want to dash down Nibius, right?

Kaizen: Yeah, I have quite more nuanced nuanced view on that. I think Nibius then was great and professional as well. I think they had the. The focus there was on the tokens. There was a big, big word was the token factory. So they really wanted to get the attention on buying tokens from Nibius. But in my opinion, both stands were professional and yeah, quite big and lively as well. So I'm a bit more nuanced on that take. Go ahead, H. You wanted to say something.

Speaker 4: I have one more thing, right? So I don't know if anyone saw it, but there was an article out that we saw in the chat as well about the delays in both in Corewave and Ebis and such. And we said that to him as well, to Dennis. And he was kind of like, as well, smile, laugh on it as well because and then he said something like in the round off, yeah, we're always trying to make have like, how can I say it, be on time and make their customers, how can I say it again, happy, right? So since like the Bitcoin era as well, he said that we're always on point. So that's the main thing about us. Execution is priority. That's important to just mention as well.

Kaizen: Yeah, and Nvidia also the Nvidia guy also told that the execution of Iron is not compared to anyone, but the execution is really good. And he also congratulate them on the Spanish acquisition, the data center they acquired, as they're now moving into Europe as well, following Nabius there, because Nabius is a bigger customer for Nvidia in Europe, that be clear. But yeah, the relationship was good between Nvidia and Iron. I think the Tech Investor also shared the video with Mirantis and Iren. So if you haven't seen that, you can go to the Tech Investor and watch the clip.

Speaker 4: Yeah, just one more thing. Yeah, we also asked about, the stock price as well. we're all like Iron supporters and want the stock to achieve a much better thing than we see today, right? It's horrendous to see the stock at this price, and we also think it's under rally, right? But the main point was that, like, the leadership and the team in Iron doesn't like look at the stock price. At all, to be fair, but again, they look at it and they say, Ah, till this day, and this is Dennis said this, we're always moving like the Bitcoin, up and down, and we're we're kind of used to it, so he's trying to make a little bit of fun out of it as well, so their focus is on execution. That's the main, that's really important to just say. So, yeah.

Speaker 6: Alright, but here, go ahead.

Speaker 4: So, when you, when you guys... One more thing. I'm sorry, one more thing. And again, he says that they try to top the ATM on higher prices here. That's everything he also said.

₿itcoin ₿utcher: When you guys saw the Nebius table or Core Weave or even Irons, are they starting to talk about the, you had mentioned the token piece from the Nebius table. Like, were you able to, or if you guys have an opportunity, can you ask them how they think about that tomorrow. Like right now, they're renting hardware for rate per hour, but in the future, that emphasis is more as token as a unit of revenue and intelligence. Can you kind of ask an open-ended question about that to Dennis or Kent tomorrow if you guys have time with them? Thanks.

Kaizen: Yeah, we will. But if you see the clip at the tech investor, he really talks about cloud. It's only about cloud for IDEN at the moment. It's about becoming a hyperscaler or hyperscaler. So I don't think tokenization is at the moment something they are working on. But we can ask, yeah.

Speaker 6: I think that's a wrap. I mean, again, just to kind of recap for anyone else that joined late, It sounds like we will be getting Vera Rubin samples to plug in and kind of do, if I had to guess a similar showcase like Core Reeve and Dell have done and Microsoft and pretty much every other hyperscaler, which is very good, that NVIDIA is going to be getting us those samples. It kind of just builds on that relationship. going forward. And then from the sounds of it, sounds like we're going to be getting the GB300 exemplar status from NVIDIA as well. I believe next week is when H had said if it wasn't from Kent.

Speaker 4: Yeah. hopefully it's next week. Dennis said to us it's going to come next week. So we really hope it's going to come next week.

Speaker 6: So, I mean, that'll be two exemplar statuses from NVIDIA, which kind of just reiterates some how much development has been going on with Iron and their new cloud business model, which is incredible that they're able to move at the pace that they're moving. I don't know if, and then we're also, if for anyone else that didn't know, we'll also be, Horizon will be turned over to Microsoft within the next two weeks, most likely. There'll be a formal announcement, I'm sure. But all very great things that we wouldn't know if these guys didn't attend and make an effort to go to this summit and connect with Iron execs. So I really appreciate everyone that has gone, everyone that's come and put in the work in this community, whether it be research, pro forma modeling, Butcher Dan, Bitcoin AI Go, AI Guy, Chino Ailment. I mean, everyone in the community, Franz, Agrippa, it really is. one of the cooler communities on here. I know it can get like heated at times with, you know, Nevius running and then Iron struggling or whatever in terms of price action. But I think the company is on the right track and it sounds like we're going to be getting a lot, a lot more good news. And obviously they can't tell us or anyone at the summit that, yeah, we're talking to Anthropic or yeah, we're going to extend Microsoft, you know, but We're on the right track, I believe. So it was a great, really, really good first day. And I think, I don't know if anyone wants, if everyone's fine doing this tomorrow at a similar time. I think it's really late for these guys. I think it's like 1130. So I don't want to keep them any longer. You know, it's afternoon dinner time for the American side of the world. But if anyone else has any comments, great. If not, I'll leave it at that.

Speaker 4: Yeah, I have some last words. One thing is I want to mention that if you guys like have any questions, we can try to, you know, formulate or ask the people from Iran. We would love to get like a list and try to go through it and ask as many questions as we can and write it down so we can give it to you guys and give it to the community. So hopefully we can try to make discussion tomorrow also, hopefully with some more information than we got today. So again, it's easier for us to ask questions if we have questions already. So that is the thing I wanted to say.

Speaker 6: I will say I'll make a post real quick just title like questions related to the summit. And then if you have any questions about like anything, right, I mean, don't make it just like AI, like BS, right? I'm gonna let Ace and anyone else there. Kaizen pick which questions to ask or they think would be most important. But if they have a chance, they will ask any of the questions under their under the post. But I would say that probably probably be easiest is just to reply under a post and then. I'll just send them that post or have them.

Kaizen: All the companies there because there are a lot of companies. The guys are mainly focused about iron. I try to visit as much as companies as I can because I have a bit of broader interest maybe. But the thing I wanted to say, the last thing is that we didn't talk much about Coreweave, but the Coreweave stand was really small and not lively at all. So I think it was interesting to see it was in a small corner. And yeah, the guys were just on their phone and there was almost nobody at that stand. So it was an interesting development there.

Speaker 6: All righty. That's good to know. I was just going to say I just finished the post, so it should be up if you guys want to share it. You're more than welcome to. If not, don't worry about it at all. But if you have questions, just reply under there and they'll get to it. They'll scroll through either tomorrow morning or whenever they have off time. But that's all I have. If Kai's dinner. Okay.

Speaker 4: Just the last thing for now. I'm sorry, guys. We just come up with a lot of things, just remembering it, But I just wanted to say that when Dennis mentioned the exemplar for the GB300 at Horizon, he really was proud of it. So he was talking like he was smiling and we showed like he's really happy with the results with how the company's moving. And again, we did not ask about the RSU or the compensation package. We didn't think it would be like it would be respectful to ask something like that. So we... We try to avoid it and just ask about the company and the execution. That is the important part for now. And hopefully we're going to see results. So yeah, thank you guys.

Speaker 6: All right, cool.

Kaizen: I think there's a small question in the comments. Does that mean H1 was handed over to Microsoft? Not yet.

Speaker 6: Not yet. To our understanding, based on what H has told us from conversations, with management, it will be turned over in two weeks or less.

Kaizen: Well, it should be, that's what it sounds like, should be in the revenues of Q3.

Speaker 4: Yeah, so I can just, to mine, I can just say that, we know that it most likely is 17th of July. And when we mentioned the date to Dennis, he said, yeah, yeah, around 17th to 19th. I don't remember, like he didn't recall the exact date, but it's around that date. So yeah.

Kaizen: Yeah, it will be in the revenues of Q3. So Q3 will be a big one for Iron because then we'll see the first Microsoft revenues in the earnings.

Speaker 6: Yeah, so I mean, overall, a great first day. Definitely more information that we can't normally get. I know Franz is meeting with Mike Power and I'm sure some other IRAN people later in the week via, I think, Teams or Zoom call. But great stuff today. I'm glad you guys enjoyed it. I'm really glad that this worked out. I'll DM each of you guys separately in our group that we have, but for potentially hosting another space tomorrow if it works out. But I'll let you guys go. You guys got to get some rest. I think it's like 1130, almost midnight there. But yeah, great space. I believe my DMs are open. If not, just reply to one of my posts and I'll try to get to it tonight about any questions or anything like that. But great for space. Thank you. Anyone else have any remarks or? All right, cool. All right, thank you guys so much.

Kaizen: Thanks for joining.