$IREN How important is Vertical Integration? Just 7 weeks ago, @mvcinvesting reported that DataOne had a four week delay on the delivery of Phase 1 (50 MW) of the New Jersey data center that is being constructed for @nebiusai. Today I noticed that the CEO of DataOne reported another delay, now totaling 2 months. During the earnings call of @IREN_Ltd, earlier this week, Co-CEO @danroberts0101 emphasized the importance of owning the land, the grid connection, and building/operating their own data centers. Here's what he said: "And we do have 3 pretty unique competitive advantages compared to other competition around neo clouds like [ AI scale ], we control the infrastructure end-to-end. We can scale up capacity up and down across our existing data center footprint, let alone the new footprint and building into that growth." ... "vertical integration is really important because it gives us direct oversight of every single layer in the stack." "And as I said, it's groundhog day with the cloud business, where again, all these companies, neo clouds and otherwise promise capacity online by a certain date, and they rarely hit it." I think Dan nailed it here, $IREN never missed a deadline with Bitcoin mining. It's hard to imagine they will miss one in AI/HPC construction or delivery. Now this delay will not be reason for concern to $NBIS investors. And I certainly don't want to compare the two companies again. But being vertically integrated from the ground up (literally), is undoubtedly the best way to guarantee you hit your targets. Scaling is important for growth, but guidance is what moves the market.