(https://www.marketwatch.com/story/irens-stock-surges-as-the-neocloud-lands-2-8-billion-worth-of-new-deals-831302c3?mod=mw_rss_topstories) $2.8B in new deals and the stock surged. But here's the catch: prepaid chip contracts are not revenue recognizing at margin — they're liability financing. When you're pre-selling compute power to fund your capex, you're not growing stronger, you're mortgaging future supply.

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