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@StockSavvyShay @fiscal_ai (2) The answer is roughly $20B, based on FY 2028 estimated revenue of $4.4B. Operating income of “over $1B”, would be only a MSD pre-tax ROIC. https://t.co/jciwRnL5H4 @StockSavvyShay @fiscal_ai (3) And that MSD pre-tax ROIC is only a fraction of $IREN’s after-tax WACC of 14.9%. They will be destroying value with every Microsoft-like “deal” they announce. This is a material problem for a capital-intensive business model. https://t.co/UQMsCE5bwv