Compute is revenue: Jensen just made it official

🚨 Ten days ago I posted that the world is structurally short compute. Tonight Jensen made it official: "compute is revenue." 💸

His words on the call, and “demand is accelerating”, with the buildout at full steam. 🤯

The receipts: $96B quarter. Data center up 117%. Next quarter guided to $108B with zero China in the number. And for the first time, Nvidia reports AI cloud as their own $40B customer segment, nearly the size of the hyperscalers.

Selling compute is now a reported $NVDA category. 💸

$IREN sells compute. Owns the land, the 5GW of power, the buildings, and 76,000 GB300s turning electricity into billable tokens. $4B+ ARR target, 85% already contracted.

Demand moves at the speed of software. Supply moves at the speed of substations. The company that owns both sides of that sentence reports tomorrow. 👀

Long $IREN